As of July 7, 2025, Immigration, Refugees and Citizenship Canada (IRCC) has updated theminimum amount of settlement funds required for foreign nationals applying for permanent residence (PR) under the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP) to a minimum of CA$15,263. 

Updated Proof of Funds Required Through the FSWP or FSTP based on family size

Family Size	New Funds Required (valid from July 7, 2025)	Previous Amount (valid before July 7, 2025)
1	$15,263	$14,690
2	$19,001	$18,288
3	$23,360	$22,483
4	$28,362	$27,297
5	$32,168	$30,690
6	$36,280	$34,917
7	$40,392	$38,875
Additional	+$4,112 per person	+$3,958

These new amounts are based on 50% of Canada’s Low-Income Cut-Off figures and are reviewed annually.

Proof of funds is required only for FSWP and FSTP applicants who do not have a job offer or work authorization in Canada. However, those applying under the Canadian Experience Class (CEC) or who have valid job offers with work authorization are exempted. Even so, all applicants are initially asked for proof of funds and should either provide documentation or upload a letter explaining their exemption status.

How To Determine Your Family Size:

When calculating family size, applicants must include:

• The applicant
• The applicant’s spouse or common-law partner
• The applicant’s dependent children (including those of their partner or dependents)

Even if family members are not accompanying the applicant or are already Canadian citizens or PRs, they must still be included in the application.

What Is Accepted as Proof of Funds:

Applicants must submit official letters with a letterhead from their bank or financial institution that include:

• Institution’s contact details.
• Applicant’s name.
• Any outstanding debts (credit cards, loans).
• Detailed info for each account:
  • Account number
  • Date opened
  • Current balance
  • Average balance over the last 6 months.

Funds must be readily accessible, both at the time of PR application and upon arrival in Canada. Assets like real estate or borrowed money (e.g., from friends) do notqualify. However, funds in joint accounts with a spouse or in the spouse’s name may count, if the applicant can prove access.

This update is part of Canada’s ongoing management of its Express Entry system, which handles thousands of immigration applications each year and issues over 100,000 invitations annually for permanent residency. Keeping funds updated ensures that applicants are prepared for successful settlement in Canada.