Canada’s immigration system requires applicants for Canadian permanent residency (PR) through programs like Express Entry to demonstrate they have enough settlement funds to support themselves and their family upon arrival. These funds prove you can cover living expenses while you settle and find employment. In 2025, IRCC updated the minimum settlement fund requirements, increasing the amounts applicants must show.

What Are Settlement Funds?

Settlement funds are liquid assets such as cash, bank accounts, or investments that can be easily converted to cash. They exclude property or loans. The purpose is to ensure newcomers have financial stability during their initial months in Canada.

New Minimum Fund Requirements for 2025

Effective July 28, 2025, the minimum funds required for Express Entry applicants increased by approximately 500 CAD compared to 2024. The amounts vary by family size:

Family Members Minimum Funds Required (CAD)
1 (single applicant) 15,263 CAD
2 19,836 CAD
3 24,299 CAD
4 29,060 CAD
5 32,899 CAD
6 36,672 CAD
7 or more 40,445 CAD

Why the Increase?

The rise reflects inflation and the increased cost of living in Canada. IRCC reviews these amounts annually to ensure newcomers have adequate resources.

Who Needs to Show Proof of Funds?

Most applicants under the Federal Skilled Worker Program and Federal Skilled Trades Program must show these funds unless they have a valid job offer or are applying under the Canadian Experience Class. Family sponsorship applicants do not need to prove settlement funds.

How to Prove Your Funds?

You must provide official bank statements or letters from financial institutions showing your available funds. The documents should be recent (usually within 30 days) and demonstrate you have continuous access to the funds.

Tips to Prepare Financially For Canada

  • Start saving early and keep funds in accessible accounts.
  • Avoid large recent deposits that may raise questions about the source of funds.
  • Keep documentation organized and ready for submission.
  • Consider currency exchange rates if your funds are in a foreign currency.

What If You Don’t Meet the Fund Requirements?

Insufficient funds can lead to application refusal. If your funds are close to the threshold, consider waiting to accumulate more savings or explore other immigration streams that don’t require proof of funds.

FAQ

Can I Include my Spouse’s Savings in The Proof of Funds?

Yes, combined funds from you and your spouse can be used to meet the requirement.

Are Assets Like Property or Vehicles Considered?

No, only liquid funds are accepted as proof.

Do I Need to Maintain the Funds After Submitting my Application?

Yes, you should maintain the funds until you arrive in Canada.

What if I Have a Job Offer in Canada?

If you have a valid job offer, you may be exempt from showing proof of funds.