Canada Increases Express Entry Proof of Funds: What to Know

Canada has recently updated its proof of funds requirement for Express Entry candidates. The minimum amount has increased by CAD 500, and those who didn’t update their profiles by the July 28, 2025, deadline may now be ineligible. Let’s explore what this means for your immigration plans.

What Changed?

Canada’s Immigration, Refugees and Citizenship Canada (IRCC) has raised the minimum settlement funds required for Express Entry applicants. Though the increase is modest at CAD 500, it could disqualify your profile if you missed the update deadline. Here are the new minimum requirements:

• Single Applicant: Increased from CAD 14,690 to CAD 15,263
• Couple: New minimum is CAD 19,001

These changes took effect before July 28, 2025, which was also the last day to update your Express Entry profile. If you didn’t make the changes in time, your profile may now be deemed ineligible for upcoming invitations.

Updated Proof of Funds Requirement

Here’s the updated proof of funds needed based on family size:

Why Proof of Funds Matters

Proof of funds demonstrates that you have adequate financial resources to support yourself and your family upon arriving in Canada. The Canadian government uses this requirement to ensure newcomers can manage financially. Even if you meet all other eligibility criteria, failing to provide updated proof of funds can lead to your profile being disqualified.

What Kind of Proof Is Accepted?

IRCC requires formal letters from your financial institution, printed on official bank letterhead. The letter should include:

• Your name
• Account numbers
• Account type (checking, savings, etc.)
• Current balance
• Average balance for the past six months
• For joint applications, account balances from a spouse count as well, provided they are immigrating with you.

Who Needs to Show Proof of Funds?

Not every applicant in the Express Entry system is required to provide proof of funds. Here’s who must and who doesn’t:

Required for:

• Federal Skilled Worker Program
• Federal Skilled Trades Program

Exempt if:

• You’re applying under the Canadian Experience Class
• You possess a valid job offer in Canada and are authorized to work

Even if you typically need to show proof of funds, having a job offer can change your situation. However, unless you’re certain of your exemption, it’s wise to update your profile.

Final Thoughts

While this update may seem minor, it can significantly impact your immigration plans if overlooked. A $500 increase might appear small, but it can mean the difference between eligibility and rejection in the eyes of the IRCC.

If you missed the July 28 update deadline, review your profile immediately. Moving forward, stay vigilant about annual updates to the settlement fund requirements. The IRCC often revises these figures each year to account for cost-of-living changes. For serious applicants, being informed is just as crucial as achieving a high score.