The Express Entry proof of funds has been changed by Immigration, Refugees, and Citizenship Canada (IRCC) to new requirements for 2024.
Every year, the IRCC updates these numbers using 50% of the sum for people with low incomes as a threshold.
Before May 27, 2024, applicants for the Express Entry pool must update their profile with payment information under the new requirements.
On May 28, the new restrictions will take effect. According to IRCC, updating your account doesn’t affect the time and date that you received it.
Who Is Required to Present Proof of Funds for Express Entry?
The applicant’s Express Entry proof of funds is the minimal amount needed for entry into Canada. The Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP) require proof of funds.
However, the applicant is exempt from providing proof of finances for FSWP and FSTP, provided they have a valid work permit and a job offer in Canada.
Moreover, proof of funds is not required for applicants in the Canadian Experience Class (CEC) for Express Entry.
As of this moment, the system demands that all applicants provide proof of funding. You must upload the document confirming that you have been invited to apply under the Canadian Experience Class or that you have a valid job offer.
Computing Settlement Funds
The total cost of the applicant’s family depends on the proof of the Express Entry settlement funds.
The applicant, their spouse or common-law relationship, the couple, their dependent children (if applicable), or the dependent children of their spouse (if applicable) must all be taken into account when calculating the settlement funds.
Even if your spouse or any dependent children are not travelling with you to Canada, you still have to account for the settlement amount for them.
2024 New Express Entry Funds Requirement
New Express Entry Settlement Funds Requirement 2024
| Number of family members | The new Settlement Funds requirement is effective May 28 (in Canadian dollars) | Old Funds Required (in Canadian dollars) |
| 1 | $14,690 | $13,757 |
| 2 | $18,288 | $17,127 |
| 3 | $22,483 | $21,055 |
| 4 | $27,297 | $25,564 |
| 5 | $30,690 | $28,994 |
| 6 | $34,917 | $32,700 |
| 7 | $38,875 | $36,407 |
| If there are more than 7 people, for each additional family member | $3,958 | $3,706 |
Acceptable Proof of Funds for Express Entry
According to the guidelines on the IRCC website, official letters from banks or other financial institutions are the only acceptable form of proof of funds.
All current bank and investment accounts, as well as any outstanding debts, such as credit card and loan debt, must be listed in the letters.
The financial institution’s letterhead must also be used when printing this letter. Also, it ought to have the following information:
- Your full name
- Your current bank and savings account details
- The bank or institution’s contact information (address, phone number, and email address)
- The balance of your liabilities (such as credit card debts and loans) and account numbers, the date each was opened, current amounts, and the average balance over the last six months are all stated.
A Valid Job Offer For Express Entry To Increase CRS Score
- A genuine job offer for Express Entry: This is not always clear what makes a legitimate employment offer for Express Entry.
For most jobs, an LMIA is required; nevertheless, certain unique requirements apply to both employers and employees.
On the other hand, you may earn your CRS ratings and improve your chances of getting an ITA if you receive a genuine employment offer through Express Entry.
The following information will help you understand the specific requirements to be eligible to receive points when applied in addition to an Express Entry job offer.
Offer of Employment for Federal Skilled Workers and Canadian Experience Classes Under Express Entry
If you are applying under the Canadian Experience Class or the Federal Skilled Worker program, your employment offer must meet the following requirements:
- An offer of employment must be made by a single employer to be taken into account as valid.
- Ongoing and need payment
- Full-time, meaning thirty hours or more every week.
- Not based on the seasons.
- Valid for a minimum of 52 weeks, or a year, following the issuance of your permanent residence visa.
- NOC 0, A, or B (TEER 0, 1, 2, or 3) should be the employment role. Type of Skill
There are also the following requirements:
- A fresh, positive LMIA that confirms the offer in your name and your position must be given by the company with the job offer.
- On the other hand, you must be employed in Canada in a TEER 0, 1, 2, or 3 (NOC 0, A, or B) capacity and possess a valid LMIA-based work visa.
- Alternatively, to work at TEER 0, 1, 2, or 3 (NOC 0, A, or B), you need to hold a valid LMIA-exempt work permit.
Examples of both legitimate and fraudulent employment offers
- Example 1: A heavy equipment operator works for two different companies. Both employers are covered by LMIA. Each company offers a minimum of one year’s labor, or sixteen hours every week. This is a real offer of a job.
- Example 2: A plumber works twenty-five hours a week for a non-contractual building company.
Because the work is not full-time (at least 30 hours per week), this job offer is invalid for Express Entry.
Jobs for which an LMIA is not required.
Your company does not require a new LMIA for the following two reasons only:
If you already have a work permit based on an LMIA from your company; 2. If your position does not require an LMIA.
But if:
- Your work permit has expired
- You are operating under a valid work permit or
- The employment offer you have received is from an employer not named on your work permit, your employer may need to obtain a new LMIA.