Proof of Funds Requirement for Express Entry Canada – April 2023 Update
The Immigration, Refugees and Citizenship Canada (IRCC) has recently announced updates to the proof of funds requirement for Express Entry candidates. Express Entry is a popular immigration program used to select candidates for permanent residence based on their skills and qualifications.
Effective immediately, the IRCC has increased the proof of funds requirement for all Express Entry candidates. The new requirement is based on the number of family members included in the application. The updated requirement is as follows:
It is important to note that the funds must be readily available and unencumbered by debt or other obligations. Candidates who are currently working in Canada and have a valid job offer from an employer in Canada are exempt from the proof of funds requirement.
| Number of family members | Required funds |
|---|---|
| 1 | $13,213 |
| 2 | $16,449 |
| 3 | $20,222 |
| 4 | $24,553 |
| 5 | $27,847 |
| 6 | $31,122 |
| 7 | $36,407 |
| If more than 7 people, for each additional family member | $3,706 |
The IRCC’s decision to increase the proof of funds requirement is aimed at ensuring that candidates have sufficient funds to support themselves and their families during their initial settlement in Canada. The proof of funds requirement is one of the many eligibility criteria used to evaluate Express Entry candidates.
In conclusion, Express Entry candidates must ensure that they meet the updated proof of funds requirement before submitting their application. Candidates who do not meet the requirement may be refused or delayed in the processing of their application.
