Canada Raises Proof of Funds for Express Entry Immigration
New financial requirements affect FSWP and FSTP PR applicants
Planning to immigrate to Canada in 2025? You may need to bring a little extra cash. On July 7, Immigration, Refugees and Citizenship Canada (IRCC) officially updated the minimum proof of funds needed for Express Entry applicants under the Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program (FSTP). This annual adjustment—based on national income thresholds—means all eligible foreign nationals must now show at least $500 more than last year.
What’s Changed: New Fund Requirements for 2025
The new rules are simple but crucial. A single applicant must now show $15,263, up from last year’s $14,690. Here’s a quick look at the full breakdown for various family sizes:
| Family Members | Funds Required (2025) | Funds Required (2024) |
|---|---|---|
| 1 | $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 |
| Each Extra | $4,112 | $3,958 |
All applicants must update their Express Entry profiles by July 28, 2025 to remain eligible. The updated fund levels ensure newcomers can support themselves after landing in Canada.
\Who Needs to Show Proof—and Who Doesn’t
You must provide proof of funds if you’re applying under:
The Federal Skilled Worker Program (FSWP)
The Federal Skilled Trades Program (FSTP)
However, you’re exempt if you:
Apply under the Canadian Experience Class (CEC)
Hold a valid job offer and are already authorized to work in Canada
In both cases, you still need to upload a letter explaining your exemption to avoid delays.
What Counts as “Proof of Funds”?
IRCC requires an official letter from a financial institution, printed on letterhead, containing:
Your name and contact details for the bank
Account numbers and opening dates
Account balances and average balances over 6 months
A list of any debts, like loans or credit cards
You must legally access these funds—at the time of application and upon arrival in Canada.
Not acceptable:
- Real estate equity
- Borrowed money from friends or relatives
Joint accounts with your spouse count. If funds are in your spouse’s name only, you’ll need to prove you have access to them.
How Is “Family Size” Calculated?
When calculating your required funds, IRCC includes:
You (the primary applicant)
Your spouse or common-law partner
Dependent children (yours and/or your partner’s)
Dependent children of dependent children
Even if your family members aren’t joining you in Canada, or are already Canadian citizens or PR holders, they still count toward your fund requirement.
Why These Fund Levels Matter
Canada’s proof-of-funds threshold aligns with 50% of the country’s low-income cut-off, reflecting rising living costs. Updating these thresholds yearly ensures newcomers are financially stable while settling into Canadian life.
The Express Entry system remains Canada’s leading immigration channel, issuing over 100,000 invitations annually. Meeting the financial requirement is non-negotiable—miss it, and you risk losing your chance at permanent residence.
Stay informed. Stay ready. Stay tuned to Maple News Wire for your next immigration update.
