Canada Updates Minimum Funds for Express Entry Visa
Canada’s Updated Settlement Fund Requirements for International Job Seekers
Canada is a welcoming place for those looking to build a new life, but understanding the immigration process is vital. Recently, the government made important changes to the minimum settlement fund requirements for applicants using the Express Entry system, a popular pathway for skilled workers seeking permanent residency (PR).
These updates, announced by Immigration, Refugees and Citizenship Canada (IRCC), state that applicants must update their proof of funds by July 28, 2025, to stay eligible for PR. This applies specifically to candidates under the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP). Think of the FSWP as a pathway for skilled professionals and the FSTP for those in trades.
Updated Fund Amounts
Beginning now, the required settlement funds start at $15,263 for single applicants. If you’re supporting a family of four, you’ll need to show at least $28,362. It’s essential to note that the figure increases with family size, even if not all family members are coming to Canada. Here’s a quick breakdown:
- 1 family member: $15,263
- 2 family members: $19,001
- 3 family members: $23,360
- 4 family members: $28,362
- 5 family members: $32,168
- 6 family members: $36,280
- 7 family members: $40,392
- Each additional member: $4,112
Be prepared to provide official proof of these funds when the time comes to apply, but remember that updating your Express Entry profile won’t impact your application’s submission date or rank if there’s a tie.
Who Needs Proof of Funds?
The requirement for proof is mandatory for candidates under the FSWP and FSTP. However, if you’re applying through the Canadian Experience Class or you have a valid job offer, you don’t need to show proof of funds. Even if you’re exempt, you still need to upload a letter confirming your exemption in your profile.
Acceptable Proof of Funds
To prove your financial readiness, IRCC requires official letters from your bank or financial institution. These letters should:
- Be on official letterhead
- Include the institution’s contact details
- List all account numbers, opening dates, and balances
- Show the average balance over the past six months
- Disclose any outstanding debts, like loans or credit card dues
The funds must be accessible legally when you apply for your permanent resident visa. Remember, real estate equity and borrowed funds don’t count as proof, although funds in a joint account with a spouse are acceptable if you can show access.
Looking for Job Opportunities?
If you’re excited about moving to Canada, consider checking out VisaJobsCanada.com. Every job listed there includes visa sponsorship specifically for international candidates, making it a fantastic resource as you explore opportunities here.
What do you think?
Have a question about this topic or your own plans to move to Canada? Scroll down and leave a comment. We’d love to hear from you.
