On May 3, 2024, Immigration, Refugees, and Citizenship Canada (IRCC) issued updated requirements for Express Entry proof of funds for 2024. These updates, which are based on 50% of the low-income cut-off totals, are a regular occurrence. Express Entry candidates in the pool can easily adjust their settlement funds in their profiles to meet the new requirements before May 27, 2024, when the changes take effect. Proof of funds is mandatory for the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP). However, applicants with a valid job offer and work permit for Canada are exempt from providing proof of funds for FSWP and FSTP. Additionally, candidates in the Express Entry Canadian Experience Class (CEC) category are not required to provide proof of funds. The amount of settlement funds required depends on the number of family members in the applicant’s household. Per the IRCC website, acceptable proof of funds includes official letters from banks or financial institutions.
