Canada’s July 2025 Proof of Funds Update for Express Entry What Families Need to Know
On July 7, 2025, Immigration, Refugees and Citizenship Canada (IRCC) announced an update to the proof of funds requirements for Express Entry applicants under the Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program (FSTP). Effective July 28, 2025, these changes, tied to 50% of Canada’s Low-Income Cut-Off (LICO), increase the minimum settlement funds needed to demonstrate financial readiness for immigrating to Canada.
Updated Proof of Funds Requirements
The amount of money required depends on family size, including the applicant, their spouse or common-law partner, and dependent children (even if they are Canadian citizens, permanent residents, or not accompanying you). The funds must be readily accessible, not borrowed, and available for living expenses upon arrival. Below are the updated minimums effective July 28, 2025:
1 person: $15,263
2 people: $19,001
3 people: $23,374
4 people: $28,362
5 people: $32,148
6 people: $36,250
7 or more people: $40,352 (add $4,102 per additional family member)
These amounts reflect a roughly 4% increase from the previous year (e.g., $14,690 for one person in 2024). If you have more funds, include the full amount in your profile or application.
Who Needs to Provide Proof of Funds?
The requirement applies to FSWP and FSTP applicants unless:
You’re applying under the Canadian Experience Class (CEC).
You have a valid job offer and are authorized to work in Canada.
Even exempt applicants may need a formal letter confirming the exemption. Funds in a joint account with a spouse count, as do funds in a spouse’s name if you prove access. Equity on real property or borrowed money is not accepted.
Acceptable Proof
To meet IRCC standards, provide official letters from banks or financial institutions, printed on their letterhead, including:
Bank contact information (address, phone, email).
Your name, account details, and balance.
Proof of legal access to funds.
Bank statements alone may risk application rejection, so prioritize official letters. Funds must be maintained throughout the immigration process, as IRCC may verify at any stage.
How to Update Your Profile
To remain eligible, update your Express Entry profile by July 28, 2025:
Log into your IRCC secure account.
Update the proof of funds section with the new amounts and upload supporting documents.
Submit before the deadline to maintain eligibility without affecting your profile’s original submission date, preserving your rank in tie-breaker scenarios.
If your current funds exceed the new requirements, no update is needed.
Why This Matters for Families
The updated requirements ensure families can cover living costs in Canada, easing their transition. For example, a family of four needing $28,362 can expect to cover rent ($1,200–$1,800/month in major cities), groceries ($500–$800/month), and other expenses. Researching regional costs via tools like GeoMatch can help plan your settlement. Note that Canadian customs regulations require declaring amounts over $10,000 upon arrival.
The July 2025 proof of funds update reflects rising living costs, ensuring Express Entry applicants are financially prepared. Families must update their profiles by July 28, 2025, with the new amounts and proper documentation to stay eligible for permanent residency.
