Express Entry Proof of Funds Updates
Updates on Proof of Funds requirement for Express Entry
On May 02, 2023, IRCC has announced an update to the Proof of Funds requirements for Express Entry. This new proof of funds is effective April 25, 2023. Previously emails were sent out to all the representatives and EE profile holders to update Proof of Funds amount in their EE profiles so that their profiles remain eligible. Updated table of Proof of funds effective April 25, 2023 is as below:
|Number of family members
|Funds required (in C$)
|If more than seven, for each additional family member
Acceptable Proof of Funds:
Proof of Funds is one of the critical eligibility factors which demonstrate that the applicant has enough funds to sustain themselves during the initial days of settlement after becoming Permanent Residents of Canada. After you receive an Invitation to Apply (ITA) through Express Entry, you must be able to show that you have the required finds by getting official letters from your financial institution or banks where you keep your savings which must mention the following information:
These letters must be printed on the financial institution’s letterhead.
- 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)
- The bellow 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.
Who do not need Proof of Funds:
You don’t need to show that you have enough money to support yourself and your family if
- You’re applying under the Canadian Experience Class (CEC)or
- you’re authorized to work in Canada, and you have a valid job offer
Who Need Proof Funds:
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