Proof of Funds Updates: New Requirements for Express Entry Candidates

Immigration, Refugees and Citizenship Canada (IRCC) recently announced that the proof of funds requirement for Express Entry is now updated. Those who haven’t updated their Express Entry profiles in accordance with the new updates, must do so before 27 May 2024. 

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IRCC updates the funds requirements every year. The objective of updating the amount is to make sure that the person coming to Canada is able to sustain financially as well as take care of their dependents, whether or not they are coming to Canada. 

Take a look at the previous proof of funds requirements as well as the new one below. 

No. of Family MemberPrevious Funds RequirementsUpdated Funds RequirementsIncreased Amount
1$13,757$14,690$933
2$17,127$18,288$1,161
3$21,055$22,483$1,428
425,564$27,297$1,733
5$28,994$30,690$1,696
6$32,700$34,917$2,217
7$36,407$38,875$2,468
If there are more than 7 family members, for each person$3,706$3,958$252

If you want to apply for Canada PR through Express Entry, you must show the required proof of funds based on the above table. All Express Entry candidates need to show proof of funds, unless they are applying through Canadian Experience Class (CEC) and/or have a valid job offer from a Canadian employer. 

Remember to fill out the form below for some insights and advice from our experts! 

Niyati Chaurasia

Niyati Chaurasia

Niyati’s specialty lies in Canadian immigration matters along with crafting helpful, user-oriented content.

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