If you’re planning to relocate to Canada through the Express Entry system, a crucial update has taken effect. As of July 7, 2025, Immigration, Refugees and Citizenship Canada (IRCC) has increased the minimum proof of funds requirement for the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP).
What Has Changed
Applicants must now show an additional $500 in available funds compared to 2024. For example:
- Single applicants must demonstrate at least $15,263, up from $14,690.
- This update applies to all candidates under FSWP and FSTP.
What Is Proof of Funds?
Proof of funds is official documentation showing that you have enough money to support yourself and your family after arriving in Canada. It is a key eligibility requirement for permanent residence under select Express Entry streams.
Who Needs to Provide Proof of Funds?
You must meet this financial requirement if you apply under:
- Federal Skilled Worker Program (FSWP)
- Federal Skilled Trades Program (FSTP)
You are exempt from this requirement if:
- You apply under the Canadian Experience Class (CEC)
- You have a valid job offer and are authorized to work in Canada (even under FSWP or FSTP)
Still, it’s a good practice to keep your proof of funds updated in case you’re eligible for multiple streams.
Updated Proof of Funds Requirements (Effective July 7, 2025)
| Family Size | New Requirement | Previous Requirement |
|---|---|---|
| 1 person | $15,263 | $14,690 |
| 2 people | $19,001 | $18,288 |
| 3 people | $23,360 | $22,489 |
| 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 member | +$4,112 | +$3,958 |
IRCC adjusts these figures annually based on 50% of the Low-Income Cut-Off (LICO) to reflect cost-of-living standards in Canada.
What Is Counted as Family Size?
Your total family size includes:
- You (the principal applicant)
- Your spouse or common-law partner
- Your dependent children
- Your spouse’s dependent children
- Dependent children of your dependents
Important: Include all family members—even if they’re not immigrating with you or are Canadian citizens.
What Counts as Acceptable Proof of Funds?
You must provide an official letter from your financial institution, which must:
- Be printed on the bank’s letterhead
- Include contact information
- List all current accounts
- Show the date each account was opened
- Indicate the current and average balance over the last 6 months
- Mention any debts (e.g., credit card balances)
Note: Funds must be readily accessible both at the time of application and upon arrival in Canada.
What Does Not Count as Proof of Funds?
The following are not accepted:
- Home equity or real estate
- Borrowed money or personal loans
- Funds in a partner’s name without proof of shared access
You must legally own and control the declared funds.
If You Are Exempt from the Requirement
Even if you’re exempt, IRCC still requires you to upload a letter confirming:
- You’re applying under the Canadian Experience Class, or
- You have a valid job offer and are authorized to work in Canada
Why This Update Matters
This annual update affects thousands of Express Entry applicants. With over 100,000 Invitations to Apply (ITAs) issued each year, meeting updated financial requirements is critical to avoiding disqualification or processing delays.
Quick Tips Before You Apply
- Update your Express Entry profile before 28 July 2025
- Prepare your financial documents early — banks may take time to issue official letters
- Double-check for accuracy and completeness — missing or inconsistent information can lead to rejection
- Even if exempt, upload a proper letter of explanation
Conclusion
If you’re planning to immigrate to Canada via Express Entry, these updated financial requirements are essential. Take a few minutes to review and update your profile and supporting documents to ensure a smooth application process.