Canada Immigration: New Financial Requirements for Express Entry Applicants

Immigration, Refugees and Citizenship Canada (IRCC) has announced new changes to the financial requirements for people applying for permanent residence through Express Entry. These changes came into effect on July 7, 2025, and they mainly affect those applying under the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP).

The required amount of money applicants must show has now gone up by around $500 per person. This money is called “settlement funds” and is used to prove that the applicant and their family can support themselves after moving to Canada.

New Settlement Fund Requirements (Effective July 7, 2025)

If you are applying through FSWP or FSTP, you now need to show more savings than before. For example, a single applicant must now have $15,263, which is an increase from the previous requirement of $14,690.

Here’s a full breakdown of the new requirements:

Family Size	Funds Required (2025)	Previous Requirement
1 person	$15,263	$14,690
2 people	$19,001	$18,288
3 people	$23,360	$22,483
4 people	$28,362	$27,297
5 people	$32,168	$30,690
6 people	$36,280	$34,917
7 people	$40,392	$38,875
For each extra member	+$4,112	+$3,958

Deadline to Update Funds in Profile

If you have already created an Express Entry profile, you must update your proof of funds by July 28, 2025. If you don’t do this, your profile might be considered ineligible and removed from the pool of candidates.

Who Needs to Show These Funds?

These updated financial rules apply only to people applying under:

• Federal Skilled Worker Program (FSWP)
• Federal Skilled Trades Program (FSTP)

However, if you are applying under the Canadian Experience Class (CEC) or if you already have a valid job offer and a work permit in Canada, then you do not need to show these funds. Even in such cases, you must upload a letter explaining your exemption.

What Kind of Proof is Accepted?

To prove you have the required funds, you need to submit official bank letters. These letters must be printed on the bank’s letterhead and should include:

• Bank’s contact details (address, phone number, email)
• Your name and account numbers
• All current balances
• Any debts (like loans or credit cards)
• The average balance of the past six months

It’s important that this money is:

• Easily accessible (you can use it at any time)
• Legally yours (not borrowed)
• Not based on real estate or assets like land or buildings

Who is Included in “Family Size”?

When calculating your family size for Express Entry, include the following:

• Yourself (the applicant)
• Your spouse or common-law partner
• Your dependent children
• Your partner’s dependent children
• Your dependent grandchildren (even if they are not coming to Canada with you)

This rule helps IRCC understand how much money your entire family would need to settle successfully in Canada.

Despite the updated financial requirements, Express Entry remains the most popular immigration system for skilled workers who want to move to Canada. Each year, the Canadian government sends out over 100,000 invitations to eligible candidates through this system.

If you’re planning to apply through Express Entry, make sure your funds are updated, your documents are complete, and your profile is accurate to avoid delays or disqualification.

READ MORE: China Expands Visa-Free Travel to 74 Countries: Is Pakistan Among Them?