Canada Increases Settlement Fund Requirement for Atlantic Immigration Program

Why Is This Change Happening?

The Immigration, Refugees and Citizenship Canada (IRCC) reviews the financial requirements for settlement annually laid out by Canada’s Low Income Cut-Off (LICO) – to essentially establish a guideline that provides assurance to newcomers that they will not find themselves in a financial bind after landing.

The new amounts are effective from July 29, 2025.

What’s the New Requirement?

The updated settlement fund amounts now depend on your family size.

Here’s a quick look:

• 1 person: $3,815
• 2 people: $4,750
• 3 people: $5,840
• 4 people: $7,090
• 5 people: $8,042
• 6 people: $9,070
• 7 people: $10,098
• Each additional member: +$1,028

You must count yourself, your spouse or common-law partner, and all dependent children — even if they are Canadian citizens or won’t be moving with you.

What Kind of Funds Are Accepted?

IRCC has very strict guidelines, and you need a certain amount of funds to support yourself in order to be successful. You cannot claim that you have the funds – you have to show the funds!

Proper proof of funds includes:

• Official bank document (on letterhead)
• Account numbers, balances, and date of account opening
• 6-month average balance
• Amounts owed (credit cards, debts)

They have to be liquid funds – you cannot have funds locked away in an investment or a property. The funds have to be available at the time of your application and at the time of visa issuance.

If the funds are in your spouse’s account, you must prove shared access to the account (a joint account is the easiest).

What About Bringing Money to Canada?

Once you become an approved immigrant, you may bring any amount of money with you, but there are some important guidelines (regulations).

The first rule is that you must declare any amount over CAN$10,000 at customs. If you fail to report anything over that amount, you run the risk of not being able to prove where the money originated if you are stopped at customs – this could result in significant fines or worst-case situation, losing your funds altogether.

Also, the only acceptable forms of money that you can bring with you into Canada are as follows:

• Cash
• Banker’s drafts
• Money orders
• Stocks or bonds
• Traveller’s cheques

These regulations are in place to allow you to survive the initial cost of living when you arrive – rent, food, transport, and personal expenses until you are settled.

Atlantic Canada Immigration Fund Changes: What It Means for You