Canada updates minimum fund requirements for Express Entry applicants

Canada has revised the minimum settlement fund requirements for immigrants applying under its Express Entry system. The update, announced by Immigration, Refugees and Citizenship Canada (IRCC), requires candidates to update their proof of funds by July 28, 2025, to remain eligible for permanent residency.

The updated requirements apply to candidates under the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP). These changes are based on Canada’s annual adjustment, which reflects 50% of the national Low-Income Cut-Off (LICO) levels.

The updated settlement funds now start at $15,263 for a single applicant. For a family of four, applicants must show at least $28,362. The amount increases with the size of the family, even if some members are not accompanying the applicant to Canada.

Number of family members	New minimum funds (CAD)
1	$15,263
2	$19,001
3	$23,360
4	$28,362
5	$32,168
6	$36,280
7	$40,392
Each additional member	$4,112

All applicants must provide written proof of these funds when invited to apply. Updating the amount in an Express Entry profile does not affect the original submission date. This ensures that an applicant’s rank remains the same in case of a tie-breaker scenario.

Who needs to show proof of funds?
According to IRCC, the requirement is mandatory for candidates under:

• Federal Skilled Worker Program
• Federal Skilled Trades Program

Applicants do not need to show proof of funds if:

• They are applying under the Canadian Experience Class, or
• They have a valid job offer and are authorized to work in Canada.

Even exempt applicants are required to upload a letter to their profile confirming the exemption when applying.

What is accepted as proof?

IRCC requires candidates to submit official letters from banks or financial institutions where the money is held. These letters must:

• Be printed on official letterhead
• Include the institution’s contact details
• List all account numbers, opening dates, and balances
• Show the average account balance over the past six months
• Disclose any outstanding debts, such as loans or credit card dues

The funds must be legally accessible at the time of application and when the permanent resident visa is issued. Real estate equity and borrowed money do not count as proof of funds. Funds held in a joint account with a spouse are acceptable. Money in a spouse’s account may also be used, if the applicant can prove they have access to it.