Canada Increases Minimum Fund Requirements for Express Entry Applicants - What You Need to Know

On July 7, 2025, the Immigration, Refugees and Citizenship Canada (IRCC) updated the minimum fund requirements for individuals applying for permanent residence under the federal government's Express Entry system. This update directly impacts applicants under the Federal Skilled Worker (FSW) and the Federal Skilled Trades (FST) classes, increasing the amount of money required to qualify by approximately $500 across all family sizes.

For example, a single applicant must now show they have at least $15,263 in available funds, compared to the previous requirement of $14,690. A family of four must now show proof of $28,362, up from $27,297. These annual updates are based on 50 percent of Canada’s low-income cut-off totals and aim to ensure that newcomers can support themselves and their families upon arrival.

To remain eligible under the Express Entry system, applicants must update their Express Entry profile with the new fund requirements no later than July 28, 2025. Failure to do so may affect their eligibility to receive an Invitation to Apply (ITA) for permanent residency.

It is important to note that not all applicants are required to show proof of funds. If you are applying under the Canadian Experience Class (CEC) or if you are authorized to work in Canada and have a valid job offer even if you apply under the FSW or FST classes, you are exempt from the proof of funds requirement. However, the IRCC recommends keeping financial information updated in your profile, as you may be found eligible for multiple programs within the Express Entry system. Those who are exempt must still upload a letter explaining that they have either received an invitation under the CEC or have a valid job offer and authorization to work in Canada.

When calculating the size of your family for immigration purposes, you must include yourself, your spouse or common-law partner, your dependent children, your partner’s dependent children, and any dependent children of those dependents. All family members must be counted even if they are not accompanying you to Canada or are already Canadian citizens or permanent residents. This ensures an accurate calculation of the financial requirements for your household.

To prove that you meet the financial requirement, you must submit official letters from your bank or financial institution. These letters must be printed on the institution’s letterhead and include the institution’s contact details, your name, and a list of your debts, such as credit cards or loans. The letters must also provide information for each of your current accounts, including the account numbers, the date each account was opened, the current balances, and the average balances for the past six months. You must have legal access to these funds both at the time of your application and upon your arrival in Canada.

It is important to understand that not all forms of money qualify as acceptable proof of funds. For example, borrowed money and the value of real estate assets do not count. However, money in a joint account with your spouse can be considered, and even if the funds are solely under your spouse’s name, they may be counted if you can provide evidence that you have access to those funds.

Express Entry remains one of the most effective and efficient pathways for skilled individuals and families to immigrate to Canada. Each year, the government issues more than 100,000 invitations to apply for permanent residency through this system. Being prepared and having your financial documentation in order is critical to a successful application.

If you are planning to immigrate to Canada and are unsure about how these new updates affect you, we encourage you to reach out to Yanique Russell Law for guidance. We understand how complex the immigration process can be and we are here to assist you with updating your Express Entry profile, understanding fund requirements, gathering proper documentation, and navigating the entire application process.

At Yanique Russell Law, we are committed to helping individuals and families achieve their Canadian immigration goals with confidence. Whether you are just beginning your journey or need assistance with your current application, we are ready to support you every step of the way.

Contact us today to schedule a consultation. Let us help you take the next step toward building a new future in Canada.

Source: CIC News