Canada raises settlement fund requirement for Atlantic Immigration Program

Canada has raised the minimum settlement funds required for economic immigration programs, following an annual revision by Immigration, Refugees and Citizenship Canada (IRCC). The updated threshold, effective from July 29, 2025, is based on 12.5% of the Low Income Cut-Off (LICO) and may impact eligibility for new applicants.

IRCC recommends that applicants verify their financial readiness based on the new cut-off amounts. This is essential for all individuals seeking permanent residency under programs that require proof of funds. The settlement funds requirement does not apply to individuals already working in Canada under a valid work permit.

Revised minimum fund requirements


The required settlement funds depend on family size. The updated figures for 2025 are:

• 1 person: $3,815
• 2 people: $4,750
• 3 people: $5,840
• 4 people: $7,090
• 5 people: $8,042
• 6 people: $9,070
• 7 people: $10,098

For each additional member: $1,028

Applicants must include themselves, their spouse or common-law partner, and all dependent children, even if those family members are Canadian citizens, permanent residents, or not joining them in Canada.

Proof of funds: What IRCC accepts

Applicants must provide official letters from financial institutions. These letters must be on official letterhead and must include:

• The bank’s contact information
• Applicant’s name
• Details of all current accounts
• Account numbers and dates opened
• Current balances and six-month average balances
• List of outstanding debts (e.g., credit cards, loans)

The funds must be unencumbered, legally accessible, and available when the application is submitted and at the time the permanent resident visa is issued.

If the applicant’s spouse is included in the application, money held in joint accounts can be used. Funds in an account under only the spouse’s name may be considered if access to the money is clearly demonstrated.

Guidance on bringing funds to Canada

Applicants are encouraged to assess the cost of living in their planned destination in Canada. There is no cap on how much money one can bring, but Canadian customs regulations require individuals to declare amounts above CAN$10,000. Failure to do so may lead to fines or seizure of funds.

Permissible fund formats include:

• Cash
• Stocks, bonds, debentures, treasury bills
• Documents guaranteeing payment (e.g., money orders, travellers’ cheques, banker’s drafts)

These funds are expected to help newcomers cover their living expenses during the initial settlement period.