Canada Increases Minimum Settlement Funds for Express Entry Applicants (Effective July 2025)

If you’re planning to immigrate to Canada through Express Entry, you’ll want to pay close attention to the latest update from Immigration, Refugees and Citizenship Canada (IRCC).

As of July 7, 2025, the minimum settlement fund requirement for some Express Entry programs has gone up. On average, you’ll now need at least $500 more than before to remain eligible. Here’s what that means for you.

💰 What’s Changed?

If you’re applying under either of the following programs:

• Federal Skilled Worker Program (FSWP)

• Federal Skilled Trades Program (FSTP)

You must prove that you have enough money to support yourself and your family after you arrive in Canada.

Here’s the new settlement fund requirement effective July 7, 2025:

Number of Family Members	Funds Required (as of July 7, 2025)	Previous Requirement
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
Additional person	+$4,112	+$3,958

📌 You must update your Express Entry profile with the new proof of funds by July 28, 2025 to remain eligible.

Who Needs to Show Proof of Funds?

Required for:

• Applicants under FSWP or FSTP, unless they’re already working in Canada with a valid job offer.

Not Required for:

• Applicants under the Canadian Experience Class (CEC).

• Applicants with a valid job offer and work authorization in Canada (even if applying under FSWP or FSTP).

If you’re exempt, you must still upload a letter explaining why you don’t need to provide proof of funds.

How is Family Size Calculated?

Your family includes:

• You (the applicant)

• Your spouse or common-law partner

• Your dependent children

• Your partner’s dependent children

• Dependent children of your dependent children

This applies even if they’re not immigrating with you or are already Canadian citizens or PRs.

What Counts as Proof of Funds?

You must provide official letters from banks or financial institutions. These letters must:

• Be printed on the institution’s letterhead

• Include their contact info (address, phone, email)

• Show your name

• Include details about debts (credit cards, loans)

• Include details for each account:

  • Account numbers

  • Date opened

  • Current balance

  • Average balance over past 6 months

🛑 Not accepted as proof:

• Real estate or property value

• Borrowed money from friends

• Any inaccessible funds

✅ Funds in a joint account with a spouse are acceptable.

✅ Funds in a spouse-only account may be accepted if you can prove access.

Why This Matters

Canada updates settlement fund requirements annually, based on 50% of the low-income cut-off. This ensures that newcomers have enough financial stability when arriving.

The Express Entry system remains one of the fastest and most popular immigration pathways, issuing over 100,000 Invitations to Apply (ITAs) each year.

Make sure you’re prepared — financially and administratively — to secure your spot in Canada’s future.

📩 Need help preparing your Express Entry application or proof of funds documents?

Feel free to contact us for personalized immigration support! Book a consultation now!

Canada Increases Minimum Settlement Funds for Express Entry Applicants