10 Frequently Asked Questions about Proof of Funds for Express Entry

10 Frequently Asked Questions about Proof of Funds for Express Entry

As of May 27, Immigration, Refugees and Citizenship Canada (IRCC) will update the proof of funds (POF) requirement for Express Entry candidates.

This requirement is updated annually by IRCC, reflecting the low-income cut-off total published that year by Statistics Canada (StatsCan). As a reminder, IRCC’s POF requirement represents the minimum amount of funds an applicant must have to immigrate to Canada through an Express Entry program.

Note: Candidates with more money than the minimum requirement should list the full amount in their Express Entry profile or on their application.

To help Express Entry candidates better under this requirement, CIC News has compiled a list of frequently asked questions.

What is the proof of funds requirement for Express Entry in 2024?

What happens if I don’t update my proof of funds by May 27, 2024?

Who needs to demonstrate proof of funds for Express Entry?

How can I demonstrate my proof of funds?

Can family members’ funds be counted towards the proof of funds requirement?

Can I use a loan as proof of funds for my Express Entry application?

Does having a job offer in Canada affect the proof of funds requirement?

How do currency fluctuations affect the proof of funds?

What should I do if my financial situation changes after submitting my profile?

Where can I get help if I’m unsure about my proof of funds documentation?

IRCC makes proof of funds a requirement for some immigration candidates as a way of proving they have enough money to support themselves and any eligible family members who come with them to Canada. The department’s proof of funds requirement changes annually. Therefore, it is important to remain up-to-date with StatsCan and their low-income cut-off to ensure that candidates have the required funds to immigrate to Canada. Failure to meet this requirement will result in the refusal of the application.