Breaking News: Proof of Funds Requirements Set to Increase – What You Need to Know!
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Starting May 27th, 2024, if you're applying under certain economic immigration programs like Express Entry, you'll need to show higher proof of funds to be eligible. This is crucial—if you don't update your profile to reflect the increased funds, you'll be removed from the Express entry pool.
The new proof of funds for Canada immigration will take effect on May 28th, 2024. To remain eligible for selection, any active Express Entry profile or PNP Expression of Interest that requires proof of funds should have been updated by May 27th, 2024.
What are the Updated Proof of Fund Requirements?
The proof of funds required depends on the size of the applicant’s family. The updated amounts for the funds an applicant needs to possess to get their permanent residence permit in Canada based on family size are as follows.
| Number of Family Members | Required funds (in CAD) |
|---|---|
| 1 (single applicant) | $14,690 |
| 2 | $18,288 |
| 3 | $22,483 |
| 4 | $27,297 |
| 5 | $30,690 |
| 6 | $34,917 |
| 7 | $38,875 |
| For each additional family member, add | $3,958 |
If you want to see what the previous proof of funds was and how much has changed, take a look at this article: IRCC Updates Express Entry Proof of Funds Requirement.
Who Needs Proof of Funds and Who Doesn’t for Canada Immigration?
The proof of funds is mandatory, but in some cases you don't need to submit it. Let's review those instances in the table below.
| Who Needs Proof of Funds | Who Does Not Need Proof of Funds |
|---|---|
| Federal Skilled Worker Program (FSWP) | Canadian Experience Class applicants |
| Federal Skilled Trades Program (FSTP) | Authorized workers in Canada with a valid job offer, even if applying under the FSWP or FSTP |
Do the Proof of Fund Requirements Impact All Canada Pathways?
The increased funds threshold applies to the following Express Entry programs and certain Provincial Nominee Programs (PNPs), with variations depending on the specific stream and province.
- Federal Skilled Worker applicants without an eligible job offer
- Federal Skilled Trades applicants without an eligible job offer
- Ontario Immigrant Nominee Program (OINP): Some streams, like the Human Capital Priorities Stream, require proof of funds if you lack a valid job offer
- British Columbia Provincial Nominee Program (BC PNP): Streams such as Skills Immigration and Express Entry BC require proof of funds unless you are already working in BC or have a valid job offer
- Alberta Immigrant Nominee Program (AINP): Certain streams, particularly those aligned with Express Entry, may require proof of funds
- Saskatchewan Immigrant Nominee Program (SINP): The Express Entry and Occupations In-Demand categories require proof of funds
To know what are the different ways to submit proof of funds for Canada immigration, read this blog: How To Show Proof of Funds For Canada Immigration.
Navigating Increased Proof of Funds Requirements with GetGIS
As proof of funds requirements escalate, it's crucial to comprehend the implications for immigration applicants. For those navigating Canada immigration services, partnering with organizations like GetGIS can provide valuable assistance. With our expertise and support, applicants can navigate the complexities of the immigration process more effectively, ensuring compliance with updated regulations and maximizing their chances of success.
Stay informed, stay prepared, and leverage the resources available to you as you embark on your immigration journey to Canada.
FAQs
1. What Happens If you don’t update your Express Entry Profile?
Suppose you don’t update your Express Entry profile or PNP Expression of Interest to meet the new funds requirement. In that case, your profile will be removed from the pool, and you won’t be considered for future Express Entry or Provincial Nominee invitations.
2. What occurs if an applicant neglects to update your Express Entry profile?
Failure to update your Express Entry profile or PNP Expression of Interest to meet the new funds requirement results in their profile being removed from the pool. Consequently, you will not be considered for future invitations under the Express Entry or Provincial Nominee programs.
3. What is the percentage of increase in proof of funds since 2023?
In this recent update, the increase was twice the amount observed in 2023, reaching 6.78% or $933 for a single applicant. This rise is attributed to the substantial increase in the low-income cut-off totals used for determining the required proof of funds thresholds.
4. When should I submit the proof of funds?
The requirement to demonstrate these funds arises when you receive an Invitation to Apply for Permanent Residence or are selected by a province for nomination.
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