Thinking about applying for permanent residency in Canada through Express Entry? If so, you’ll need to take note of the new financial requirements announced by Immigration, Refugees and Citizenship Canada (IRCC) on July 7, 2025. Express Entry – Parisa Erfani
IRCC has updated the minimum proof of funds that applicants must demonstrate when applying under two of the Express Entry programs: the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP). These changes are in place effective immediately, and all candidates must update their Express Entry profiles by July 28, 2025, to remain eligible.
What’s New?
Applicants now require at least $500 more in settlement funds compared to last year. For example, a single applicant must now show $15,263, up from $14,690.
Here is the updated settlement funds chart:
| Family Size | New Funds Required (as of July 7, 2025) | Previous Requirement (June 2024–July 2025) |
|---|---|---|
| 1 | $15,263 | $14,690 |
| 2 | $19,001 | $18,288 |
| 3 | $23,360 | $22,483 |
| 4 | $28,362 | $27,297 |
| 5 | $32,168 | $30,690 |
| 6 | $36,280 | $34,917 |
| 7 | $40,392 | $38,875 |
| For each additional family member | $4,112 | $3,958 |
Settlement fund requirements are updated annually and are based on 50% of Canada’s Low Income Cut-Off (LICO) thresholds.
Who Needs to Show Proof of Funds?
Applicants must provide proof of settlement funds if they are applying under:
- The Federal Skilled Worker Program (FSWP), or
- The Federal Skilled Trades Program (FSTP)
Even if the applicant is already in Canada, proof of funds is required, unless one of the exceptions below applies.
Who Is Exempt?
Applicants do not need to show proof of funds if they:
- Are applying under the Canadian Experience Class (CEC); or
- Have a valid job offer and are authorized to work in Canada, even if applying under FSWP or FSTP.
However, all applicants are still asked to upload a document to their profile:
- Confirming their CEC eligibility, or
- Stating they have a valid job offer and work authorization.
How Is Family Size Calculated?
Your family size includes:
- You (the principal applicant)
- Your spouse or common-law partner (even if they are not accompanying you)
- Your dependent children and your partner’s dependent children (even if they are not accompanying you)
- Any dependent children of your dependent children
What Counts as Acceptable Proof of Funds?
You must provide official letters from financial institutions where you keep your money. These letters must be:
- Printed on the institution’s letterhead
- Include contact information
- List all current account balances, account numbers, date of opening, and the average balance over the past 6 months
- Include any outstanding debts (credit cards, loans, etc.)
Important Notes:
- You must have full access to the funds at both the time of application and upon arrival in Canada.
- Real estate, borrowed funds, or inaccessible money do not qualify.
- Joint accounts with a spouse are acceptable; individual accounts under the spouse’s name may be acceptable if you can prove access.
Why Does This Matter?
The Express Entry system is one of the most popular pathways to Canadian permanent residency. Each year, IRCC invites over 100,000 skilled workers to apply through this competitive and streamlined process.
Maintaining an accurate and up-to-date profile—including financial information—is crucial for eligibility and success under Express Entry.
Need Help With Your Application?
Cascadia Immigration Services can guide you through the Express Entry process and ensure your financial documents meet IRCC standards.
📞 Contact us today to book a consultation:
📧 [email protected] | ☎️ +1 (236) 516-7118
Canada updates minimum fund requirements for Express Entry programs | CIC News
