If you want to immigrate to Canada and planning to apply your permanent residency via Express Entry, you must be aware of the latest updates proof of funds requirements, effective July 7, 2025.
These changes are based upon 50% of the low income cut-off (LICO) and it affects all the applicants under Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program (FSTP) – but you are exempted if you are already working in Canada with a valid job offer.
What is Proof of Funds?
Proof of funds is the minimum amount of money you can show to demonstrate you can support yourself and your family members when you land in Canada. Canada is expensive with high inflation rate and it can take months to land first permanent job in Canada.
Depending upon the inflation rate and cost of living in Canada, IRCC updates this list annually. With every year the numbers will rise.
Updated Proof of Funds Requirements (as of July 7, 2025)
| Number of Family Members | Minimum Funds Required (CAD) |
|---|---|
| 1 | $15,263 |
| 2 | $19,001 |
| 3 | $23,360 |
| 4 | $28,362 |
| 5 | $32,168 |
| 6 | $36,280 |
| 7 | $40,392 |
| For each additional member | +$4,112 |
Important Note: If you have more than required funds you must show the full amount in your Express Entry profile.
Who Needs to Show Proof of Funds?
It’s important to show proof of funds in Express Entry if you apply under these streams:
- Federal Skilled Worker Program (FSWP)
- Federal Skilled Trades Program (FSTP)
But you don’t need to show funds if:
- You’re applying under Canadian Experience Class (CEC)
- OR you have valid job offer in Canada and are authorized to work in Canada
To remain eligible in Express Entry, you must update the funds section of Express Entry by July 28, 2025. Doing so won’t affect your profile’s original submission date or your ranking, so you’ll retain your spot even in tie-breaking scenarios.
Failing to update the proof of funds section information will make you ineligible for getting an Invitation To Apply (ITA). Applicants are advised to check and update their financials details in the IRCC online profile regularly.
You must have the proof of funds when you apply and when you receive permanent resident visa from IRCC.
Documents Accepted for Proof of Funds
You must have the official funds letter from your bank or financial institutions where you hold your account. The letter must be official and printed on financial institution’s letterhead.