In a significant update to its immigration process, Immigration, Refugees and Citizenship Canada (IRCC) has revised the minimum settlement fund requirements for certain Express Entry programs, increasing the financial threshold for applicants seeking Canada PR under the Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program (FSTP).
Revised requirements kick in July 7 2025 mandating applicants flaunt significantly more available funds nearly $500 higher than previously stipulated. Canada's yearly tweak stems from the Low-Income Cut-Off aka LICO, which reckons living expenses for new arrivals pretty roughly every year.
Who Is Affected by the New Requirements?
The updated proof of funds applies specifically to applicants under:
- Federal Skilled Worker Program (FSWP)
- Federal Skilled Trades Program (FSTP)
Applicants must update their Express Entry profile with the new financial information no later than July 28, 2025, to stay eligible for selection.
Who Is Exempt from Proof of Funds?
Some Express Entry candidates do not need to show proof of funds, including:
- Those applying under the Canadian Experience Class (CEC)
- Applicants who already work in Canada and have a valid job offer, even if applying under FSWP or FSTP
Important: Even if exempt, applicants must still upload a letter confirming either:
- They’re applying through CEC, or
- They have a valid job offer and authorization to work in Canada.
New vs. Old Settlement Funds Requirements for Express Entry (as of July 7, 2025)
| Number of Family Members | Funds Required (2025) | Previous Requirement (2024–2025) |
|---|---|---|
| 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 |
These numbers are updated annually based on 50% of Canada’s Low-Income Cut-Off totals, which reflect the minimum income needed to support a family in Canada.
What Counts as a Family Member?
When calculating the size of your family for settlement fund purposes, you must include:
- You (the applicant)
- Your spouse or common-law partner
- Your dependent children
- Your partner’s dependent children
- Any dependent children of dependent children
Even if your family members are Canadian citizens or permanent residents, or not accompanying you, they must still be counted.
What Documents Are Accepted as Proof of Funds?
To be accepted, your proof of funds must be official and meet IRCC’s criteria. The documents must:
- Be issued by a bank or financial institution
- Be printed on official letterhead
Include:
- Name and contact details of the institution
- Applicant’s full name
- Account numbers
- Date each account was opened
- Current account balances
- Average balances over the last six months
- List of all outstanding debts (like loans or credit card balances)
Applicants must have access to these funds both when applying for Canada PR and upon landing in Canada.
What Does NOT Count as Proof of Funds?
The following cannot be used as proof:
- Real estate or equity from property
- Borrowed money
- Funds not under your name (unless access is proven)
- Funds that are not liquid or readily available
However, money in a joint account with your spouse is acceptable, and money in your spouse’s name may be considered if you can show legal access to it.
Why This Update Matters for Express Entry Candidates
Proof of funds requirement remains a crucial part of applying through the Express Entry system, quite frequently nowadays for many applicants overseas. Applicants must stay informed as IRCC refines its processes and modifies Canada PR requirements slowly over time.
- Stay informed about policy changes
- Keep their Express Entry profile updated
- Understand what documents are required
- Meet all financial eligibility criteria
Failure to provide up-to-date proof of funds can result in profile ineligibility or delayed selection.
How Visa Solutions 4u Can Help You Navigate This Change
Navigating the changing requirements of Canada’s immigration system can be complex, but Visa Solutions 4u is here to guide you every step of the way.
What Visa Solutions 4u Offers:
- Updated CRS score assessments based on the latest IRCC changes
- Expert assistance in gathering proof of funds
- Step-by-step help with Express Entry profile updates
- Personalized guidance on eligibility under FSWP, FSTP, or CEC
- Help with preparing bank letters and financial documentation
- Settlement services after you arrive in Canada
With years of experience and deep knowledge of Canada PR programs, Visa Solutions 4u can maximize your chances of being selected under Express Entry.
Final Takeaway
IRCC's latest funds update reminds applicants staying compliant with immigration rules matters greatly now and subsequently affects their application status heavily. Financial thresholds being markedly higher now candidates under FSWP and FSTP must act with alacrity and grab expert help swiftly.
Preparing for a Canada PR application don't let missing crucial docs or an outdated profile hinder your progress significantly now. Get your funds and documents in order quickly, and Visa Solutions 4u stands by ready to facilitate a remarkably smoother journey.
