IRCC has changed the Express Entry funds requirement for 2023 without announcing it publicly, probably due to strike as employees were not working.
However, IRCC has updated their official questionnaire required to determine eligibility for Express Entry after logging in GCKey.
Last year, proof of funds came in effect on June 9, 2022 and IRCC gave existing profiles until June 27, 2022 to update their profiles in accordance with new fund requirements.
New proof of funds requirement is effective April 25, 2023 as updated on the IRCC official website now.
INC – Immigration News Canada recommends our readers to update their profile in accordance with new funds requirement if they have not received an invitation to apply (ITA) so far.
Profiles who already submitted their documents after receiving an ITA should not need to update the proof of funds.
Learn about
- Who Need Proof of Funds?
- Settlement Funds Calculation
- New Express Entry Funds Requirement 2023
- Express Entry: Acceptable Proof Of Funds
Who Need Proof of Funds?
Express Entry funds is the amount of money that an applicant is required to have to settle in Canada.
For the Federal Skilled Worker Program (FSWP) or the Federal Skilled Trades Program (FSTP), proof of funds are mandatory.
However, if applicant is has work authorization for Canada and have a legitimate job offer, then they do not require proof of funds for FSWP and FSTP.
Express Entry Canadian Experience Class (CEC) do no require any proof of funds.
Settlement Funds Calculation
The amount of the settlement funds for Express Entry depends on how many people are in the applicant’s family. The family must include:
- Applicant
- Spouse or partner of applicant
- Dependent children and
- Spouse’s dependent children
The spouse or dependent children must be included while calculating settlement funds even if:
the spouse or dependent children are permanent residents/Canadian citizens or are not accompanying the applicant to Canada.
New Express Entry Funds Requirement 2023
To confirm the fact, we tried creating a new Express Entry profile in the GCKey and below are the options that you get to select from drop down.
| Number of family members | New Funds Required (in Canadian dollars) 2023 | Old Funds required (in Canadian dollars) |
|---|---|---|
| 1 | $13,757 | $13,310 |
| 2 | $17,127 | $16,570 |
| 3 | $21,055 | $20,371 |
| 4 | $25,564 | $24,733 |
| 5 | $28,994 | $28,052 |
| 6 | $32,700 | $31,638 |
| 7 | $36,407 | $35,224 |
| For each additional family member | $3,706 | $3,586 |
Express Entry: Acceptable Proof Of Funds
According to the IRCC website, acceptable proof of funds must be in the form of official letters from any banks or financial institutions.
It must also be printed on the letterhead of the financial institution. It should also contain:
- their contact information (address, telephone number and email address)
- Applicants name
- list of outstanding debts such as credit card debts and loans
- for each current bank and investment account, the
- account numbers
- date each account was opened
- current balance of each account
- average balance for the past 6 months
What is the new funds requirement for Express Entry in 2023?
The amount of the Express Entry settlement funds is determined by the number of persons in the applicant’s family (including the applicant).
Below is the breakdown of funds required based on family size.
1 – $13757
2 – $17127
3 – $21055
4 – $25564
5 – $28994
6 – $32700
7 – $36407
Additional family member: $3,706
Do you need proof of funds for Express Entry profile?
Proof of funding is required for the Express Entry Federal Skilled Worker Program (FSWP) or the Federal Skilled Trades Program (FSTP), but not for Canadian Experience Class (CEC).
However, if an applicant has work authorization in Canada and a legitimate job offer, they do not need to provide proof of funds for FSWP or FSTP too.
