Increased Minimum Funding for Canada's Express Entry Programs Now In Effect
In 2025, individuals and families seeking to immigrate to Canada through the Federal Skilled Worker Program (FSWP) or the Federal Skilled Trades Program (FSTP) will need to meet certain minimum fund requirements. These requirements are updated annually and are based on 50% of the low-income cut-off totals.
For a single applicant, the minimum amount of funds required is CAD 15,263. For a family of two, the minimum amount is CAD 19,001. For a family of three, the minimum amount is CAD 23,360, for a family of four, CAD 28,362, for a family of five, CAD 32,168, for a family of six, CAD 36,280, and for each additional family member over seven, an additional CAD 4,112 is required.
It is important to note that real estate assets, equity, and money borrowed from friends do not count as proof of funds. Proof of funds can be provided by official letters from banks or financial institutions. Money listed under a spouse's name only may count as proof of funds if the applicant can prove they have access to that money. Money listed in a joint account with a spouse can also be counted as proof of funds.
Applicants must be able to prove they can legally access the money in the account when they arrive in Canada. The letters must include the applicant's name, contact information, outstanding debts, details for each account, account numbers, dates each account was opened, current account balances, and average balances over the past 6 months.
It is worth mentioning that applicants do not need to show proof of funds if they are applying under the Canadian Experience Class (CEC) or if they have a valid job offer and authorization to work in Canada.
Through the Express Entry system, the government issues upwards of 100,000 invitations to apply for permanent residency each year. This system is the Canadian federal government's application management system for the flagship federal immigration program.
Fees for programs such as the Alberta Advantage Immigration Program are CAD 1,500, and processing fees for employers hiring foreign workers can be around CAD 1,000 per position. However, these do not directly specify the required personal funds for applicants themselves.
It is crucial for potential immigrants to carefully review the requirements and guidelines for the specific program they are applying for, as the exact amount of funds required may vary based on family size and program requirements.
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