IRCC Increases Proof of Funds for Express Entry Program

Immigration, Refugees, and Citizenship Canada (IRCC) updated the minimum funds required for foreign nationals to migrate to Canada under the Express Entry Program. 

Effective from July 7, 2025, applicants applying for permanent residency under the Express Entry Program will now require CAD $500 more for a skilled immigration program. 

The Express Entry Program, with its two sub-pathways, FSWP (Federal Skilled Worker Program) and FSTP (Federal Skilled Trades Program), will now require $15,263 from $14,690 as proof of funds for a family of one in Canada. 

Applicants are instructed to submit and show evidence of funds before July 28, 2025. Failing to do so, applicants will lose their chance of getting an Invitation to Apply (ITA).

IRCC has proposed to all the applicants to update their proof of funds. However, there are certain sections of applicants who do not require proof of funds if they are

• Applicants under Canadian Experience Class
• Applicants with valid prior job offers from the Canadian employer. 

IRCC’s update on proof of funds is generally sourced annually. These changes are based on 50% of the low-income cut-off (LICO). LICO is considered the minimum necessary income required in Canada to ensure that individuals do not need to spend a higher-than-average portion of their income on basic necessities. 

Funds required under Express Entry Program on or after July 7, 2025

Skilled professionals applying for permanent residency must show proof of funds during their course of PR application. The proof of funds are carried out just to ensure students can support themselves and their accompanying family members in Canada. To show their proof of funds, applicants can show official letters from any bank or financial institutions. The letters from the financial institution’s letterhead must include:

• Contact information such as the address, telephone number, and email address of the applicant.
• The applicant’s name.
• Outstanding debts like credit card debts or loans.
• Details for each current account (including banking and investment accounts):
  - Account numbers;
  - Date each account was opened;
  - Current account balances; and
  - Average balance over the past 6 months.

These are some of the routes through which skilled professionals can exhibit proof of funds during their application process. Applicants must keep funds in their legitimate bank accounts during and after the issue of the Canadian PR visa. 

IRCC’s latest update on increasing the proof of funds requirements for the Express Entry Program will be applicable from July 2025.