A new proof of funds requirement has been announced for individuals eyeing Canada’s Express Entry application.
Effective July 7, 2025, Canada’s Immigration, Refugees and Citizenship Canada (IRCC) has increased the Canada Express Entry proof of funds requirement, demanding that applicants demonstrate greater financial readiness to secure their spot in this competitive immigration pathway.
Applicants under the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP) must now show at least $500 more in available funds to qualify for permanent residency.
The update on Canada’s express entry application also means a single applicant must now present CAD 15,263. In 2024, the minimum proof-of-funds for a single applicant was CAD 14,690 which represents a 3.4% increase.
The new proof-of-funds threshold varies depending on family size.
Here is the updated Proof of Funds Requirement
• Single applicant: $15,263 (previously $14,690)
• Family of 2: $19,001 (previously $18,288)
• Family of 3: $23,360 (previously $22,483)
• Family of 4: $28,362 (previously $27,297)
• Family of 5: $32,168 (previously $30,690)
• Family of 6: $36,280 (previously $34,917)
• Family of 7: $40,392 (previously $38,875)
• Each additional family member: Add $4,112 (previously $3,958)
The IRCC also explained that the latest update is tied to Canada’s Low-Income Cut-Off (LICO) and is reviewed each year to ensure that newcomers can adequately support themselves upon arrival.
Below is a list of the proof equipment expected;
IRCC specifies that applicants must submit official letters from banks or financial institutions, which must:
• Be printed on the institution’s letterhead
• Include contact details, account numbers, and date opened• Show current and six-month average balances
• Outline any outstanding debts or obligations
• These funds must be readily available and legally accessible both at the time of application and upon arrival in Canada.
• Assets like home equity, borrowed money, or investments not liquid are not accepted.
