Canada Raises Proof of Funds for Express Entry Visa
The Government of Canada recently updated the minimum settlement funds required for prospective immigrants applying through the Express Entry system. As of July 7, 2025, applicants under the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP) must demonstrate an additional CAD 500 in available funds to qualify for permanent residency (PR).
This change means a single applicant now needs to show a total of CAD 15,263, a 3.4% increase from CAD 14,690 in 2024. This adjustment targets all Express Entry applicants lacking a valid job offer or Canadian work authorization, making it essential for newcomers to prepare adequately.
New Minimum Fund Requirements
The updated settlement fund requirements depend on family size. Here’s a quick overview:
- 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 review aligns with Canada’s Low-Income Cut-Off (LICO) to ensure newcomers can support themselves upon arrival. Notably, applicants under the Canadian Experience Class (CEC) and those with a valid job offer in Canada are exempt from submitting proof of funds.
Proof Requirements
The Immigration, Refugees and Citizenship Canada (IRCC) mandates specific documentation for financial proof. Applicants must submit official letters from banks or financial institutions, detailing:
- Printed on the institution’s letterhead
- Contact details and account numbers
- Current and six-month average balances
- Outstanding debts or obligations
Importantly, these funds must be readily accessible, excluding assets like home equity or non-liquid investments.
Your Path to Working in Canada
For those interested in job opportunities, consider platforms like VisaJobsCanada.com. This site is tailored for international candidates, featuring job listings that explicitly offer visa sponsorship. Unlike other platforms, every job on VisaJobsCanada.com welcomes applicants from abroad who want to contribute to Canada’s vibrant job market.
Final Thoughts
Canada’s immigration policies continue to evolve, so it’s wise to stay informed about changes affecting your plans. With the new proof-of-funds requirement and job opportunities on the horizon, your journey to Canada is just getting started!
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.
