IRCC is Revising the Express Entry Proof of Funds Requirement from 28 May 2024

The Immigration, Refugees, and Citizenship Canada (IRCC) has announced revisions to the proof of funds requirement for Express Entry applications. Effective from May 28, 2024, all Express Entry applicants will be subject to new guidelines regarding proof of financial capability. Additionally, applicants are mandated to update their profiles by May 27, 2024 to ensure that they stay eligible according to the new requirements.

What is Proof of Funds?

Proof of funds is a crucial component of immigration applications, serving as evidence that applicants possess the financial resources necessary to support themselves and their families upon arrival in the destination country. It demonstrates the ability to cover expenses such as accommodation, settlement costs, and other essential living expenses.

Click here to check the updated table for Canada PR Cost & Proof of Funds requirement

Why is Proof of Funds Required?

Proof of funds is a prerequisite for some immigration programs including federal Express Entry System to ensure that individuals or families have the means to establish themselves in the host country without becoming reliant on public funds. It helps immigration authorities assess the applicant's ability to integrate into the new society and contribute positively to the economy.

Impact on Applicants

Prospective immigrants are urged to promptly review the updated requirements and ensure that their profiles are in compliance before the deadline on May 27, 2024. Failure to update profiles or meet the revised proof of funds criteria could result in delays or rejection of immigration applications.

Also read-

Canada Announces New Educational Credential Assessment Authority for Architects

French Proficiency to take Centre Stage in Express Entry Draws for 2024!

Canadian PNP News & Updates This week- About 2,000 candidates Received ITAs

Manitoba PNP Draw on 24 April- Total 327 Candidates received Letters of Advice

To confirm latest immigration update and apply for Canadian Permanent Residency (PR) Visa this year, you may call Visas Avenue trusted Visa Advisor  & Expert on Toll-Free No. 78-18-000-777 or you can drop us an e-mail at info@visasavenue.com.

- Rajneesh Kumar