Immigration, Refugees and Citizenship Canada (IRCC) recently announced that the proof of funds requirement for Express Entry is now updated. Those who haven’t updated their Express Entry profiles in accordance with the new updates, must do so before 27 May 2024.
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IRCC updates the funds requirements every year. The objective of updating the amount is to make sure that the person coming to Canada is able to sustain financially as well as take care of their dependents, whether or not they are coming to Canada.
Take a look at the previous proof of funds requirements as well as the new one below.
| No. of Family Member | Previous Funds Requirements | Updated Funds Requirements | Increased Amount |
| 1 | $13,757 | $14,690 | $933 |
| 2 | $17,127 | $18,288 | $1,161 |
| 3 | $21,055 | $22,483 | $1,428 |
| 4 | 25,564 | $27,297 | $1,733 |
| 5 | $28,994 | $30,690 | $1,696 |
| 6 | $32,700 | $34,917 | $2,217 |
| 7 | $36,407 | $38,875 | $2,468 |
| If there are more than 7 family members, for each person | $3,706 | $3,958 | $252 |
If you want to apply for Canada PR through Express Entry, you must show the required proof of funds based on the above table. All Express Entry candidates need to show proof of funds, unless they are applying through Canadian Experience Class (CEC) and/or have a valid job offer from a Canadian employer.
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