IRCC Updates Proof of Funds Requirement for Express Entry

Immigration, Refugees, and Citizenship Canada (IRCC) has officially updated the proof of funds requirement for applicants under the Express Entry umbrella. This yearly update affects applicants for two important immigration pathways to Canada: the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP).

The changes, announced on July 7, 2025, were aligned with LICO, which is a Low Income Cut-Off threshold, thereby affecting the minimum amount for settlement overnight required in Canada. In order to maintain their eligibility, candidates whose profiles have already been submitted to the Express Entry pool must update their proof of funds details by July 28, 2025, at the latest.

What Is Proof of Funds?

To demonstrate that they have the financial means to settle in Canada after becoming permanent residents, applicants must provide proof of funds. It is one of the mandatory requirements for Express Entry candidates under the FSWP and the FSTP who do not have job offers or employment in Canada.

The proof must be available during the application and must be produced upon issuance of the Canada PR.

Who Needs to Show Proof?

The IRCC states that applicants must provide proof of funds under:

• Federal Skilled Worker Program
• Federal Skilled Trades Program

Those applying under the Canadian Experience Class (CEC) or holding valid job offers in Canada (with LMIA approval) are exempt from this requirement.

Updated Proof of Funds Requirement: July 2025

The amount of money required varies depending on the size of the applicant’s family. The following is a summary of the minimum fund requirements that are effective immediately (in CAD).

These amounts are based on 50% of the LICO totals and are reviewed every year. Even if your family members are not accompanying you to Canada, their inclusion in your profile will affect the minimum amount of funds required.

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What Is Accepted as Proof?

To apply for Canada PR through Express Entry, your proof of funds must be:

• Both upon application and upon arrival in Canada
• Legally accessible, meaning it cannot be borrowed or derived from non-liquid assets like real estate
• Officially documented via bank or financial institution letters

These letters must include:

• Your full name
• Institution's name and contact information
• Account numbers and type of account(s)
• Opening dates and six-month average balances
• Current balance for each account
• Details of any debts, such as loans or credit cards

IRCC also allows joint accounts with a spouse or accounts solely in the spouse's name, provided the applicant can prove access to the funds.

What Should Express Entry Applicants Do?

Candidates who have already submitted their Express Entry profile and are awaiting an Invitation to Apply (ITA) are required to update the proof of funds section of their profile by July 28, 2025, as stated by the IRCC.

This update does not affect the original submission date and time of your profile. So, if you're in a tie-breaker situation during an ITA draw, your ranking will remain unchanged as long as your update is made before the deadline.

It is essential that you review and update your financial documents if you intend to immigrate to Canada in 2025 or if you are currently a member of the Express Entry pool.

Source: canada.ca

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