Canada Raises Settlement Fund Threshold for Express Entry Applicants
New Financial Requirements Announced for Express Entry Immigration to Canada
Canada has updated the minimum settlement fund requirements for certain economic immigration programs under Express Entry. As of July 7, 2025, candidates applying through the Federal Skilled Worker Program (FSWP) or Federal Skilled Trades Program (FSTP) must now demonstrate at least $500 more in available funds than previously required.
The adjustment comes as part of Immigration, Refugees and Citizenship Canada’s (IRCC) annual review, which aligns with changes in Canada’s Low-Income Cut-Off (LICO) standards.
New Settlement Fund Requirements: What You Need to Know
If you’re applying for permanent residence (PR) through FSWP or FSTP, you must update your proof of funds in your Express Entry profile by July 28, 2025 to remain eligible.
Here’s how much you now need based on your family size:
| Family Size | New Requirement (as of July 7, 2025) | Previous Requirement (until July 7, 2025) |
|---|---|---|
| 1 person | $15,263 | $14,690 |
| 2 people | $19,001 | $18,288 |
| 3 people | $23,360 | $22,483 |
| 4 people | $28,362 | $27,297 |
| 5 people | $32,168 | $30,690 |
| 6 people | $36,280 | $34,917 |
| 7 people | $40,392 | $38,875 |
| Each additional | +$4,112 | +$3,958 |
Who Needs to Show Proof of Funds?
You must provide proof of funds if:
- You are applying under FSWP or FSTP, and
- You do not have a valid Canadian job offer.
You do not need proof of funds if:
- You’re applying under the Canadian Experience Class (CEC); or
- You have a valid job offer and authorization to work in Canada, even under FSWP or FSTP.
Note: If you’re exempt but invited to apply, you must upload a letter of explanation stating:
- You’re applying under CEC; or
- You’re employed and authorized to work in Canada.
How Does IRCC Define “Family Size”?
Your family size includes:
- You (the principal applicant);
- Your spouse or common-law partner;
- Your dependent children;
- Your spouse’s or partner’s dependent children;
- Any dependent children of those dependent children.
Even if your spouse or children aren’t accompanying you to Canada, or are already Canadian citizens or PR holders, they must still be counted for financial eligibility.
Acceptable Proof of Funds: What Counts and What Doesn’t
To be accepted, proof of funds must be in the form of an official letter from a financial institution, and must:
- Be printed on official letterhead;
- Include the institution’s contact info (address, phone, email);
- List all current bank/investment accounts and account numbers;
- Specify the date each account was opened;
- Show current balances and average balances over the past 6 months;
- Mention any outstanding debts such as loans or credit cards.
Funds Must Be:
- Freely and legally accessible to the applicant;
- Available both at the time of PR application and on arrival in Canada.
Not Accepted as Proof of Funds:
- Property or real estate assets;
- Borrowed money (e.g., loans from friends or family);
- Restricted access funds.
Joint or Spouse-only Accounts?
Money in a joint account with your spouse counts.
Funds in your spouse’s name alone may also count if you can prove you have legal access to them.
Why This Update Matters
Express Entry remains Canada’s main pathway to economic immigration, managing applications for skilled workers. With this new financial benchmark in place, applicants must review and adjust their profiles promptly to avoid missing out on future invitations to apply.
For a consultation about Immigration options, reach out to the CAD IMMIGRATION today!
