Immigration, Refugees and Citizenship Canada (IRCC) has announced updated proof of funds requirements for two key Express Entry programs, effective July 7, 2025. Applicants under the Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program (FSTP) will now need $500+ more in settlement funds.
New Minimum Fund Requirements
| Family Size | New Amount (July 2025) | Previous Amount (2024) | Increase |
|---|---|---|---|
| 1 person | $15,263 | $14,690 | +$573 |
| 2 people | $19,001 | $18,288 | +$713 |
| 3 people | $23,360 | $22,483 | +$877 |
| 4 people | $28,362 | $27,297 | +$1,065 |
| 5 people | $32,168 | $30,690 | +$1,478 |
| 6 people | $36,280 | $34,917 | +$1,363 |
| 7 people | $40,392 | $38,875 | +$1,517 |
| Each additional member | $4,112 | $3,958 | +$154 |
“These annual adjustments reflect Canada’s cost-of-living changes,” explains immigration lawyer David Cohen. “Applicants must update their Express Entry profiles by July 28 to maintain eligibility.”
Who Needs Proof of Funds?
✅ Required for:
-
FSWP applicants
-
FSTP applicants
❌ Not required for:
-
Canadian Experience Class (CEC) applicants
-
Those with valid job offers + work authorization
Note: Even exempt applicants should maintain updated fund details as they may qualify for multiple programs.
Acceptable Proof of Funds Documentation
Bank/financial institution letters must include:
✔ Official letterhead with contact details
✔ Account holder’s name
✔ Current balances + 6-month averages
✔ Account numbers and opening dates
✔ Outstanding debts (if any)
Unacceptable Funds:
-
Real estate equity
-
Borrowed money
-
Joint accounts without proof of access
Key Deadlines & Actions
📅 By July 28, 2025:
-
Update Express Entry profiles with new fund amounts
-
Upload new bank documentation
💡 Pro Tip:
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Maintain funds accessibility throughout application processing
-
Keep currency conversion receipts if using foreign accounts
Why This Matters
These changes impact:
🔹 FSWP/FSTP candidates preparing applications
🔹 Those receiving ITAs after July 7
🔹 Applicants with dependents (requirements increase significantly per family member)
“*The $1,500+ increases for larger families could affect many applicants’ timelines,*” notes Cohen. “Proper financial planning is now more crucial than ever.“
Next Steps for Applicants
-
Recalculate your required settlement funds
-
Obtain updated bank documentation
-
Consult an expert if using complex financial arrangements
For official forms and templates, visit the [IRCC website].
