Express Entry Update- IRCC Updates the Minimum funds Requirement

This annual adjustment, based on 50% of the low-income cut-off totals, means applicants will need to show at least $500 more in their settlement funds. For a single applicant, the minimum has risen from $14,690 to $15,263.

"This update ensures that newcomers have sufficient resources to establish themselves successfully in Canada," an IRCC spokesperson stated. "It's a routine adjustment to reflect the current cost of living."

Key Details for Affected Applicants:

• Programs Impacted: Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program (FSTP).
• Deadline to Update: Applicants already in the Express Entry pool for these programs must update their proof of funds in their profile by July 28, 2025, to maintain eligibility.
• Proof Required: All applicants must provide written proof that they possess these funds.

Updated Minimum Fund Requirements (as of July 7, 2025):

Number of family members	Funds needed as of July 7, 2025	Previous proof of fund requirement (valid June 3, 2024 – July 7, 2025)
1 (the applicant)	$15,263	$14,690
2	$19,001	$18,288
3	$23,360	$22,483
4	$28,362	$27,297
5	$32,168	$30,690
6	$36,280	$34,917
7	$40,392	$38,875
For each additional family member over 7	$4,112	$3,958

Who is Exempt from Proof of Funds?

Applicants are not required to show proof of funds if they are:

• Applying under the Canadian Experience Class (CEC); or
• Authorized to work in Canada and possess a valid job offer, even if they apply under the FSWP or FSTP.

However, even if exempt, IRCC recommends keeping funds updated in your Express Entry profile, as the system may find you eligible for multiple programs. Those exempt from providing proof of funds must upload a letter to their profile stating either that they've been invited under the CEC or that they have a valid job offer and work authorization.

Calculating Family Size for Funds

Your family size for proof of funds includes yourself, your spouse or common-law partner, your dependent children, your spouse or common-law partner's dependent children, and any dependent child of a dependent child. It's crucial to include all these family members, even if they are Canadian citizens or permanent residents, or if they are not accompanying you to Canada.

Acceptable Proof of Funds

IRCC accepts official letters from banks or financial institutions. These letters must be on the institution's letterhead and include:

• Contact information (address, telephone number, email address).
• The applicant’s name.
• Any outstanding debts (e.g., credit card debts, loans).
• Details for each current account (banking and investment accounts), including account numbers, opening dates, current balances, and average balances over the past 6 months.

Funds must be accessible both at the time of application and when the Permanent Resident visa is issued. Applicants must also prove legal access to the money upon arrival in Canada. Real estate assets or borrowed money (e.g., from a friend) are not accepted as proof of funds. Money in a joint account with a spouse can be counted, and money solely in a spouse's name may also count if the applicant can demonstrate access.

The Express Entry system, managed by the Canadian federal government, issues over 100,000 Invitations to Apply for permanent residency annually, making it a cornerstone of Canada's immigration strategy.

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To confirm latest immigration updates and apply for PR Visa in Canada in 2025, you may get in touch with Visas Avenue Canada migration expert on Toll-Free No. 78-18-000-777 or you can drop us an e-mail at info@visasavenue.com.

- Rajneesh Kumar