IRCC UPDATES SETTLEMENT FUNDS REQUIREMENT 2025

📣 If you’re currently in the Express Entry pool under the Federal Skilled Worker or Federal Skilled Trades programs, it’s important that you check the Proof of Funds section in your profile.

IRCC has released new minimum settlement fund requirements, effective July 7, 2025, and has given applicants until July 28, 2025 to update their profiles to remain eligible for future Invitations to Apply (ITA).

💰 Here’s how much you now need, based on your family size:

• 1 person: $15,263

• 2 people: $19,001

• 3 people: $23,360

• 4 people: $28,362

• 5 people: $32,168

• 6 people: $36,280

• 7 people: $40,392

• For each additional family member: add $4,112

📌 Reminder: You must count your full family size—even if your spouse or children are not accompanying you to Canada or are already Canadian citizens or permanent residents.

📄 What documents do you need to provide?

You’ll need an official bank letter printed on your financial institution’s letterhead. It must include:

• Your name and the bank’s full contact details (address, phone number, email)

• A list of all current accounts, with account numbers and opening dates

• The current balance of each account

• The average balance over the last six months

• Any outstanding debts (credit cards, loans, etc.)

🔍 Additional requirements:

• The funds must be available and unencumbered (i.e. not borrowed or pledged)

• You must be able to access the money when you arrive in Canada

• You cannot use property equity or real estate assets as proof of funds

Funds can be in a joint account with your spouse, or in your spouse’s account only if you can prove you have access to that money.

❗ Who doesn’t need to provide proof of funds?

You’re exempt from this requirement if:

• You’re applying under the Canadian Experience Class (CEC)
  OR

• You have a valid job offer in Canada and are currently authorized to work

In these cases, you must still upload a letter of explanation to your application stating that you’re exempt and why.

🛎 What should you do now?

✔️ Log in to your Express Entry profile and review the “Proof of Funds” section
✔️ Update the amount if your listed funds are below the new threshold
✔️ Gather or request your bank letter now – don’t wait until the last minute
✔️ If you’re exempt, prepare a clear and properly worded letter of explanation

📞 Unsure about what documents to submit or how to phrase your explanation letter?

SICON is here to help you get everything right – before the deadline.
💬 Message us directly or give us a call. Let’s make sure your profile stays eligible.