New Financial Requirements for Express Entry Applicants in 2025
What You Need to Know
Canada has revised its financial requirements for immigrants applying through key Express Entry streams. As of July 7, 2025, Immigration, Refugees and Citizenship Canada (IRCC) has increased the minimum settlement funds needed for foreign nationals applying for permanent residency under two major Express Entry programs. The updated criteria affect those under the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP).
What Changed on July 7, 2025?
Every year, IRCC adjusts the minimum settlement funds based on 50% of Canada’s low-income cut-off (LICO). This ensures that newcomers can adequately support themselves and their families during their initial settlement in Canada.
In the 2025 update, each applicant now requires approximately $500 more than they did under the previous requirement.
Updated Minimum Funds as of July 7, 2025:
| Family Size | New Requirement (CAD) | Previous Requirement (CAD) |
|---|---|---|
| 1 (single applicant) | $15,263 | $14,690 |
| 2 | $19,001 | $18,288 |
| 3 | $23,360 | $22,483. |
| 4 | $28,362 | $27,297 |
| 5 | $32,168 | $30,690 |
| 6 | $36,280 | $34,917 |
| 7 | $40,392 | $38,875 |
| For each additional family member | +$4,112 | +$3,958 |
1. Canada Is Enormous—And Travel Isn’t That Simple
Unlike in Europe, where a few hours’ drive can get you to another country, travel in Canada often means long hours—or even flights—between destinations. A flight from Toronto to Vancouver takes roughly five hours. Planning a trip to visit multiple cities like Halifax, Montreal, Toronto, Calgary, and Vancouver in one week? Nearly impossible unless you’re teleporting.
Who Must Show Proof of Funds?
- The Federal Skilled Worker Program (FSWP)
- The Federal Skilled Trades Program (FSTP)
You must update your Express Entry profile with the new amounts by July 28, 2025, to remain eligible. The proof of funds must clearly show that you can legally access the money at the time of applying and upon arrival in Canada.
Who Is Exempt from Showing Proof of Funds?
You do not need to provide proof of funds if:
- You’re applying under the Canadian Experience Class (CEC)
- You have a valid job offer in Canada and are authorized to work—even if you're applying through FSWP or FSTP.
Accepted Exemption Letters Must Confirm:
- You’ve received an ITA under the Canadian Experience Class
- You hold a valid job offer and are authorized to work in Canada.
Who Counts as a Family Member?
- You (the principal applicant)
- Your spouse or common-law partner
- Your dependent children
- Your spouse’s or partner’s dependent children
- Any dependent child of a dependent child
Even if these family members are Canadian citizens or permanent residents, or not accompanying you to Canada, they must be counted when calculating the required funds.
What Qualifies as Proof of Funds?
You must submit official documentation from your bank or financial institution. This letter must:
- Be printed on the bank's official letterhead
- Include the institution’s contact information
- Clearly show your name and any debts (e.g., credit cards or loans)
- Provide full details for each account:
- Account numbers
- Date of opening
- Current balance
- Average balance for the past six months
Funds must be:
- Available at both the time of application and upon landing in Canada
- Readily accessible (no locked accounts)
- Free from conditions like borrowing or liens
What Does Not Count as Proof?
- Assets such as real estate holdings
- Borrowed money
- Funds not immediately available for use
What might be accepted (with supporting proof):
- Joint accounts with your spouse
- Funds held solely in your spouse’s name (if you can prove you have access to them)
A Quick Recap on Express Entry
- Federal Skilled Worker Program (FSWP)
- Federal Skilled Trades Program (FSTP)
- Canadian Experience Class (CEC)
Each year, Canada invites over 100,000 candidates to apply for permanent residence through Express Entry. Ensuring that you meet financial requirements is a critical step in preparing a successful application.
Key Takeaways
- Settlement funds were increased across all family sizes effective July 7, 2025
- You must update your Express Entry profile by July 28, 2025, or risk becoming ineligible
- Proof must show funds are readily available and legally accessible
- Exemptions apply to CEC applicants and those with valid job offers
9. You Are Recognized as a Convention Refugee or Protected Person
If the Immigration and Refugee Board (IRB) has determined you are a convention refugee or protected person, or IRCC approved your Pre-Removal Risk Assessment (PRRA), you can apply for a work permit from within Canada.
Need Help Navigating the Process?
Staying updated with Canada’s immigration changes is vital to ensuring your application succeeds. If you’re uncertain about your eligibility or need help gathering the right documents, working with a trusted immigration consultant can make the process simpler and more secure.
Let Universal Adviser help you make your Express Entry journey stress-free and successful.
