The Proof of Funds requirement for Express Entry applicants has been updated ahead of 2025, impacting those applying under the Federal Skilled Worker Program and Federal Skilled Trades Program. This update outlines the minimum financial resources applicants must show to demonstrate they can support themselves and their family upon settling in Canada. The amount varies depending on family size and is adjusted annually to reflect cost-of-living changes. Meeting this requirement is essential for eligibility, and applicants must provide official bank letters or statements as proof. Staying informed and updated is crucial for a successful Express Entry application.
Who Needs to Show Proof of Funds?
You’re required to provide proof of funds if you’re applying under the:
-
- Federal Skilled Worker Program (FSWP)
- Federal Skilled Trades Program (FSTP)
On the other hand, you are exempt if:
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- You’re applying under the Canadian Experience Class (CEC), or
- You have a valid job offer in Canada with authorization to work
Even if you’re exempt, IRCC recommends uploading a brief letter explaining why.
New Fund Requirements for Express Entry:
Here’s how much money you now need to show for Canada’s Express Entry proof of funds requirement, based on your family size:
| Family Size | Minimum Required Funds (CAD) |
|---|---|
| 1 | $15,263 |
| 2 | $19,001 |
| 3 | $23,360 |
| 4 | $28,362 |
| 5 | $32,168 |
| 6 | $36,280 |
| 7 | $40,392 |
| Additional family member | Add $4,112 |
It’s important to note that this amount must cover you and every family member, whether they are accompanying you to Canada or not.
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What Counts as Proof?
Your proof must come in the form of a formal letter from your financial institution to fulfil new requirement of express entry program. The letter should:
- Be printed on official letterhead
- Please include the institution’s contact information and your name.
- List the account numbers, the date of account opening, and the current balances.
- Display the average balance for the previous six months.
- List any outstanding obligations, including loans or credit cards.
It is imperative that funds are easily accessible. Equity in property, business investments, or borrowed money are not eligible.
Do not presume that your documents are still legitimate if you have already established your Express Entry profile prior to July 7, 2025. To reflect the updated fund requirements, you must log in and attach a new bank letter. Your profile may be withdrawn from the Express Entry pool if you fail to complete this task by July 28, 2025.
This update is mandatory. Even if you were previously compliant, it is a mandatory change that could impact your eligibility.
What Should You Do Right Now?
- Request a current bank letter that meets IRCC’s formatting and detail requirements.
- Ensure that your assets satisfy or surpass the new minimum amount in accordance with the size of your family.
- Your Express Entry profile should be updated with the amended proof.
- If you are exempt, compose a brief explanation letter and submit it in its place.
- Before the July 28, 2025 deadline, verify all information.
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Frequently Asked Questions:
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What is the proof of funds requirement?
Proof of funds is the minimum amount of money you must show you have available to support yourself and your family when immigrating to Canada under the Federal Skilled Worker Program (FSWP) or Federal Skilled Trades Program (FSTP) through Express Entry.
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What qualifies as acceptable proof of funds?
Official bank statements or letters on financial institution letterhead.
Documents must show:
Applicant’s name
Institution name and contact info
Account numbers and types
Opening date of accounts
Current and average balance for the last 6 months
Details of any debts or liabilities linked to these accounts
Funds must be liquid, readily accessible, and free of encumbrances.
Funds must be in the applicant’s or spouse’s name. -
Who needs to provide proof of funds?
Applicants under FSWP or FSTP who do not have a valid job offer or Canadian work experience.
Applicants under Canadian Experience Class (CEC) or those with a valid job offer do not need to provide proof of funds
