On July 7, 2025, Immigration, Refugees and Citizenship Canada (IRCC) announced new minimum fund requirements for Express Entry applicants. If you’re planning to immigrate to Canada through the Express Entry system, it’s essential to understand these updated amounts so you can maintain your eligibility.
Check the official IRCC announcement here.
What Has Changed in the Settlement Funds?
Applicants under the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP) now need at least $500 more compared to last year.
For example:
- A single applicant must show $15,263 CAD, up from $14,690.
- Larger families will see similar increases across each category.
Table of updated settlement funds (effective July 7, 2025):
| Number of Family Members | New Funds Required | Previous Funds Required |
|---|---|---|
| 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 |
| Each additional member | +$4,112 | +$3,958 |
Who Must Show Proof of Funds?
You must provide evidence of funds if you are applying under:
- Federal Skilled Worker Program (FSWP)
- Federal Skilled Trades Program (FSTP)
However, you do not need to show proof if:
- You apply under the Canadian Experience Class (CEC).
- You have a valid job offer and authorization to work in Canada.
Even if you believe you’re exempt, it’s often wise to keep your funds updated, because Express Entry may consider you for multiple programs.
Learn more about Express Entry eligibility.
How to Show Proof of Settlement Funds
You need to submit an official letter from your bank or financial institution, which must:
- Be printed on the institution’s letterhead.
- Include contact details (address, phone, email).
- List all current bank and investment accounts.
- Show account numbers and dates opened.
- Show the current balance and average balance for the past 6 months.
- Mention any outstanding debts.
Important:
Real estate assets or borrowed money do not qualify as proof of funds.
Official guide to preparing proof of funds.
How to Calculate Your Family Size
Your family size includes:
- Yourself.
- Your spouse or common-law partner.
- Your dependent children.
- Your spouse’s or partner’s dependent children.
- Any dependent children of your dependents.
You must count all family members, even if they are Canadian citizens or permanent residents, or if they are not accompanying you to Canada.
What If You Don’t Need to Show Funds?
If you are exempt, you still need to upload a letter explaining why. For example:
- If you are invited under the CEC, include a letter confirming your invitation.
- If you have a valid job offer, include proof of your offer and authorization to work.
Why Does Canada Update Settlement Funds?
Canada reviews the Low-Income Cut-Off (LICO) every year. The settlement fund amounts are based on 50% of the LICO totals, to ensure newcomers can support themselves and their families.
Learn more about LICO thresholds.
Staying Eligible: What You Must Do
If you’ve already created an Express Entry profile, update your proof of funds before July 28, 2025, to avoid becoming ineligible.
Failure to update your funds on time can disqualify your application.
Update your Express Entry profile here.
