IRCC Announces Changes to Express Entry Proof of Funds Requirement Effective May 28, 2024
The Immigration, Refugees, and Citizenship Canada (IRCC) has revealed upcoming modifications to the proof of funds criteria for Express Entry submissions. Starting May 28, 2024, all Express Entry candidates must adhere to new directives concerning their financial capacity. Additionally, applicants must ensure their profiles are updated by May 27, 2024, to align with the updated prerequisites.
Proof of Funds Requirement
Proof of funds plays a vital role in immigration proceedings, verifying that applicants possess the financial means to sustain themselves and their dependents upon relocation to the prospective country. It serves as evidence of the capability to cover expenses like housing, settlement fees, and other essential living costs.
Updated Proof of Funds Requirement Table as of 28 May 2024:
Find below the proof of funds required to apply under FSW and FST categories of the Express Entry system:
|
Number of family members |
Funds required Existing (Valid till 27 May 2024) |
Funds Required w.e.f. 28 May 2024 |
|
1 |
$13,757 |
$14,690 |
|
2 |
$17,127 |
$18,288 |
|
3 |
$21,055 |
$22,483 |
|
4 |
$25,564 |
$27,297 |
|
5 |
$28,994 |
$30,690 |
|
6 |
$32,700 |
$34,917 |
|
7 |
$36,407 |
$38,875 |
|
If more than 7 people, for each additional family member |
$3,706 |
$3,958 |
Significance of Proof of Funds
Proof of funds is obligatory for various immigration programs, including the federal Express Entry System, ensuring that migrants can establish themselves in the host country independently without relying on public assistance. It aids immigration authorities in evaluating an applicant's potential to integrate into the new society and make positive contributions to the economy.
Prospective immigrants are urged to promptly acquaint themselves with the revised requirements and ensure their profiles are compliant before the May 27, 2024 deadline. Neglecting to update profiles or meet the revised proof of funds criteria could lead to application delays or rejections. It is crucial for applicants to proactively address these changes to facilitate a smooth immigration process.
Canada PR fees revised
The Immigration Refugees and Citizenship Canada (IRCC) has also revised the Canadian Permanent Residency (PR) Visa fees, right of PR fees and dependent child fee recently on 30 April 2024.
If you are a Canada PR applicant you must take note of all these updated fees and charges announced by the immigration department of Canada in last few weeks. Visit this website regularly to keep track of all latest Canada immigration news and updates.
