Beginning May 27, 2024, applicants for certain business immigration services (such as Immigration) will be required to provide further proof of funds as a prerequisite for eligibility. This is very important because candidates who do not update their profile to show additional income will be removed from the pool.

Key Points

• The new payment is valid as of May 28, 2024.
• If you are required to provide proof of funds, all valid information in the Express Entry profile or PNP Expression of Interest must be updated by May 27, 2024 to remain eligible. Chapter

What is the new starting point?

The representation of income begins each year and is based on 50% of all low incomes identified by Statistics Canada.

Which jobs will be affected by the need for additional income?

 Promotional rate is valid for the following emergency services:

• Federal government employees cannot work.
• Federal job applicants without job qualifications.

When applying through PNP, proof of funds requirements vary from province to province. Here are some examples:

• Ontario Immigrant Nominee Program (OINP): Some categories under the OINP (such as the Human Capital Priority Category) may require proof of income if you do not have a legal job.
• British Columbia Provincial Nominee Program (BC PNP): Some categories under the BC PNP (such as Skilled Workers and BC Entry) require proof of income unless you already have or have a valid job in British Columbia.
• Alberta Immigrant Nominee Program (AINP): Some categories under the AINP, particularly those following the Entry Process, may require proof of funds.
• Saskatchewan Immigrant Nominee Program (SINP): Immigration and Employment Requirements under SINP require proof of funds.

Why was the threshold raised so much?

We usually see a slight increase during the first update each year. For example, in the 2023 update, the threshold for a single applicant increased by 3.36%, or $447.

In the latest update, the increase will double in 2023 to 6.78%, or $933 per applicant. This is because there is an increase in the total minimum income, which is used to determine the amount of money required.

When must the money be reported?

 To enter the Express Entry pool, applicants simply declare the amount of money they have. This money is only needed if they receive an invitation to join and apply for permanent residence or are selected by the state to run for state elections.

When proving funds, applicants are typically asked to prove they have at least a few months’ worth of funds by submitting several bank statements. Any large deposits during this period will require an explanation.

What happens if the applicant does not change their Express login information?

Failure to update the Entry Form or PNP Expression of Interest to align with updated funding criteria may result in the removal of the applicant’s profile from the pool. If this occurs, you will not be considered for future Admissions or state invitations.

What happens if the applicant cannot meet the new threshold?

Proof of Funding Requirements is often a hurdle for many hopeful applicants. Unfortunately, this huge increase means that many people will not be able to meet the financial requirements and therefore will not be able to enter the Express Entry pool.

For people who have a Express Entry profile but are currently unable to submit funds, this means you are no longer eligible to receive a valid entry form.

Need more information about the Fast Track system? Please contact Agacs Pvt Ltd for step-by-step guidance. We regularly email you the latest updates on Safety Notices and share important information for newcomers to Canada.