Skip to content
Rate article
1 Star2 Stars3 Stars4 Stars5 Stars
4.82/5 - 22 votes
Share article

As of May 27th, 2024, candidates applying under certain economic immigration programs, including Express Entry, will need to demonstrate higher proof of funds as a prerequisite for eligibility. This is extremely important because candidates who don’t update their profiles to show the increased funds amount will be removed from the pool.

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: 

Number of family membersRequired funds (in CAD)
1 (single applicant)$14,690
For each additional family member, add$3,958

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. 

Need more advice for navigating the Express Entry system? Sign up for a free Moving2Canada account for step-by-step, personalised guidance.

We regularly email updates about Express Entry draws, and share key information for newcomers to Canada.

About the author

Rebecca Major profile picture
RCIC logo

Rebecca Major

Regulated Canadian Immigration Consultant
Rebecca Major is a Regulated Canadian Immigration Consultant (R511564) with nearly 15 years of licenced Canadian Immigration experience, gained after graduating with a Bachelor of Laws in the UK. She specializes in Canadian immigration at Moving2Canada.
Read more about Rebecca Major
Citation "Proof of Funds to Increase- What This Means for You." Moving2Canada. . Copy for Citation


  • Canada Abroad team

    Canada Abroad

    Canada Abroad is a transparent Canadian immigration consultancy with advice you can trust. Led by Deanne Acres-Lans (RCIC #508363), the team delivers professional, regulated, and efficient service.

  • The Doherty Fultz Immigration team staff members

    Doherty Fultz Immigration

    Led by Anthony Doherty (RCIC #510956) and Cassandra Fultz (#514356), the Doherty Fultz team uses their 40+ years of experience to empower you towards settling in Canada.

  • Perez McKenzie Immigration

    Led by Jenny Perez (RCIC #423103), Perez McKenzie Immigration is a Canadian immigration consultancy based in British Columbia, with offices in Vancouver and Whistler.

Our Partners

Get your immigration questions answered by an expert

Speak with a regulated Canadian immigration consultant to help plan your immigration. Moving2Canada is happy to recommend a handful of exceptional consultants.
  • Smiling young woman at a laptop

    Find the best immigration program for you

    Take our free immigration quiz and we'll tell you the best immigration programs for you!

  • Chef at restaurant spooning vegetables

    Get matched to job opportunities

    Get matched to job opportunities from Canadian employers who are seeking to hire people with your skills.

  • Access our immigration roadmaps

    Our immigration roadmaps will teach you the basics of Express Entry, study permits, and more! Take control of your own immigration process.


Unlock exclusive resources with a free account.

Create a Moving2Canada account to get the resources you need, tailored to your profile. Get matched with the best immigration programs & job offers, and access exclusive events & resources.