Canada has increased the minimum proof of funds required for foreigners applying for permanent residency through the Express Entry system. The new requirements, effective July 28, 2025, aim to ensure that immigrants have sufficient funds to support themselves and their families upon arrival.

Updated Proof of Funds Requirements:

– Single applicant:$15,263 (up from $14,690)
– Family of two: $19,001 (up from $18,288)
– Family of three: $23,360 (up from $22,483)
– Family of four: $28,362 (up from $27,297)
– Family of five: $32,168 (up from $30,690)
– Family of six: $36,280 (up from $34,917)
– Family of seven: $40,392 (up from $38,875)
– Each additional family member: $4,112 (up from $3,958)

Who Needs to Provide Proof of Funds:

– Applicants under the Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program (FSTP) must provide proof of funds.
– Applicants under the Canadian Experience Class (CEC) are exempt.
– Those with a valid job offer and work authorization in Canada are also exempt.

Acceptable Proof of Funds:

– Official bank letters or financial institution letters, including:
– Account numbers
– Date each account was opened
– Current account balances
– Average balance for the past six months
– Details of any outstanding debts

Important Deadline:

– Update your Express Entry profile with the new fund amounts by July 28, 2025, to maintain eligibility