IRCC has updated the proof of funds (settlement funds) requirement for Express Entry applicants as of July 7, 2025. This update is crucial for individuals applying under the Federal Skilled Worker Program (FSWP) or the Federal Skilled Trades Program (FSTP).
To remain eligible, you may need to update your Express Entry profile by no later than July 28, 2025. Failing to meet this requirement could affect your eligibility, even if your profile was already in the pool.
What Is Proof of Funds?
Proof of funds shows IRCC that you have enough money to support yourself and your family after you arrive in Canada. It is a required eligibility factor under both the FSWP and FSTP streams of Express Entry.
You must submit official documentation from your financial institution(s) that confirms your access to the required amount of funds.
Who Doesn’t Need to Show Proof of Funds?
You are exempt from providing proof of funds if:
- You are applying under the Canadian Experience Class (CEC), or
- You have a valid job offer in Canada and are authorized to work at the time of application (even if applying under FSWP or FSTP)
Updated Proof of Funds (Effective July 7, 2025)
The required amounts are based on 50% of Canada’s Low Income Cut-Off (LICO) and are adjusted annually. Here is the new table published by IRCC:
| Family Size | Minimum Funds Required (CAD) |
|---|---|
| 1 | $15,263 |
| 2 | $19,001 |
| 3 | $23,360 |
| 4 | $28,362 |
| 5 | $32,168 |
| 6 | $36,280 |
| 7 | $40,392 |
| Each additional family member | +$4,112 |
💡 You should declare the total amount of money you actually have, even if it exceeds the minimum.
How to Calculate Your Family Size
Include the following people when calculating your family size, regardless of whether they are accompanying you to Canada:
- Yourself
- Your spouse or common-law partner
- Your dependent children
- Your spouse or partner’s dependent children
Yes, even if your spouse or children are Canadian citizens, permanent residents, or not travelling with you, they still count toward your required funds.
What Counts as Acceptable Proof?
You must provide official bank or financial institution letters that are printed on official letterhead, include the institution’s full contact information, include your full name, and list any outstanding debts (e.g., credit cards, loans). The letters must also include your account numbers, dates accounts were opened, current balances, and average balance for the past 6 months.
Can I Borrow This Money or Use Property?
No. IRCC requires that:
- Funds must be readily available and unencumbered
- You cannot borrow the money
- You cannot use real estate equity or similar illiquid assets
- The money must be accessible upon arrival in Canada
If your spouse is accompanying you, funds in joint accounts are acceptable. You may also use funds in your spouse’s sole account, but only if you can prove legal access.
Does Updating My Profile Change My Rank?
No. If you’re in the Express Entry pool and update your proof of funds before July 28, 2025, your original profile submission date and time will remain unchanged. This means you’ll keep your spot in a tie-breaker scenario.
Final Thoughts
Staying on top of annual updates like this one is essential for maintaining your eligibility in the Express Entry system. Even if you’re not applying under a program that requires proof of funds, it’s always safer to keep your profile current and have your financial documentation ready.
If you’re unsure whether this update affects your profile — or if you need help preparing your proof of funds letter — feel free to contact our office for a document review or eligibility check.
