Canada has revised its minimum funds requirement for certain Express Entry immigration programs. On July 7, 2025, applicants to the Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program (FSTP) will be required to show more funds to qualify. Here is a brief overview to understand what has changed and how it may impact you.
What Has Changed?
As of July 7, 2025, Immigration, Refugees and Citizenship Canada (IRCC) has increased the minimum funds for permanent residence applicants under the FSWP and FSTP by approximately $500. This increase is evidence of Canada’s annual living cost-based update.
Who is Impacted?
Applicants of these two programs will require enough money to demonstrate they can support themselves and their family members when applying for their permanent residence:
- Federal Skilled Worker Program (FSWP)
- Federal Skilled Trades Program (FSTP)
If you are applying under the Canadian Experience Class (CEC) or already have a valid job offer and work authorization in Canada, you do not need to prove funds.
How Much Money Is Required?
Family Members | Funds Needed (from July 7, 2025) | Previous Requirement (until July 7, 2025) |
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 |
Each additional member over 7 | $4,112 | $3,958 |
The family size includes you, your spouse/common-law partner, dependent children, and even dependent children of your dependents.
Proof of Funds: What You Need to Show
Applicants must provide official bank letters showing:
- Account details on bank letterhead
- Contact info of the bank
- Applicant’s name
- Account numbers and balances
- Average balance for the last 6 months
- No loans or debts included as funds
Funds must be accessible both when applying and upon arrival in Canada.
Key Reminders
- Even if your spouse or children are Canadian citizens or permanent residents, count them in your family size for the funds calculation.
- Any applicants who are exempt from providing proof of funds will need to upload a letter explaining their situation (a job offer, CEC invitation, etc.).
- Money borrowed or real estate equity does not count as proof of funds.
Why This Matters
The update allows the applicants to show they can support themselves financially in settling in Canada. If you are prepared with the required amount of funds to settle along with proper proof, you can keep your Express Entry application strong, and any delays or defects will be avoided.
If you are planning to submit an application or simply update your Express Entry profile, be sure to indicate these new requirements for funds to stay eligible by July 28, 2025.
In the meantime,
Stay informed. Stay prepared. Your Canadian dreams are closer than you think.
