10 Frequently Asked Questions about Proof of Funds for Express Entry (2024)

The table below reflects the updated Express Entry POF requirement for 2024, as of May 28.

Express Entry candidates must include both their spouse or common-law partner and any dependent children they have when calculating the size of their family for proof of funds.

This is a requirement even if a candidate’s family members are:

• Already Canadian citizens or permanent residents
• Not accompanying the principal applicant to Canada

Candidates who do not update their POF by May 27, the day before IRCC’s update takes effect, will see their Express Entry profile deemed ineligible.

This means that the candidate will have to submit a new Express Entry application from scratch.

Showing proof of funds is necessary for meeting the minimum requirements of both IRCC’s Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP).

Express Entry candidates applying through the Canadian Experience Class (CEC) are not required to demonstrate proof of funds.

Note: Some FSWP and FSTP candidates are not required to show proof of funds (see question seven below).

Proof of funds must be provided using official letters from any bank or financial institution where the candidate has an account.

IRCC clarifies that letters submitted to the department must be printed on the financial institution’s letterhead and include the following information:

• The institution’s contact information (address, telephone number and email address)
• The candidate’s name
• The candidate’s outstanding debts (credit card debts, loans etc.)
• Account details for each banking and investment account currently open by the candidate at the institution*

*IRCC needs account numbers, the date the account was opened, current account balances and the average account balance for the past six months.

Under the following circ*mstances, IRCC allows Express Entry candidates to use money that is tied to their spouse as part of their proof of funds.

• If an Express Entry candidate is being accompanied to Canada by their spouse, money from a joint account is permissible for POF
• Money in an account solely in a spouse’s name may be used for POF if the Express Entry candidate can prove they have access to the money

Proof of funds is required (equivalent in Canadian dollars) at the time of application submission and applicants should maintain the required funds at all times until a final decision is made.

IRCC reserves the right to request updated settlement funds at any time, and this may occur if there’s a significant fluctuation in the currency.

It is not uncommon for Express Entry candidates to see a material change in their situation, either financially or otherwise, after they submit their profile.

The candidate is responsible for promptly updating their profile following any changes that occur. Failure to do so may result in the candidate’s profile becoming ineligible for Express Entry, particularly if the change that took place impacts the individual’s ability to meet the eligibility criteria for any of the three programs managed under the Express Entry system.

More: Click here to learn more about how to deal with Express Entry profile changes that occur after receiving an Invitation to Apply (ITA) for permanent residence in Canada.

Proof of funds can be a hard and complex topic to understand. Retaining the services of a certified Canadian immigration lawyer can make things easier because they can help candidates and applicants with:

• Preparing any necessary documents
• Ensuring that critical mistakes are avoided
• Responding to the Canadian government
• Using their expertise to avoid unnecessary delays throughout the Express Entry immigration process