Proof of Funds to Increase- What This Means for You

Key Takeaways

• The new funds thresholds apply from May 28th, 2024. 
• Any active Express Entry profile or PNP Expression of Interest must be updated by May 27th, 2024 to remain eligible for selection if proof of funds is a requirement for you.

What Are The New Thresholds? 

The proof of funds thresholds increase each year and are based on 50% of the low income cut-off totals determined by Statistics Canada. 

The updated proof of funds as of May 28th, 2024 are as follows: 

Which Programs Are Affected By The Increased Funds Requirement?

The increased funds threshold applies to the following Express Entry programs:

• Federal Skilled Worker applicants who do not have an eligible job offer.
• Federal Skilled Trades applicants who do not have an eligible job offer.

When applying through PNPs, the requirement for proof of funds varies depending on the specific stream and province. Here are some examples:

• Ontario Immigrant Nominee Program (OINP): Some streams under OINP, like the Human Capital Priorities Stream, may require proof of funds if you do not have a valid job offer.
• British Columbia Provincial Nominee Program (BC PNP): Some streams under BC PNP, such as the Skills Immigration and Express Entry BC categories, require proof of funds unless you are already working in British Columbia or have a valid job offer.
• Alberta Immigrant Nominee Program (AINP): Certain streams under AINP, particularly those aligned with Express Entry, may require proof of funds.
• Saskatchewan Immigrant Nominee Program (SINP): The Express Entry and Occupations In-Demand categories under SINP require proof of funds.

Why Did the Thresholds Increase So Much?

We typically see a marginal increase when the thresholds update each year. In the 2023 updates, for example, thresholds increased by 3.36% or $447 for a single applicant. 

In this latest update, the increase was double the amount we saw in 2023, at 6.78% or $933 for a single applicant. This is due to the significant increase in the low income cut-off totals used to determine the required proof of funds thresholds. 

When Do Funds Need to be Demonstrated? 

To enter the Express Entry pool, an applicant simply needs to declare the funds they have available. They only need to show these funds if they receive an Invitation to Apply and submit an application for Permanent Residence OR are selected by a province to apply for provincial nomination. 

When demonstrating funds, applicants often need to show that they have had the funds for a minimum amount of months by supplying multiple bank statements. Any large deposits during this period will need to be explained. 

What Happens If an Applicant Does Not Update Their Express Entry Profile?

If an applicant does not update their Express Entry profile or PNP Expression of Interest to reflect the new funds requirement, their profile will be removed from the pool. When this happens, they will not be considered for future Express Entry or Provincial Nominee invitations.

What Happens If an Applicant Cannot Meet the New Thresholds?

The proof of funds requirement is often a stumbling block for many hopeful applicants. Unfortunately, this substantial increase means more people will be unable to satisfy the funds requirement and therefore can’t enter the Express Entry pool.

For those with an Express Entry profile but who are now unable to demonstrate funds, this means that you are no longer eligible to have an active Express Entry profile. 

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