Immigration, Refugees, and Citizenship Canada (IRCC) has updated the Express Entry proof of funds table with new requirements for 2024. IRCC updates these numbers yearly based on 50% of the low-income cut-off totals.
Express Entry candidates in the pool must update their profile with settlement funds based on the new requirements before May 27, 2024. The new requirements will come into effect on May 28.
As per IRCC, if there is a tiebreaker, you will retain your rank, as updating your profile does not alter the date and time we received it.
Who Needs to Demonstrate Express Entry Proof of Funds?
The minimum amount required to settle in Canada is the applicant’s Express Entry proof of funds. Proof of funds is necessary for the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP).
However, if the applicant has a valid job offer and work permit for Canada, they do not need to provide proof of funds for FSWP and FSTP.
Furthermore, the Express Entry Canadian Experience Class (CEC) candidates do not require proof of funds.
Currently, the system requires every application to submit documentation proving their funds. A letter stating that you have a legitimate employment offer or have been asked to apply under the Canadian Experience Class must be uploaded if evidence of money is not required.
Computing Settlement Funds
The proof of the Express Entry settlement money depends on the number of members in the applicant’s family.
While calculating the settlement funds, one must include themselves (the applicant), the spouse or common-law partner of the applicant, both the dependent children of the applicant (if applicable) and the spouse’s dependent children (if applicable).
You must compute the settlement money with your spouse or dependent children, even if the spouse or dependent children are not accompanying the applicant to Canada.
2024 New Express Entry Funds Requirement
| Number of family members | The new Settlement Funds requirement is effective May 28 (in Canadian dollars) | Old Funds Required (in Canadian dollars) |
| 1 | $14,690 | $13,757 |
| 2 | $18,288 | $17,127 |
| 3 | $22,483 | $21,055 |
| 4 | $27,297 | $25,564 |
| 5 | $30,690 | $28,994 |
| 6 | $34,917 | $32,700 |
| 7 | $38,875 | $36,407 |
| If there are more than 7 people, for each additional family member | $3,958 | $3,706 |
Acceptable Proof of Funds for Express Entry
According to the IRCC website, acceptable proof of funds must be in the form of official letters from banks or financial institutions.
Letters must list all current bank and investment accounts’ debts, including loans and credit card debts. This letter must also be printed on the financial institution’s letterhead. Furthermore, it should also include the following details:
- the bank or institution’s contact information (address, telephone number and email address)
- your name
- your outstanding debts (such as credit card debts and loans)
- these details for each current banking and investment account you have with them
- account numbers
- date each account was opened
- current account balances
- average balance for the past 6 months
What is the new 2024 Express Entry Proof of Funds requirement?
The applicant’s family size (including the applicant) determines how much of the Express Entry settlement funds are needed.
We have broken down the new necessary funds requirement effective May 28 according to family size below.
| Number of family members | Settlement Funds requirement (Canadian dollars) |
| 1 | $14,690 |
| 2 | $18,288 |
| 3 | $22,483 |
| 4 | $27,297 |
| 5 | $30,690 |
| 6 | $34,917 |
| 7 | $38,875 |
| If there are more than 7 people, for each additional family member | $3,958 |
Does your Express Entry profile need proof of funds?
Proof of funding is required for the Express Entry Federal Skilled Worker Program (FSWP) or the Federal Skilled Trades Program (FSTP) but not for the Canadian Experience Class (CEC).
Suppose an applicant has work authorization in Canada and a valid employment offer. In that case, they do not have to present proof of funds, even for FSWP or FSTP.
