Thinking about immigrating to Canada through Express Entry?

A recent change to settlement fund requirements could impact your eligibility – or even remove your profile from the pool if you are not prepared.

What Does This Mean?

If you are considering immigrating to Canada as a skilled worker, you have probably heard about Express Entry – the government’s points-based system for managing permanent residence applications.

But many people don’t realise that certain applicants must show they have enough money saved to support themselves after landing in Canada. These savings are called settlement funds, and they are a crucial part of your eligibility.

As of July 7, 2025, Immigration Refugees and Citizenship Canada (IRCC) has increased the minimum settlement funds required. Suppose you are applying under the Federal Skilled Worker Program (FSWP) or the Federal Skilled Trades Program (FSTP), and you do not already have a job offer in Canada. In that case, you must update your Express Entry profile with the new amounts no later than July 28, 2025.

This blog post explains what settlement funds are, who is affected by the change, and what you need to do next.

What Are Settlement Funds?

Settlement funds are personal savings you must show to prove you can financially support yourself (and your family) after you arrive in Canada. These funds must be:

• Available and liquid (i.e. in a chequing or savings account)
• Owned by you (or your spouse, with legal access)
• Supported by detailed bank letters confirming account balances and history.

The required amount depends on the size of your family, even if they are not coming to Canada with you.

New Settlement Fund Requirements Effective July 7, 2025

Family Size	Previous Requirement	New Requirement	Increase Amount
1	$14,690	$15,263	$573
2	$18,288	$19,001	$713
3	$22,483	$23,360	$877
4	$27,297	$28,362	$1,065
5	$30,690	$32,168	$1,475
6	$34,917	$36,280	$1,363
7	$38,875	$40,392	$1,517
For each additional family member over 7	$3,958	$4,112	$157

These amounts are based on 50% of Canada’s Low-Income Cut-Off (LICO), which is adjusted annually.

Who Needs to Provide Proof of Funds?

You must meet the new settle fund requirements if:

• You are applying under the Federal Skilled Worker Program or Federal Skilled Trades Program
• You do not have a valid job offer from a Canadian employer.

You do not need to show settlement funds if:

• You are applying under the Canadian Experience Class (CEC)
• You have a valid job offer supported by the Labour Market Impact Assessment (LMIA) or are otherwise exempt.

Even if you are exempt, you should upload a letter explaining why.

What to Do by July 28, 2025

If you are in the Express Entry pool and subject to these requirements:

1. Log in to your IRCC account and open your Express Entry profile.
2. Confirm your family size is accurate.
3. Update your settlement fund amount if you meet the new minimums.

These funds must be available both when you apply and when you receive your permanent residence visa.

What happens If You Do Not Update?

If your profile does not reflect the new settlement funds amounts by July 28, 2025, IRCC may declare your application ineligible and remove your profile from the Express Entry pool. This could lead to delay or prevent your opportunity to receive an Invitation to Apply (ITA).

Tie-Breaking Rule in Express Entry

When IRCC conducts an Express Entry draw, candidates are invited based on their CRS score, but when multiple candidates have the same score, the IRCC uses a tie-breaking rule to decide who gets an Invitation to Apply (ITA).

This rule gives priority to the candidates who submitted their Express Entry earliest, based on the date and time of submission.

Do not delete and resubmit your application, as this will delay the progress more than it helps. Applying as soon as possible is the best way to increase your chances of getting an ITA.

For example, if the CRS cut-off for a draw is 510, and there are more candidates with a score of 510 than there are spots available, IRCC will invite those who submitted their profile first, according to the official timestamp in the system.

Tip: Keeping your profile active and updated not only helps meet new eligibility rules (like updated settlement funds) but can also give you an edge in case of a tie.

How Lumina Lawyers Can Help

Our team at Lumina Lawyers regularly assists Express Entry applicants with:

• Determining whether you are subject to settlement fund rules.
• Preparing compliant and complete financial documentation
• Updating Express Entry profiles
• Advising on exemptions and legal strategies for permanent residence.