IRCC Updates Proof of Funds Requirements for Express Entry Applicants – What You Need to Know in 2025
July 10, 2025
On July 7, 2025, Express Entry Applicants were impacted as Immigration, Refugees and Citizenship Canada (IRCC) formally revised the minimum proof of funds requirements for Federal Skilled Worker (FSW) and Federal Skilled Trades (FST) programme candidates. This is an annual adjustment that is fundamental to individuals intending to immigrate to Canada via these economic streams. If you are already in the Express Entry pool or anticipate filing your profile later this year, this is the moment to get your financial documents.
This latest update ensures that newcomers can successfully settle in Canada with enough resources to support themselves and their families during the initial stages of their new life.
Why Proof of Funds Matters in Express Entry?
Proof of funds is a requirement for Express Entry applicants submitting an application under the Federal Skilled Worker (FSW) and Federal Skilled Trades (FST) streams. It ensures that the applicant possesses adequate finances to settle in Canada without the need to access government assistance. This requirement is for the applicant who does not hold a valid job offer from a Canadian employer or is not otherwise qualified to work in Canada.
By renewing your proof of funds prior to the deadline of July 28, 2025, you keep your profile active and eligible for consideration in future Express Entry draws.
Updated Proof of Funds Amounts (Effective July 7, 2025)
The required funds vary based on the size of your family. Here’s a quick look at the updated amounts:
| Family Size | Minimum Required Funds (CAD) |
| 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 |
| Each additional family member | $4,112 |
If your funds were based on last year’s thresholds, you must log in to your Express Entry profile and update your proof of funds before the given deadline. Not updating this information could impact your eligibility.
What Kind of Documents Are Required?
Upon updating their profile, IRCC requires Express Entry applicants to produce official bank letters from their financial institution containing the following:
- Account numbers and dates accounts were opened
- Current account balances
- Average of the last 6 months’ balance
- Outstanding debt (such as credit cards or loans)
These letters need to be printed on the letterhead of the financial institution, stamped, and signed.
Who Needs to Show Proof of Funds?
This is required for you if:
- You are submitting through the Federal Skilled Worker or Federal Skilled Trades program
- You lack a genuine job offer in Canada
- You are not currently allowed to work in Canada
But if you hold a valid job offer accompanied by an LMIA or are inside Canada with legitimate work authorization, you are exempt from demonstrating proof of funds.
What Funds Are Acceptable?
You may utilize funds on hand:
- In your own account
- In a joint account with your spouse/common-law partner
- In your spouse’s account, if you can show you had access to the money
Funds have to be easily accessible, legally available, and cannot be loaned or derived from assets like property equity.
Update Deadline: July 28, 2025
Express Entry applicants must, by July 28, 2025, update their proof of funds on their Express Entry profile. Note that this action does not have any impact on your Comprehensive Ranking System (CRS) score or the initial submission date of your profile. Failure to do so can lead to your profile being disqualified from further draws, though.
How Can We Help?
We know how important it is for Express Entry applicants to maintain updated and correct profiles. Immigration policies and IRCC updates can be difficult to navigate, but you don’t need to handle it on your own.
We assist clients around the globe to effectively navigate their immigration process to Canada. From renewing your Express Entry profile to arranging authentic job offers and checking your proof of funds, our specialists make your file complete, compliant, and competitive.
If you want to know more details about “IRCC Updates Proof of Funds Requirements for Express Entry Applicants – What You Need to Know in 2025“ you can contact one of our immigration specialists at Gunness & Associates.
Gunness & Associates has helped thousands of people successfully immigrate to Canada with their families. Our skilled and experienced immigration experts have the expertise to accurately examine your case and advise you on the best method of proceeding to serve your needs.
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