Canada Increases Minimum Settlement Funds Requirement for Express Entry Applicants in 2025

Starting July 7, 2025, Immigration Canada will raise the minimum settlement funds required for Express Entry applicants. This change affects those applying under the Federal Skilled Worker and Skilled Trades programs. Applicants must show more funds to qualify for permanent residency.

If you plan to immigrate to Canada via the Express Entry system, be aware of this crucial update. On July 7, 2025, Immigration, Refugees and Citizenship Canada (IRCC) will increase the minimum proof of funds for the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP).

What’s Changed?

Now, applicants must demonstrate at least $500 more in available funds compared to last year. For a single applicant, the minimum has increased from $14,690 to $15,263. This adjustment applies to all candidates under the FSWP and FSTP streams.

What is Proof of Funds?

Proof of Funds is official documentation that verifies you have sufficient money to support yourself and your family during the immigration process. It ensures you meet Canada’s financial eligibility requirements for permanent residence.

Who Needs to Show Proof of Funds?

You must meet the new financial requirement if you are applying under:

1. Federal Skilled Worker Program (FSWP)
2. Federal Skilled Trades Program (FSTP)

However, proof of funds is not necessary if:

• You’re applying under the Canadian Experience Class (CEC).
• You have a valid job offer and authorization to work in Canada, even if applying through FSWP or FSTP.
• It’s wise to keep your proof of funds updated. The system may find you eligible for multiple programs.

Updated Proof of Funds Requirement (Effective July 7, 2025)

Here’s the required amount in your bank account based on family size:

Canada reviews these amounts annually based on 50% of the low-income cut-off (LICO) to ensure newcomers can support themselves.

What Counts as Family Size?

Your family size includes:

• You (the applicant)
• Your spouse or common-law partner
• Your dependent children
• Your spouse’s or partner’s dependent children
• Dependent children of dependent children
• Even if your spouse or children are Canadian citizens or won’t accompany you, they still count in your family size.

What Counts as Proof of Funds?

You must provide official bank letters that:

• Are printed on the bank’s letterhead
• Include the bank’s contact information
• List all your current account numbers
• Show the date each account was opened
• Display current balances and average balances for the past six months
• Mention any debts or loans (e.g., credit card balances)

Important: You must legally access these funds both when applying and upon arrival in Canada.

What If You Don’t Need to Show Proof of Funds?

If you’re exempt from showing proof of funds, IRCC still requires you to upload a letter confirming:

• Your invitation under the Canadian Experience Class, or
• Your valid job offer and authorization to work in Canada.

Why This Update Matters

This annual adjustment impacts thousands of individuals looking to immigrate to Canada through Express Entry. With over 100,000 Invitations to Apply (ITAs) issued yearly, understanding the financial requirements is essential. Staying informed can help you avoid disqualification.

If you are serious about immigrating through Express Entry, ensure your financial documents are accurate and meet IRCC’s standards.

Bottom Line

If Canada is your immigration destination, don’t overlook these financial updates. Take a moment to update your Express Entry profile and prepare your bank documents. A few hundred dollars could be the key to advancing your application or facing disqualification.