As Canada continues to attract skilled workers from around the world, the government has implemented new financial requirements for certain economic immigration programs, including Express Entry. Effective May 28th, 2024, candidates applying under specific streams will need to demonstrate higher proof of funds to remain eligible for selection. This crucial update underscores the importance of staying informed and proactively managing your Express Entry profile to avoid potential disqualification.
The updated proof of funds thresholds are based on 50% of the low-income cut-off totals determined by Statistics Canada, and they increase annually to reflect changes in the cost of living. As of May 28th, 2024, the revised thresholds are as follows:
| Number of Family Members | Required Funds (in CAD) |
|---|---|
| 1 (single applicant) | $14,690 |
| 2 | $18,288 |
| 3 | $22,483 |
| 4 | $27,297 |
| 5 | $30,690 |
| 6 | $34,917 |
| 7 | $38,875 |
| For each additional family member, add | $3,958 |
The higher financial thresholds apply to the following Express Entry programs:
Additionally, certain Provincial Nominee Programs (PNPs) may require proof of funds, depending on the specific stream and province. Here are some examples:
Certain streams under the OINP, such as the Human Capital Priorities Stream, may mandate proof of funds if you do not have a valid job offer.
Some streams under the BC PNP, like the Skills Immigration and Express Entry BC categories, necessitate proof of funds unless you are already employed in British Columbia or have a valid job offer.
Certain streams under the AINP, particularly those aligned with Express Entry, may require proof of funds.
The Express Entry and Occupations In-Demand categories under the SINP typically require proof of funds.
While marginal increases in the proof of funds thresholds are expected annually, the latest update saw a significant 6.78% or $933 increase for a single applicant, compared to a 3.36% or $447 increase in 2023. This substantial hike is attributed to the considerable rise in the low-income cut-off totals used to determine the required proof of funds thresholds.
To enter the Express Entry pool, applicants need only declare the funds they have available. However, they must provide evidence of these funds if they receive an Invitation to Apply and submit an application for Permanent Residence or if they are selected by a province to apply for provincial nomination.
When demonstrating funds, applicants often need to show that they have maintained the required amount for a minimum period by supplying multiple bank statements. Any substantial deposits during this period will need to be explained and substantiated.
The proof of funds requirement has been a longstanding hurdle for many hopeful applicants, and this substantial increase will likely exacerbate the challenge. Unfortunately, those unable to satisfy the new funds requirement will no longer be eligible to maintain an active Express Entry profile.
For individuals with an existing Express Entry profile but who are now unable to demonstrate the required funds, this update means that they are no longer eligible to participate in the program.
As the May 28th deadline approaches, it is crucial for applicants to review their Express Entry profiles and ensure they meet the new financial requirements. Failing to do so could jeopardize their chances of receiving an Invitation to Apply or being selected by a province for nomination.
For those unable to meet the updated thresholds, exploring alternative immigration pathways or seeking professional guidance may be necessary to identify viable options aligned with their circumstances and aspirations.
While the increased proof of funds requirement may present challenges for some applicants, it underscores Canada’s commitment to attracting skilled individuals who can contribute to the country’s economic growth and prosperity. By staying informed, seeking expert guidance, and proactively managing their immigration journey, applicants can navigate these changes and position themselves for success in their pursuit of a new life in Canada.
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