IRCC has updated the Express Entry proof of Funds requirement
The Immigration Refugees and Citizenship Canada (IRCC) has updated the table that shows how much money Canada PR aspirants registered in Express Entry need to settle in Canada. The Canadian government update these numbers every year, based on 50 percent of the low income cut-off totals. To remain eligible as Canada PR applicant in EE system, you need to update settlement fund numbers in your Express Entry profile. The revised POF requirement is applicable from April 25, 2023.
Express Entry Proof of funds Revised
The Proof of funds is how you show IRCC that you have sufficient funds to settle in Canada. If IRCC invite you to apply for Canadian PR visa, you must give written proof that you have this money.
Updated POF requirement applicable on 25 April 2023
Who require showing proof of funds
As a Canadian PR visa applicant registered in Express Entry system, you need proof of funds to meet the minimum requirements of the below categories of EE system:
- Federal Skilled Worker Program
- Federal Skilled Trades Program
What is accepted as proof
For proof, the express entry applicants must obtain official letters from any banks or financial institutions where they have an account. Such letters must be printed on the financial institution’s letterhead and include
- the bank or institution’s contact information (address, telephone number and email address)
- your name
- your outstanding debts (such as credit card debts and loans)
- these details for each current banking and investment account you have with them
date each account was opened
current account balances
average balance for the past 6 months
The IRCC update the POF requirement annually to make sure that it matches the current cost of living in the maple leaf country. The idea behind showing POF is to convince the immigration authorities that you have enough money to support you and your family when you arrive in the maple leaf country. How much amount you require showing as POF depends on the size of your family.