Canada Updates Minimum Fund Requirements for Express Entry Programs
On July 7, 2025, Immigration, Refugees and Citizenship Canada (IRCC) announced an important increase in the proof‑of‑funds requirements for Express Entry applicants under the Federal Skilled Worker (FSWP) and Federal Skilled Trades Program (FSTP). If you’re applying through these streams, updating your financial documents by July 28, 2025 is essential to maintain eligibility
What’s Changed in the Funds Requirement?
As of July 7, 2025, IRCC increased the minimum settlement funds. Here’s a comparison of the updated figures:
| 🧑👩👦 Family Size | Previous Requirement | New Requirement |
|---|---|---|
| 1 (principal) | $14,690 | $15,263 |
| 2 | $18,288 | $19,001 |
| 3 | $22,483 | $23,360 |
| 4 | $27,297 | $28,362 |
| 5 | $30,690 | $32,168 |
| 6 | $34,917 | $36,280 |
| 7 | $38,875 | $40,392 |
| Each additional | $3,958 | $4,112 |
These changes reflect a CAD ≈ $500 increase across all family sizes, based on 50% of the “low-income cut-off” thresholds.
1. Why Update by July 28, 2025?
Updating your Express Entry profile by July 28, 2025 is critical. If funds aren’t updated on time, your profile could be deemed ineligible—even if originally qualified. The good news? Submitting the update won’t affect your existing rank/timestamp in the Express Entry pool
2. Who Needs to Provide Proof of Funds?
- Required: Applicants under FSWP or FSTP
- Exempt: Canadian Experience Class (CEC) applicants, or those with a valid Canadian job offer + work permit
Note: Even exempt candidates may still be prompted to update funds; if so, a letter of explanation should be provided.
3. What Counts as Acceptable Proof of Funds
You’ll need a recent bank-issued letter with:
- Bank contact info
- Your name
- List of debts (if any)
- Details for each account: account numbers, opening date, current and 6-month average balances
The funds must be in your name or jointly held with a spouse, and must be accessible at application time and upon visa issuance
4. How to Ensure You’re Fully Compliant
- Check your current Express Entry profile → Update Now on VisaMasterCanada
- Gather required bank letters, ensuring all details are correct
- Submit your updated documentation before July 28, 2025
- Review exemptions if you’re applying via CEC or with a job offer
Need help? Our Express Entry consultation services can guide you through the update process swiftly and ensure you don’t miss the deadline.
5. Why This Update Matters
- Maintain eligibility: Falling short in proof of funds = disqualification
- Stay ahead: IRCC updates annually—this year’s change requires quicker action
- Reduce risk: Complete and accurate submissions minimize delays or refusals
Important Takeaways
- Deadline: July 28, 2025
- Clear figures: $15,263 minimum for single applicants, up to $40,392 for families of 7
- Keep documents ready: Bank letters, accurate account details
- Seek expert support: Missing funds could cost you an Invitation to Apply (ITA)
Protect your path to Canadian permanent residency. Visit VisaMasterCanada’s Express Entry page and schedule a consultation to ensure your profile meets the new requirements—before time runs out!
