Prospective immigrants eyeing permanent residence in Canada under the Express Entry system will need to meet new financial requirements following an update from Immigration, Refugees and Citizenship Canada (IRCC). Effective July 7, 2025, IRCC has increased the minimum proof of funds required for the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP).
What Has Changed?
Applicants must now demonstrate at least $500 more in available funds compared to 2024. For example, a single applicant is now required to show $15,263, up from $14,690 last year. These changes apply specifically to the FSWP and FSTP immigration streams.
What is Proof of Funds?
Proof of funds is documentation that confirms you have sufficient financial resources to support yourself and your dependents upon arriving in Canada. This requirement ensures that newcomers are financially self-sufficient as they begin life in a new country.
Who Must Provide Proof of Funds?
Applicants under the following programs must meet the updated requirements:
- Federal Skilled Worker Program (FSWP)
- Federal Skilled Trades Program (FSTP)
You are exempt from this requirement if:
- You’re applying under the Canadian Experience Class (CEC), or
- You hold a valid job offer and authorization to work in Canada, even if you apply through FSWP or FSTP.
Note: Even if you qualify for an exemption, it is advisable to keep your proof of funds up to date, as your Express Entry profile may be considered under multiple streams.
Updated Proof of Funds by Family Size (Effective July 7, 2025)
| Family Size | New Requirement | Previous Requirement |
|---|---|---|
| 1 (single) | $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 figures are updated annually based on 50% of Canada’s Low-Income Cut-Off (LICO), reflecting the minimum required to ensure financial stability upon arrival.
How Is Family Size Calculated?
Your family size includes:
- You (the primary applicant)
- Your spouse or common-law partner
- Your dependent children
- Your spouse’s/partner’s dependent children
- Dependent children of dependent children
Important: Even if your spouse or children are Canadian citizens or are not immigrating with you, they still count toward your total family size.
Acceptable Proof of Funds
You must provide official letters from your bank or financial institution, which must:
- Be printed on official letterhead
- Include the bank’s contact details
- List all active account numbers
- Show the opening dates, current balances, and average balances over the last six months
- Mention any outstanding debts or liabilities, such as credit cards or loans
You must have unrestricted access to the funds both at the time of your application and upon landing in Canada.
What Doesn’t Qualify as Proof of Funds?
IRCC will not accept:
- Real estate holdings or home equity
- Borrowed money or informal loans
- Assets not easily accessible
Money held in joint accounts with your spouse is acceptable, but if the account is only in your spouse’s name, you’ll need documentation showing you have legal access to those funds.
If You Are Exempt…
Even if you’re not required to show proof of funds, IRCC still requires that you upload a signed letter stating that:
- You are applying under the Canadian Experience Class, or
- You have a valid job offer and authorization to work in Canada
Why This Update Matters
This annual adjustment impacts thousands of Express Entry applicants. With over 100,000 Invitations to Apply (ITAs) issued each year, understanding the financial requirements is essential to avoid disqualification due to insufficient funds.
Quick Tips Before You Apply
- Update your Express Entry profile with the new fund amounts before July 28, 2025
- Request bank letters early, as formal documentation may take time
- Ensure your information is complete and accurate, as IRCC may reject submissions with errors
- If exempt, remember to upload a letter of explanation
Finally
If you’re serious about immigrating to Canada via Express Entry, staying informed about financial requirements is crucial. A small increase of a few hundred dollars could make or break your application. Take the time now to update your documents and avoid unnecessary delays or disqualification.
