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Proof of Funds to Increase- What you need to know

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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. 

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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.

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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.

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

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