What Changed in Canada’s Immigration Funds Policy in July 2025?
New Update by IRCC - July 7, 2025
On July 7, 2025, Immigration, Refugees and Citizenship Canada (IRCC) made an important update to the settlement funds required for those applying for permanent residence (PR) under Express Entry. The required amount has increased by at least $500 across all family sizes.
Why the Proof of Funds Has Increased
Each year, Canada reviews the minimum settlement funds based on 50% of the country’s low-income cut-off (LICO). The goal is to ensure newcomers can support themselves and their families once they land.
Overview of the Old vs New Settlement Fund Requirements
This change applies only to applicants under the Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program (FSTP). The new amount must be updated in Express Entry profiles by July 28, 2025, to stay eligible.
How Much Money You Need to Immigrate to Canada in 2025
Minimum Funds Required Based on Family Size
Here’s how much you need in your bank to qualify for Canada PR in 2025:
| Family Members | Funds Required (2025) | Funds Required (2024) |
|---|---|---|
| 1 (Applicant) | $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 | $4,112 | $3,958 |
Extra Funds for Each Additional Family Member
Got a large family? For every extra person after the 7th, add $4,112 to your total funds.
Who Must Show Proof of Settlement Funds?
Federal Skilled Worker Program (FSWP)
If you're applying under FSWP and don’t have a valid Canadian job offer, you must show proof of funds.
Federal Skilled Trades Program (FSTP)
Same rule applies for FSTP applicants without employment offers in Canada.
Who Doesn’t Need to Show Proof of Funds?
Canadian Experience Class (CEC) Applicants
If you’re already working in Canada under the CEC program, proof of funds isn’t needed.
Applicants with Valid Job Offers in Canada
Applicants under FSWP or FSTP who have a valid job offer and work authorization also don’t need to show funds. Still, uploading a supporting letter is necessary.
How to Prove You Have Enough Money
Accepted Financial Documents for Proof
Your bank or financial institution must issue an official letter on their letterhead. Screenshots and simple bank statements won’t work.
Details Your Bank Letter Must Include
Make sure your letter includes:
• Your name and the bank’s contact info
• List of all accounts (with numbers)
• Date each account was opened
• Current balance of each account
• Average balance for the last 6 months
• Any debts or loans you owe
What Not to Submit as Proof of Funds
Don’t submit:
• Property value or real estate papers
• The money you borrowed
• Cash stored at home
Can Joint or Spouse Accounts Be Counted?
Shared Accounts with Spouse
Yes, joint accounts with your spouse can be counted if you're both included in the application.
Money Under Spouse’s Name Only
You’ll need written proof (like a letter or affidavit) that you have full access to that money.
When Do You Need to Update Your Express Entry Profile?
Deadline to Update Proof of Funds - July 28, 2025
If your profile doesn’t reflect the updated amount by July 28, 2025, you might get disqualified even if you meet all other criteria.
What Happens if You Don’t Update in Time
You could lose your eligibility and miss your chance to receive an Invitation to Apply (ITA).
How Express Entry Calculates Your Family Size
Who Is Counted in the Family Size?
It includes:
• You (the applicant)
• Your spouse or common-law partner
• Your dependent children
• Your spouse’s dependent children
Including Non-Accompanying Family Members
Even if your kids or spouse aren’t coming with you, they must still be included when calculating the settlement funds requirement.
How Often Does Canada Update Its Fund Requirements?
Based on Low-Income Cut-Off (LICO)
The amount is based on 50% of LICO, which reflects the minimum income a family needs to survive in Canada.
Annual Review by Immigration Authorities
IRCC usually updates these numbers once a year. So always check the latest numbers before applying.
Express Entry - Canada’s Main PR Application System
Programs Under Express Entry
• Federal Skilled Worker Program (FSWP)
• Federal Skilled Trades Program (FSTP)
• Canadian Experience Class (CEC)
Number of ITAs Issued Every Year
Canada gives out over 100,000 Invitations to Apply (ITAs) each year through the Express Entry system.
Why It’s Important to Keep Proof of Funds Ready
Avoid Delays in Application
Even if you qualify under CEC or have a job offer, it’s a good idea to keep your financial documents ready.
Better Chances for Multiple PR Programs
Keeping updated proof of funds increases your flexibility in the Express Entry system.
Tips to Prepare Financial Documents Smoothly
Requesting Your Bank Letter Correctly
Ask your bank manager for a formal letter. Mention that it’s for Canadian immigration, and most banks are familiar with this.
Keeping Funds Stable for 6 Months
Avoid big deposits or withdrawals before applying. IRCC wants to see that the funds are stable and genuinely yours.
Final Thoughts on Settlement Funds for Canada PR
Canada wants to make sure you and your family have enough money to support yourselves. The July 2025 update to the settlement fund requirement is part of this effort. Make sure your bank letter is solid, your funds are stable, and your profile is up to date before the July 28, 2025 deadline. If you follow all steps carefully, your journey to becoming a Canadian PR will be smoother and faster.
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