Canada has changed the amount of funds required for skilled migrants when applying for permanent residence. These new settlement funds requirements apply to those applying under two popular Express Entry programs: the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP).
Applicants will need to show slightly more funds than before. For a single applicant, the new minimum amount has increased from $14,690 to $15,263. Each additional family member raises the required amount, and these changes also apply to new applicants and those already in the Express Entry pool who have not received an invitation to apply.
Applicants have until July 28, 2025 to update the Proof of Funds section in their Express Entry profile to remain eligible.
New Settlement Fund Requirements (Effective July 7, 2025)
| Family Members | New Minimum Funds Required | Previous Amount |
|---|---|---|
| 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 person | $4,112 | $3,958 |
Canada updates these statistics annually based on 50% of the Low Income Limit (LICO), which helps the government ensure that newcomers have adequate financial support during their first months in the country.
Are you unsure how these changes will affect your application? Book Your Canadian immigration Consultation with The Immigration Professional to get help reviewing your eligibility and documentation.
Who Needs to Provide Proof of Funds — and Who Doesn’t
Not every Express Entry applicant is required to show proof of funds.
You do not need to submit financial documents if:
- You are applying under the Canadian Experience Class (CEC), or
- You have a valid job offer Letter and authorization to work in Canada, regardless of whether you are applying through FSWP or FSTP.
However, it is still a good idea to include proof of funds in your profile. Why? Because if the system finds you eligible for multiple programs, your documents can help you stay in the running.
If you are exempt from the funds requirement, you must still upload a signed letter explaining your situation. For example:
- That you were invited under the CEC; or
- That you have a valid job offer and are authorized to work in Canada.
What Counts as Proof of Funds
Acceptable proof of funds includes official letters from a recognized bank or financial institution. These letters must:
- Be printed on the institution’s letterhead
- Include their contact info (address, phone, email)
- Clearly list your name
- Outline any outstanding debts (credit cards, loans)
- Provide full details for each account:
- Account number
- Date opened
- Current balance
- Average balance for the last six months
The money must be available at all times – when applying and also when arriving in Canada. You cannot rely on borrowed funds, property value or closed investments.
Money held in a joint account with your spouse is valid. If the money is only in your spouse’s name, you must prove that you have legal access to it.
How IRCC calculates your family size
Family size includes:
- You (the main applicant)
- Your spouse or common-law partner
- Your dependent children
- Your spouse’s dependent children
- Any dependent children of dependent children
Even if your spouse or child is a Canadian citizen or is not moving to Canada with you, they still count towards your family size for immigration purposes.
Why this update is important
This isn’t just a routine update – missing the deadline to update your proof of funds could result in your Express Entry profile being disqualified. If your profile hasn’t been updated by July 28, 2025, you may no longer be considered for selection.
This is why The Immigration Professional encourages applicants to keep all sections of their Express Entry profile up to date. Financial requirements are only one part of the broader eligibility picture – but they’re an important part.
Need help gathering your documents or figuring out what to submit? Don’t guess. Book Your Canadian immigration Consultation and get professional guidance up to date with the latest regulations from IRCC
