If you’ve submitted an Express Entry profile to immigrate to Canada, here’s the update you shouldn’t ignore: the proof of funds requirement has increased, and the deadline to update your profile has already passed.

Let’s break down what this means, especially if you’re still waiting for that invitation to apply.

What Changed?

Canada’s Immigration, Refugees and Citizenship Canada (IRCC) recently raised the minimum settlement funds required for Express Entry applicants. The increase isn’t massive, just CAD 500, but it’s enough to disqualify your profile if you didn’t update it in time.

• For a single applicant: The required funds went from CAD 14,690 to CAD 15,263
• For a couple: The new minimum is CAD 19,001

These changes took effect before July 28, 2025, which was also the final day to update your Express Entry profile to reflect the new amounts. If you haven’t made the update till now, your profile may now be considered ineligible for upcoming rounds of invitations.

Updated Proof of Funds Requirement

Here’s how much you’ll need in your bank account, depending on your family size:

Why Proof of Funds Matters

Proof of funds is exactly what it sounds like: evidence that you have enough money to support yourself (and your family, if applicable) once you land in Canada. The Canadian government uses this as a safeguard to ensure newcomers won’t struggle financially upon arrival.

Even if you meet every other eligibility requirement, failing to provide up-to-date proof of funds can get your profile dropped from consideration.

What Kind of Proof Is Accepted?

IRCC expects formal letters from your financial institution. These need to be printed on official bank letterhead and should clearly show:

• Your name
• Account numbers
• Account type (checking, savings, etc.)
• Current balance
• Average balance for the past six months

If you’re applying with a spouse, joint account balances count too, as long as they’re immigrating with you.

Does Updating Your Profile Affect Your Ranking?

No. If you updated your proof of funds correctly before the July 28 deadline, your profile’s original submission date and time remain unchanged. So, if you’re in a tie-breaker situation in the Express Entry pool, your rank stays the same.

This update only affects your eligibility, not your score.

Who Is Required to Show Proof of Funds?

Not everyone in the Express Entry system has to provide settlement funds. Here’s who does—and who doesn’t.

Required for:

• Federal Skilled Worker Program
• Federal Skilled Trades Program

Exempt if:

• You’re applying under the Canadian Experience Class
• You already have a valid job offer in Canada and are authorised to work

Even if you fall under a program that typically requires proof of funds, a job offer can change your situation. But unless you’re sure you’re exempt, it’s safer to update.

What Happens Next?

Canada’s Express Entry draws usually happen every two weeks. The IRCC uses the Comprehensive Ranking System (CRS) to score and rank candidates. Only the top-scoring profiles get an Invitation to Apply (ITA) for permanent residence.

If your profile is up to date and you’re still in the pool, great, you’re still in the running. If not, you’ll need to recheck your eligibility and potentially resubmit your profile with the correct financial documentation.

Final Thoughts

This isn’t a major policy shift, but it’s one of those small changes that can quietly derail your immigration plans if you’re not paying attention. A $500 gap might not seem like much, but in IRCC’s eyes, it can be the difference between eligibility and rejection.

If you missed the July 28 update window, review your current status immediately. And going forward, keep an eye on annual updates to settlement fund requirements. IRCC typically revises these numbers every year to reflect cost-of-living changes.

For serious applicants, staying informed is just as important as scoring high.