IRCC has updated the proof of funds requirement for Express Entry candidates

Canadian Immigration Department, i.e. Immigration, Refugees, and Citizenship Canada (IRCC) has announced an update to the proof of funds requirements for Express Entry candidates on May 2, 2023. This change is applicable from 25 April 2023 and will impact the applicants who have submitted an Express Entry profile on or after that date. All Express Entry applicants registered earlier need to update settlement fund numbers in their express entry profiles to reflect the new requirements.

Express Entry-proof of funds requirement revised

The IRCC is accountable for managing the immigration process for individuals who wish to move to Canada on Permanent Resident (PR) Visa. One of the requirements for prospective immigrants registered in federal Express Entry System is to show proof of funds, which are planned to make certain that they have sufficient funds to support themselves and their families once they arrive in Canada.

The proof of funds requirement is decided based on 50 percent of the low-income cut-off totals for Canada. This is the minimum amount of income that a family require to fulfil its basic needs. The updated POF requirements reflect changes in the cost of living in Canada and are meant to make certain that newcomers have the necessary funds (as per latest cost of living) to support themselves and their families. This is crucial because failure to meet the POF requirements can result in denial of your application.

Updated POF Requirement Applicable from 25 April 2023 

Who needs proof of funds

You require proof of funds to fulfil the minimum requirements of the below Express Entry categories:

• Federal Skilled Worker Program
• Federal Skilled Trades Program

What IRCC accept as proof

For POF, you need to get official letters from any banks or financial institutions where applicant has an account. These letters needs to be printed on the letterhead of the financial institution and comprise:

• 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
  • account numbers
  • date each account was opened
  • current account balances
  • average balance for the past 6 months

To know more and apply for immigration to Canada on PR visa this year, you may get in touch with Visas Avenue- the most trusted Immigration Advisor for Canada. You may call VA Canada immigration expert no Toll-Free No. 78-18-000-777 or you can drop us an e-mail at info@visasavenue.com.

- Rajneesh Kumar