Canada raises Express Entry fund requirement: Here’s what new PR applicants need to know

In a fresh update that could impact thousands of immigration hopefuls, Canada has revised the minimum settlement funds required for candidates under its Express Entry system. The new thresholds, announced by Immigration, Refugees and Citizenship Canada (IRCC), will apply from July 28, 2025, and candidates must update their proof of funds by this date to remain eligible for permanent residency.

The revised rules affect applicants under the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP). The annual update is tied to 50% of Canada’s Low-Income Cut-Off (LICO) levels.

According to the latest figures, a single applicant must now show $15,263, while a family of four must present at least $28,362. The required amounts increase with each additional family member, regardless of whether they are accompanying the applicant to Canada.

All applicants must upload official bank letters as proof, showing account details, balances, and average holdings over the past six months. Funds must be liquid and legally accessible. IRCC does not accept borrowed money or real estate equity. Shared or spousal accounts are allowed if access can be proven.

Importantly, applicants do not need to show proof of funds if they are applying under the Canadian Experience Class or already have a valid job offer. Even then, IRCC requires a formal letter confirming the exemption.

Updating the fund amount in the Express Entry profile will not change the original submission date, ensuring that the applicant’s ranking remains unaffected in tie-breaker scenarios.