Immigration, Refugees and Citizenship Canada (IRCC) has revised the minimum proof of funds for Express Entry applicants under the Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program (FSTP). These changes came into effect on July 7, 2025, and applicants must update their settlement funds in their Express Entry profiles by July 28, 2025 to remain eligible.
Who Is Affected?
This update applies to candidates under:
- Federal Skilled Worker Program (FSWP)
- Federal Skilled Trades Program (FSTP)
Applicants under the Canadian Experience Class (CEC) or those with a valid job offer in Canada are exempt from the proof of funds requirement.
Updated Settlement Fund Requirements
| Number of Family Members | New Funds Required (as of July 7, 2025) | Previous Requirement (June 3, 2024 – July 7, 2025) |
|---|---|---|
| 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 |
| For each additional member | +$4,112 | +$3,958 |
Who Needs to Show Proof of Funds?
Proof of funds is required if:
- You’re applying under FSWP or FSTP and do not have a valid Canadian job offer.
You are exempt from this requirement if:
- You’re applying under the Canadian Experience Class (CEC); or
- You have a valid job offer and work authorization in Canada (even under FSWP or FSTP).
In exempt cases, applicants must upload a letter explaining their exemption (e.g., CEC stream or job offer confirmation).
Acceptable Proof of Funds
Applicants must provide an official letter from their financial institution that includes:
- Applicant’s name
- Account numbers and opening dates
- Current and average balances over the past 6 months
- Details of outstanding debts (e.g., loans, credit cards)
- Bank’s contact details
Funds must be liquid and available. Assets like real estate equity, borrowed funds, or locked-in investments are not accepted.
What You Should Do Now:
- Review your Express Entry profile
- Update your settlement funds to match the new requirements (if not exempt)
- Obtain an updated official bank letter
- Upload an exemption letter if you’re applying under CEC or have a valid job offer
Failing to comply by the deadline may affect your eligibility and ranking in the Express Entry pool. Stay proactive to maintain your status.
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