The Government of Canada has increased the minimum settlement fund requirement for prospective immigrants applying under the Express Entry system.
Beginning July 7, 2025, applicants under the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP) must now show at least $500 more in available funds to qualify for permanent residency.
This update, published by Immigration, Refugees and Citizenship Canada (IRCC), means a single applicant must now present CAD 15,263.
In 2024, the minimum proof-of-funds for a single applicant was CAD 14,690 which represents a 3.4% increase.
The increase affects all Express Entry applicants who do not have a valid job offer or Canadian work authorisation.
New minimum fund requirements
The new proof-of-funds threshold varies depending on family size. For each additional family member, an extra CAD 4,112 is required. Here is the updated Proof of Funds Requirement
- Single applicant: $15,263 (previously $14,690)
- Family of 2: $19,001 (previously $18,288)
- Family of 3: $23,360 (previously $22,483)
- Family of 4: $28,362 (previously $27,297)
- Family of 5: $32,168 (previously $30,690)
- Family of 6: $36,280 (previously $34,917)
- Family of 7: $40,392 (previously $38,875)
- Each additional family member: Add $4,112 (previously $3,958)
This annual update is tied to Canada’s Low-Income Cut-Off (LICO) and is reviewed each year to ensure that newcomers can adequately support themselves upon arrival.
This updated requirement applies only to applicants under the FSWP and FSTP. Those applying under the Canadian Experience Class (CEC) are exempt. Similarly, applicants who already have a valid job offer and work authorisation in Canada are not required to submit proof of funds.
However, even if exempt, applicants must upload a formal letter to confirm their exemption either by referencing their CEC status or a valid job offer.
Proof equipments expected
IRCC specifies that applicants must submit official letters from banks or financial institutions, which must:
- Be printed on the institution’s letterhead
- Include contact details, account numbers, date opened
- Show current and six-month average balances
- Outline any outstanding debts or obligations
These funds must be readily available and legally accessible both at the time of application and upon arrival in Canada. Assets like home equity, borrowed money, or investments not liquid are not accepted.
What you should know
Canada has temporarily extended the eligibility window for international students affected by the recent changes to the Post-Graduation Work Permit (PGWP) program. Initially, hundreds of non-degree diploma and certificate programs were to lose PGWP eligibility by June 25, 2025, but the new rules will now take effect in early 2026.
This adjustment allows students who applied for study permits between June 25 and July 4, 2025, to still qualify under the old criteria.
The list of PGWP-eligible programs has expanded from 920 to 1,107, offering broader post-study work options. However, the update also removed 178 programs, including all in transport-related fields, while adding 119 new ones, mainly in education.
The extension is a response to widespread concern over the rapid rollout of the changes. Students who applied before June 25 remain fully protected under the old rules. The exemption for college bachelor’s, undergraduate, master’s, and PhD programs still applies, and only students completing programs of at least eight months at designated institutions can qualify for a PGWP.
