Big changes for future immigrants to Canada! If you're planning to apply for Canada PR, make sure you're aware of the new settlement fund rules that officially came into effect on 

What’s New?

Canada substantially hiked minimum financial requirements for applicants seeking permanent residency via economic immigration programs such as Express Entry recently. IRCC released this update as part of their yearly assessment fairly recently, amidst a flurry of bureaucratic changes nationwide. Updated fund requirements sit 12.5% above Low-Income Cut-Off benchmarks based heavily on applicant household size naturally.

New Minimum Fund Requirements (As of July 29, 2025)

Here’s a breakdown of the new settlement fund amounts:

Number of People in Family Minimum Funds Required (CAD)
1 $3,815
2 $4,750
3 $5,840
4 $7,090
5 $8,042
6 $9,070
7 $10,098
For each extra member Add $1,028

If you're applying for Canada PR, these are the amounts you’ll need to show as proof that you can support yourself and your family once you arrive.

Who Needs to Show Proof of Funds?

This update is important if you're applying through:

  1. Express Entry (Federal Skilled Worker Program or Federal Skilled Trades Program)
  2. Other economic immigration pathways without a job offer in Canada

Even if your spouse or kids aren’t moving with you, their names must still be included in your financial calculation.

You don’t need to show funds if:

  1. You’re already working in Canada with a valid permit
  2. You’ve got a confirmed job offer supported by an LMIA

What Counts as “Proof of Funds”?

To meet the Canada PR requirements, you must prove that you have this money—and not just in your head!

Here’s what IRCC expects:

Official letter from your bank on their letterhead

Must include:

  1. Bank name and contact details
  2. Your full name
  3. Account numbers and type
  4. Date account was opened
  5. Current balance + average over last 6 months
  6. Any outstanding debts

The money must be:

  1. Readily available (savings or liquid assets)
  2. Free from loans or liens
  3. Legally accessible by you (or joint account with spouse)

Planning to Carry the Funds to Canada?

You’re allowed to bring as much money as you want, but remember: if it’s more than CAD 10,000, you must declare it at the border.

If you don’t, Canadian customs could fine you or even take the money away.

You can carry your funds in these forms:

  1. Cash
  2. Bank drafts
  3. Traveller’s cheques
  4. Stocks or bonds
  5. Money orders

These funds are meant to help you settle in smoothly—pay for rent, food, transport, and other living expenses during your first few months.

Tips for PR Applicants in 2025

Before you submit your Canada PR application:

  1. Double-check that your bank balance matches the new minimum
  2. Ensure all documents are updated and meet IRCC’s proof format
  3. Research the cost of living in the city or province you plan to move to
  4. Plan your budget for at least 6 months of living expenses

Why is This Important?

Canada remains a premier haven for skilled professionals, but authorities wish to ensure these newcomers swiftly become self-sufficient entities. New rules are part of an effort to ensure you're financially ready to succeed in Canada somehow. 

The Canada PR process is becoming more competitive, and this change could be a make-or-break factor for many applicants.

How Visa Solutions 4u Can Help

Applying for Canada PR can feel overwhelming, especially with updates like these. That’s where Visa Solutions 4u steps in.

We offer:

  1. Free eligibility checks based on the latest PR requirements
  2. Help with gathering and formatting proof of funds documents
  3. Step-by-step guidance on your Express Entry or other PR applications
  4. Support in calculating accurate fund amounts based on your family size
  5. Personalised advice on the cost of living in different Canadian cities

Let us help you get one step closer to your Canadian dream—with less stress and fewer mistakes.

Final Thoughts

Canada remains wide open for skilled workers, but now has fairly clear expectations laid out pretty starkly. New settlement fund requirements play a vital role in your application, so don't take them lightly whatsoever in any given situation. 

Ensure your paperwork's in order and your finances are readily accessible so you're financially prepared for life somewhere in Canada. Get in touch with Visa Solutions 4u today for ridiculously expert help and pretty accurate guidance through a relatively smoother bureaucratic process.