The Canadian Immigration Authority, IRCC (Immigration, Refugee and Citizenship Canada), has just announced another major update for the year 2025. This major change was announced on July 7, 2025, through which IRCC has increased the minimum settlement funds required for the Express Entry Program.
These changes are effective immediately. Therefore, candidates are now required to show additional funds in their official profile, along with supporting documents, to remain eligible for the federal skilled worker pathway.
If you have also applied for this immigration programme or are planning to do so, this article is for you. Here, you will find details about this significant update.
Why did IRCC implement these changes?
Every year, IRCC updates its proof of funds requirements based on 50% of Canada’s national low-income cut-off (LICO) threshold. These yearly updates help ensure that newcomers have sufficient funds to support themselves and any dependents, since finding employment in a new country can take longer than expected.
The most recent update, which was published on July 7, 2025, has increased the funds requirement by $500 for each family size.
New Updated Proof of Funds Requirement for Express Entry
The following information explains the new proof of funds requirements for candidates planning to immigrate to Canada either through FSTP or FSWP as of July 7, 2025:
| Family Members | Now Required | Previous Requirement |
| 1 | CAD 15,263 | CAD 14,690 |
| 2 | CAD 19,001 | CAD 18,288 |
| 3 | CAD 23,360 | CAD 22,483 |
| 4 | CAD 28,362 | CAD 27,297 |
| 5 | CAD 32,168 | CAD 30,690 |
| 6 | CAD 36,280 | CAD 34,917 |
| 7 | CAD 40,392 | CAD 38,875 |
| Each additional | +CAD 4,112 | +CAD 3,958 |
Additionally, candidates are required to update these new figures to their Express Entry profile by 28 July 2025, to maintain their eligibility status.
Why the Rise? IRCC’s Reasoning
IRCC refigures the minimum funds annually using 50% of LICO levels, based on the income necessary to pay for things such as food, housing, and clothing in Canada. This provides newcomers with a safety net for the duration of their early settlement.
The rise—around 3.4% for a sole applicant (from CAD 14,690 to CAD 15,263)—follows these economic annual adjustments.
Who Has to Present Evidence of Funds?
Proof of evidence is required for the following candidates:
- FSWP candidates without a valid Canadian work permit or job offer
- FSTP candidates facing the same situation
Exemptions (but require submission of documents):
- Candidates applying through the CEC (Canadian Experience Class)
- Candidates with a legitimate job offer and work permit in Canada, even if under FSWP or FSTP
Even though they are exempt from showing proof of funds, these applicants need to provide a letter of exemption with their program stream or job offer information. IRCC suggests maintaining evidence of current financial resources, as qualification for the other streams can be impacted
Family Size: What’s Included?
Applicants should calculate based on the entire size of their family: themselves, their spouse or common-law partner, dependent children, and their spouse’s dependents—whether they already live in Canada or not, or aren’t accompanying the applicant. This is why it’s essential to include everyone in your profile.
What is accepted as proof of funds?
The following documents are accepted as proof of funds.
Accepted Evidence:
- Official bank/financial institution letters on letterhead
- Key information: institution’s contact details, account numbers, opening dates, current balances, six-month average balances, and statements of outstanding debts (e.g., credit cards, loans)
- The funds must be legally available both when the Canada PR visa application is submitted and when the visa is granted.
Not Accepted:
- Non-liquid assets like property or equity
- Borrowed funds from friends
- Bank statements without the necessary information or are forged
Having joint accounts with a spouse is okay, but withdrawing money from accounts held by other people alone has to be supported by proof of common rights
Conclusion
Canada’s July 2025 Express Entry update to settlement funds reaffirms its pledge to have newcomers arrive in Canada with enough financial security. Even though the raise might seem minimal, not updating could make your profile inadmissible, bringing your immigration process to a halt. Particularly with the system’s increasing competition and recent CRS tweaks, remaining up-to-date—and being proactive—can be the difference between a successful PR application and a lost chance.
Make sure your proof-of-funds letter complies with IRCC standards, renew your profile as scheduled, and remain aware of updates as Canada streamlines its entry processes for Express Entry in 2025 and beyond.
For more details about this updated funds requirement, reach out to Keymart Visa via +91 9911338722 or info@keymartvisa.com
