Important Update: Proof of Funds Requirements for Express Entry (May 2024)
Changes to Immigration Requirements Effective May 27th
Are you aiming to immigrate to Canada through the Express Entry system? As of May 27, 2024, Immigration, Refugees and Citizenship Canada (IRCC) will update its proof of funds (POF) requirement. This article provides a comprehensive guide to navigate this crucial aspect of your Express Entry application.
Understanding the POF Requirement
The POF requirement signifies the minimum amount of financial resources you need to demonstrate to successfully immigrate through Express Entry. This amount is updated annually based on Statistics Canada’s (StatsCan) low-income cut-off. Remember, exceeding the minimum is encouraged – list the full amount in your application for a more compelling profile.
Calculating Your Family Size for POF
While calculating your POF, include your spouse/common-law partner and any dependent children, even if they:
- Already hold Canadian citizenship or permanent residency.
- Won’t be accompanying you to Canada.
Consequences of Missing the Deadline
Ensure you update your POF by May 26th to avoid ineligibility. A missed deadline necessitates a complete resubmission of your Express Entry application.
Who Needs to Show Proof of Funds?
Meeting the POF requirement is mandatory for both Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program (FSTP) applicants under Express Entry. However, Canadian Experience Class (CEC) applicants are exempt.
Providing Proof of Funds
Official bank or financial institution letters printed on their letterhead are required for proof of funds. These letters must include:
- Contact information of the institution
- Your name
- Details of outstanding debts
- Details of all your bank and investment accounts (account numbers, opening dates, current balances, and average balances for the past six months)
Using Family Member Funds
Under specific circumstances, IRCC allows utilizing your spouse’s funds:
- Money from a joint account is acceptable if your spouse accompanies you.
- Funds solely in your spouse’s name can be used if you have demonstrable access.
Loans and Job Offers
Loans cannot be used as proof of funds due to specific requirements surrounding acceptable sources. However, FSWP and FSTP candidates holding valid job offers with work authorization in Canada are exempt from the POF requirement.
Currency Fluctuations
Maintain the equivalent amount in Canadian dollars throughout the application process – from submission to the final decision. IRCC may request updated funds due to currency fluctuations.
Changes After Profile Submission
Update your Express Entry profile promptly if your financial or other circumstances change. Failure to do so can render your profile ineligible, especially if it affects your eligibility for any of the three Express Entry programs.
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