2023 Express Entry Proof of Funds Update
Hello World! Vancouver is having unseasonable hot weather this week. Hope everyone is staying cool.
Today we would like to provide an update on the Proof of Funds requirements for Express Entry applicants. (Click here to check 2022 Express Entry – Proof of Funds.)
2023 Express Entry – Proof of Funds Increased
Proof of Funds requirement for Express Entry has been updated as below and the new amount is effective on April 25, 2023. If you declare a lower amount than the updated amount, your Express Entry registration will be cancelled. Please make sure to check the new amount and update your profile as needed.
What is Proof of Funds?
Proof of Funds is how you show that you have enough money to settle in Canada. If you are invited to apply, you must submit some documents to prove the funds you declared.
Applicants to the following programs require Proof of Funds.
- Federal Skilled Worker (FSW)
- Federal Skilled Trades (FST)
The following applicants are not required to show Proof of Funds.
- Applicants under the Canadian Experience Class (CEC)
- Applicants under the FSW or FST who are authorized to work in Canada and have a valid job offer
The minimum amount you need to immigrate to Canada
| Number of family members | Funds required (CAD) |
| 1 | $13,757 |
| 2 | $17,127 |
| 3 | $21,055 |
| 4 | $25,564 |
| 5 | $28,994 |
| 6 | $32,700 |
| 7 | $36,407 |
| Each additional family member | $3,706 |
For more detail, please refer to the following government website.
Acceptable Proof of Funds
You must prove your funds both at the time of application and at the time of receiving permanent residence.
Your funds must be immediately available so assets such as real estate cannot be included. Temporary borrowing from others to raise funds is also not acceptable.
If your spouse is coming with you, you can count the money you have together in a joint account. You may be able to count money in an account under your spouse’s name only, but you must prove you have access to the money.
For proof, you must get official letters from any banks or financial institutions where you have an account. These letters must include:
- the financial institution’s letterhead
- the bank or institution’s contact information (address, telephone number and email address)
- your name
- your outstanding debts (such as credit card debts and loans)
- details for each banking and investment account you have: account numbers, date each account was opened, current account balances and average balance for the past 6 months
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As mentioned above, Express Entry – Proof of Funds has been updated and the new amount is effective as of April 25, 2023. If you are currently registered for Express Entry, please double-check your declared amount.
If you are interested in applying for permanent residence through Express Entry or knowing your best option to immigrate to Canada, please get in touch with us through this link. Don’t forget to attach your resume for a more accurate assessment!
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