IRCC updates Proof of Funds requirement for Express Entry

By Joseph Parker [Published 04 May, 2023 | 06:19 AM] 1430

Immigration, Refugees, and Citizenship Canada (IRCC) has made a surprising update to the proof of funds required to be eligible for Express Entry. The change, announced on May 2nd - was effective on April 25, 2023.

Proof of funds required for Express Entry is updated yearly. The amount is based on 50% of the low-income cut-off loads. In order to stay eligible, candidates are required to update the settlement fund members in their Express Entry profile. The update must be done no later than April 25, 2023.

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Who needs Proof of Funds?

Candidates are required to demonstrate proof of funds to meet the minimum requirements if they’re applying under:

Federal Skilled Worker Program (FSWP)
Federal Skilled Trades Program (FSTP)

Candidates are not required to demonstrate proof of funds to meet the minimum requirements if:

They’re applying under Canadian Experience Class (CEC)
They have a valid job offer in Canada - even if they’re applying under FSWP and FSTP.

Updated Proof of Funds for Express Entry

The amount of funds required to be eligible for Express Entry changes based on the size of a candidate’s family. Here’s the updated list of the proof of funds required to meet the Express Entry eligibility.

Number of family members	Funds Required (In Canadian dollers)
1	$13,757
2	$17,127
3	$21,055
4	$25,564
5	$28,994
6	$32,700
7	$36,407
If more than 7, for each additional member	$3,706