Immigrating to Canada through Express Entry? If you’re applying under the Federal Skilled Worker Program (FSWP) or the Federal Skilled Trades Program (FSTP), you’ll need to meet new minimum settlement fund requirements announced by Immigration, Refugees and Citizenship Canada (IRCC).
Effective July 7, 2025, the Government of Canada updated the amount of money Express Entry candidates must show to prove they can support themselves and their family upon arrival. This update is based on 50% of Canada’s Low-Income Cut-Off (LICO) figures, which are adjusted annually to reflect the cost of living.
Updated Settlement Fund Requirements (Effective July 7, 2025)
The amount of money you need depends on your family size, including yourself, your spouse or partner, dependent children, and any dependent children of your dependent children. This includes family members who may not be accompanying you to Canada.
Here is the updated table:
| Number of family members | Funds required (in Canadian dollars) |
|---|---|
| 1 | $15,263 |
| 2 | $19,001 |
| 3 | $23,360 |
| 4 | $28,362 |
| 5 | $32,168 |
| 6 | $36,280 |
| 7 | $40,392 |
| For each additional family member over 7 | $4,112 |
Previous Proof of Funds
For comparison, here is a table showing the previous minimum fund requirements:
| Number of family members | Funds required (in Canadian dollars) |
|---|---|
| 1 | $14,690 |
| 2 | $18,288 |
| 3 | $22,483 |
| 4 | $27,297 |
| 5 | $30,690 |
| 6 | $34,917 |
| 7 | $38,875 |
| For each additional family member over 7 | $3,958 |
What Do Existing Candidates Need To Do?
To remain eligible, candidates must update the proof of funds in their Express Entry profile no later than July 28, 2025. Failure to update your profile will result in the profile being rendered ineligible and ejected from the system. Updating this section will not change the date or time of your original submission, which is important if you’re in a tie-breaker scenario.
Who Needs to Show Proof of Funds?
You are required to provide proof of funds if you are applying under:
- The Federal Skilled Worker Program (FSWP)
- The Federal Skilled Trades Program (FSTP)
This requirement ensures that you have enough financial resources to establish yourself and your family in Canada, even if they are not immigrating with you.
Who Is Exempt?
You do not need to provide proof of settlement funds if:
- You are applying under the Canadian Experience Class (CEC)
- You have a valid job offer and are authorized to work in Canada
What Counts as Acceptable Proof?
When invited to apply for permanent residence, you must submit official letters from financial institutions that hold your funds. These letters must:
- Be printed on the institution’s official letterhead
- Include the institution’s contact information (address, phone, email)
- Include your full name
- List any outstanding debts (loans, credit card balances)
- Include details for each active account:
- Account numbers
- Date the account was opened
- Current account balance
- Average balance over the last six months
Why Is This Important?
Every year, thousands of candidates are invited to apply for permanent residence in Canada through Express Entry. These settlement fund updates ensure that newcomers are financially prepared for the cost of living in Canada. Failing to meet the new threshold or not updating your profile by the deadline could make you ineligible, even if you previously qualified.
Planning to immigrate to Canada through Express Entry?
The updated proof of funds requirement, effective July 7, 2025, means now is the time to review your financial readiness. While the increase may feel significant, with early preparation and the right support, it’s absolutely achievable.
Understanding these updated settlement funds and other requirements is crucial to maintaining your eligibility. If you’re unsure how to update your Express Entry profile, need help determining acceptable proof of funds, or want expert advice on meeting IRCC standards, our team at Northern Connections Canada is here to help.
Book a consultation today and let us guide you through each step of the process so you can apply with confidence.
Stay informed by following our blog for accurate, timely updates that shape your future in Canada.
The Team at Northern Connections Canada
