Canada Increases Minimum Fund Requirements for Express Entry Applicants

On July 7, 2025, Immigration, Refugees and Citizenship Canada (IRCC) updated the minimum settlement funds required for certain Express Entry programs. This update affects those applying for permanent residence under the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP).

What’s Changed?

Applicants under the FSWP and FSTP now need to show at least $500 more than before. For example, a single applicant must now show $15,263, up from the previous $14,690.

This increase applies to all eligible applicants and must be reflected in their Express Entry profile by July 28, 2025 to remain eligible.

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

IRCC adjusts these amounts annually based on 50% of Canada’s low-income cut-off (LICO) figures.

Who Must Show Proof of Funds?

You need to provide proof of settlement funds if you are applying under:

• The Federal Skilled Worker Program (FSWP)
• The Federal Skilled Trades Program (FSTP)

You must upload a letter from your financial institution confirming you have the required funds. This proof must also be updated in your Express Entry profile before July 28, 2025.

Who is Exempt from Proof of Funds?

You do not need to provide proof of funds if:

• You are applying under the Canadian Experience Class (CEC)
• You have a valid job offer in Canada and authorization to work, even under FSWP or FSTP

Even if exempt, it is still a good idea to keep your financial information up to date in your profile, since the Express Entry system may find you eligible under multiple programs.

Applicants who don’t need to provide proof of funds must upload a letter stating:

• They have been invited under the CEC, or
• They have a valid job offer and are authorized to work in Canada
  
  

How Does IRCC Count Your Family Size?

Your family size includes:

• You (the applicant)
• Your spouse or common-law partner
• Your dependent children
• Your spouse or partner’s dependent children
• Any dependent child of your dependent child
  
  

You must include all these members even if they are Canadian citizens or PRs, or if they are not moving to Canada with you.

What Counts as Proof of Funds?

You must provide an official letter from your bank or financial institution. The letter must:

• Be printed on the institution’s letterhead
• Include contact information (address, phone number, email)
• Include your name
• List any outstanding debts (credit cards, loans)
• Include for each account:
• Account numbers
• Date opened
• Current balances
• Average balance for the past 6 months
  
  

You must be able to legally access these funds when you apply and when you arrive in Canada.

What Does NOT Count as Proof of Funds?

• Real estate equity or property assets
• Borrowed money (e.g., from friends or relatives)

Funds in a joint account with your spouse are accepted. Funds in your spouse’s name alone may be accepted if you can prove you have access to them.

About Express Entry

Express Entry is Canada’s main system for managing applications for permanent residency under several federal programs. Each year, the system invites over 100,000 applicants to apply for PR.