Ottawa, July 7, 2025 – Immigration, Refugees and Citizenship Canada (IRCC) has increased the minimum settlement funds required for applicants under the Federal Skilled Worker
Ottawa, July 7, 2025 – Immigration, Refugees and Citizenship Canada (IRCC) has increased the minimum settlement funds required for applicants under the Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program (FSTP). Beginning July 7, 2025, prospective immigrants must now include around CAD 500 more in their proof-of-funds to remain eligible for Express Entry .
Updated Settlement Funds Table
The revised financial requirements, valid immediately and applicable until the next annual update, are as follows
| Family Size | Funds Required (2025) | Previous Requirement |
|---|---|---|
| 1 Applicant | CAD 15,263 | CAD 14,690 |
| 2 Members | CAD 19,001 | CAD 18,288 |
| 3 Members | CAD 23,360 | CAD 22,483 |
| 4 Members | CAD 28,362 | CAD 27,297 |
| 5 Members | CAD 32,168 | CAD 30,690 |
| 6 Members | CAD 36,280 | CAD 34,917 |
| 7 Members | CAD 40,392 | CAD 38,875 |
| Each additional | +CAD 4,112 | +CAD 3,958 |
Who Must Provide Proof of Funds
Candidates applying under FSWP or FSTP must submit proof of settlement funds. However, exemptions apply to those who:
- Apply through the Canadian Experience Class (CEC), or
- Hold a valid job offer in Canada and work authorization—even if under FSWP/FSTP.
Note: Even exempt candidates should upload a letter in their Express Entry profile confirming their exemption status .
🗓 Important Deadline: July 28, 2025
Express Entry candidates must update their proof-of-funds figures in their online profiles by July 28, 2025. Failure to do so may result in ineligibility, even if other criteria are met. Profiles updated with sufficient funds will retain their original ranking date, without penalty in tie‑breaker scenarios
What Qualifies as Acceptable Proof
The following are required for proof of settlement funds:
- An official bank letter (on letterhead) confirming account details, including account numbers, opening dates, current and 6-month average balances, and any debts
- Funds must be legally accessible, liquid, and present both at application and visa issuance.
- Ineligible assets include real estate equity and borrowed money.
- Joint accounts are acceptable; funds in a spouse’s name may count if the applicant proves access
Why This Update Matters
This annual adjustment ensures newcomers have sufficient resources based on 50% of Canada’s Low-Income Cut-Off (LICO), accounting for inflation and cost of living. It reflects IRCC’s mandate to help immigrants settle without immediate financial constraints.
Quick Tips for Applicants
- Assess your family size accurately — include any spouse, dependent children, or grandchildren, even if they won’t be accompanying you
- Secure a formal letter from your financial institution with all required details.
- Log in before July 28 to update your Express Entry proof-of-funds section.
- Add an exemption letter if you’re eligible through CEC or a Canadian job offer.
- Maintain fund availability until PR visa issuance.
