Author: Azadeh Haidari-Garmash, RCIC
Navigating Canada's Immigration Updates
Understanding Canada's new financial requirements for Express Entry applicants
On This Page You Will Find:
- Overview of the New Fund Requirements
- Impact on Federal Skilled Worker and Trades Programs
- Detailed Breakdown of the Financial Thresholds
- Exceptions and Exemptions for Certain Applicants
- Implications for Express Entry Profiles
Summary:
Canada has updated its financial requirements for new permanent residency applicants under the Express Entry system, effective July 28, 2025. The revised minimum settlement funds are tied to 50% of Canada's Low-Income Cut-Off levels. Applicants under the Federal Skilled Worker and Federal Skilled Trades Programs must adhere to these new thresholds, which vary based on family size. Certain exemptions apply, such as for those with job offers or applying through the Canadian Experience Class. This update ensures applicants' financial stability and readiness for settlement in Canada.
In a significant policy update affecting potential immigrants, Canada has announced new financial requirements for those applying for permanent residency through the Express Entry system. As of July 28, 2025, applicants must demonstrate increased minimum settlement funds to meet eligibility criteria set by Immigration, Refugees and Citizenship Canada (IRCC).
The Express Entry system, a popular pathway for skilled workers aiming to become permanent residents, encompasses several programs, including the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP). The latest adjustment in financial thresholds requires applicants to update their proof of settlement funds by the specified date to maintain their eligibility.
The financial benchmarks are aligned with 50% of Canada's Low-Income Cut-Off (LICO) levels, designed to ensure that applicants possess sufficient funds to support themselves and their families upon arrival in Canada. As per the revised figures, a single applicant needs to demonstrate possession of $15,263 CAD. For a family of four, the required amount rises to $28,362 CAD. Each additional family member necessitates an extra $4,112 CAD in funds.
| Number of family members | New minimum funds (CAD) |
|---|---|
| 1 | $15,263 |
| 2 | $19,001 |
| 3 | $23,360 |
| 4 | $28,362 |
| 5 | $32,168 |
| 6 | $36,280 |
| 7 | $40,392 |
| Each additional member | $4,112 |
Applicants must provide official bank documents as proof, detailing account specifics, current balances, and average holdings over the past six months. The funds must be liquid and legally accessible, excluding borrowed money or non-liquid assets such as real estate equity. Joint accounts are permissible if the applicant can demonstrate unhindered access to the funds.
Exceptions to these requirements apply to those applying under the Canadian Experience Class or those who hold a valid job offer. In such cases, applicants must furnish a formal letter to confirm their exemption from the financial requirement.
Importantly, updating the financial information in an applicant's Express Entry profile will not alter the original submission date. This provision ensures that applicants maintain their ranking and are not disadvantaged in tie-breaking situations.
This adjustment underscores Canada's commitment to ensuring new immigrants are well-prepared for successful integration into Canadian society, capable of meeting their immediate financial needs upon settlement. As the country continues to attract skilled talent globally, these measures aim to balance openness with practical readiness for new arrivals.
References
- Canadian Immigration and Citizenship
- Express Entry System Overview
- Low-Income Cut-Offs (LICOs) - Statistics Canada
- Federal Skilled Worker Program
- Federal Skilled Trades Program
