On July 7, 2025, Immigration, Refugees and Citizenship Canada (IRCC) updated the minimum settlement fund requirements for certain Express Entry applicants. This change affects foreign nationals applying for permanent residence through specific programs managed under the Express Entry system.

Under the new policy, applicants will need to show at least $500 more than before. For example, a single applicant must now prove they have at least CAD $15,263, up from $14,690.

The updated minimum fund requirement applies to candidates applying through the following Express Entry programs:

• Federal Skilled Worker Program (FSWP)
• Federal Skilled Trades Program (FSTP)

All applicants under these programs must provide written proof that they have access to sufficient funds.
To remain eligible, candidates must update their settlement fund information in their Express Entry profile by July 28, 2025.

Family Size	New Required Funds	Previous Required Funds
1 (Principal applicant only)	$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

You do not need to provide proof of funds if you are:

• Applying under the Canadian Experience Class (CEC); or
• Authorized to work in Canada and have a valid job offer, even if applying under FSWP or FSTP.

However, all Express Entry candidates are typically asked to submit proof of funds. If you are exempt, you must upload a letter of explanation stating either:

• You were invited under the CEC, or
• You have a valid job offer and are authorized to work in Canada.

Your family size includes:

• Yourself (the applicant)
• Your spouse or common-law partner (even if not accompanying you)
• Your dependent children
• Your spouse or partner’s dependent children
• The dependent children of dependent children

Even if your family members are Canadian citizens or permanent residents, or are not accompanying you, they must still be counted for settlement fund purposes.

Acceptable proof includes official letters from banks or financial institutions. These letters must:

• Be printed on the institution’s letterhead
• Include the institution’s contact info (address, phone, email)
• Include your name
• Show details of debts (e.g., credit cards, loans)
• Include details for each current account:
  • Account numbers
  • Date opened
  • Current balance
  • Average balance over the past 6 months

Applicants must have legal access to these funds both at the time of application and upon landing in Canada.

The following do not qualify as proof of funds:

• Real estate assets or property equity
• Loans or borrowed money (e.g., from friends)

Joint accounts with a spouse can be counted. Funds in the spouse’s name alone may also count, if the applicant can prove they have access to those funds.

This update, while seemingly minor in dollar value, is critical for maintaining Express Entry eligibility. If you are applying through FSWP or FSTP, please review the latest requirements and update your Express Entry profile by the July 28 deadline.

If you’re unsure whether this applies to your case or how to update your profile, feel free to contact Visa JP Canada. Our team is here to help ensure your application stays on track.