On July 7, Immigration, Refugees and Citizenship Canada (IRCC) announced an increase in the minimum settlement funds required for certain Express Entry programs.
Applicants seeking permanent residence through the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP) will now need to show at least $500 more in available funds.
For a single applicant, the required minimum has risen from $14,690 to $15,263.
Updated Settlement Funds Requirement (Effective July 7, 2025)
Below is the new proof of funds table for applicants under FSWP and FSTP:
|
Family Size |
New Minimum Funds |
Previous Requirement (June 3, 2024 – July 7, 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 |
|
Each additional member |
$4,112 |
$3,958 |
These updates are part of IRCC’s annual adjustment, which is based on 50% of Canada’s low-income cut-off totals.
Who Must Show Proof of Funds?
The updated settlement fund requirement applies only to applicants under:
- Federal Skilled Worker Program (FSWP)
- Federal Skilled Trades Program (FSTP)
Applicants must provide written proof that they have access to these funds, and they must update their Express Entry profile by July 28, 2025 to remain eligible.
Who Is Exempt from Providing Proof of Funds?
Proof of funds is not required if an applicant is:
- Applying under the Canadian Experience Class (CEC)
- Authorized to work in Canada and holds a valid job offer (even if applying through FSWP or FSTP)
However, IRCC recommends that candidates still keep this section updated in their profile, as they may qualify for multiple programs.
Required Format for Proof of Funds
Applicants need to provide official letters from their financial institutions. These letters must:
- Be on the institution’s letterhead
- Include contact details (address, phone, email)
- Show the applicant’s name
- List any debts such as credit cards or loans
- Include details for each account (account number, date opened, current balance, and average balance over the last 6 months)
Applicants must have access to these funds both when applying and when landing in Canada.
What Does Not Count as Proof of Funds?
The following cannot be used to meet the requirement:
- Real estate assets or equity
- Borrowed money from friends or family
However, funds in a joint account with a spouse can be used, as well as funds in a spouse’s account if the applicant can prove they have access to them.
How Family Size Is Calculated
Family size includes:
- The principal applicant
- Their spouse or common-law partner
- Dependent children of the applicant or partner
- Dependent children of those dependent children
Applicants must count their spouse or partner and dependent children even if they are Canadian citizens or permanent residents and not accompanying them to Canada.
