Express Entry Funds Requirement Expected to Increase Soon: What You Should Do Now

Every year, Immigration, Refugees and Citizenship Canada (IRCC) updates the amount of settlement funds required under certain economic immigration programs delivered through the Express Entry system. Although the new figures have not yet been announced, we expect an update soon based on IRCC’s annual update cycle.

The good news is that there are several simple steps you can take now to prepare for this increase.

This article explains who needs to show proof of funds, how much the funds requirement could increase, and what you can do now to avoid last-minute problems.

Key Takeaways

• IRCC is expected to increase the Express Entry proof of funds requirement soon as part of its annual update.
• Candidates may have only a few weeks to update their Express Entry profile once the new amounts are announced.
• The increase is expected to be modest, but failing to meet the new requirement could affect your eligibility.
• Reviewing your finances now can make the update much less stressful.

What is the Express Entry Proof of Funds Requirement?

Proof of funds, sometimes called Express Entry settlement funds, is evidence that some permanent residence applicants must provide to demonstrate they have enough funds available to support themselves and their family after arriving in Canada.

You do not need to give this money to the government or to IRCC. The Canadian government only wants proof that new permanent residents, such as you and your family, have enough money to cover initial living expenses while they settle in Canada.

The funds must be liquid and readily available. In most cases, you’ll need a letter from your financial institution showing your current account balances, the average balance over the past six months, and details of any outstanding debts. You cannot use borrowed money or the equity in your home to meet the requirement.

Why an Express Entry Proof of Funds Increase is Expected

IRCC updates the Express Entry proof of funds requirement every year. The figure is based on 50 percent of Statistics Canada’s Low Income Cut-Off (LICO) figures for cities with a population of 500,000 or more. This means you must have at least enough money to meet the low-income cut off in an urban centre for six months.

The last increase to IRCC’s proof of funds requirement took effect on July 7, 2025. At that time, candidates already in the Express Entry pool were required to update the amount of settlement funds in their profile by July 28 to remain eligible.

Although IRCC has not yet announced when the next update will happen, candidates should expect another increase soon.

Estimated Express Entry Proof of Funds Requirement Increase

If IRCC follows its usual formula, the minimum proof of funds requirement is expected to increase modestly across all family sizes.

The estimates below are based on 50 percent of Statistics Canada’s 2024 Low Income Cut-Off (LICO) before-tax figures. These are estimates only. IRCC has not yet released the official 2026 requirements.

*Estimated only. Official amounts will be announced by IRCC.

Who Needs to Meet the Express Entry Funds Requirement

The proof of funds requirement applies primarily to candidates who are eligible under the Federal Skilled Worker Program (FSWP) or the Federal Skilled Trades Program (FSTP). This includes candidates who enter the pool after meeting the minimum entry requirements for FSWP or FSTP but eventually get invited under a category-based draw.

If you are a Canadian Experience Class (CEC) candidate, you do not need to provide proof of funds.

FSWP and FSTP candidates with a valid job offer and authorization to work in Canada are also exempt from the proof of funds requirement.

All candidates must declare their available settlement funds in the Express Entry profile. It is important to ensure the information in your profile remains accurate and up to date. If you’re exempt from the proof of funds requirement, you do not need to meet the minimum settlement funds threshold.

How to Prepare for Upcoming Express Entry Funds Requirement Increases

For many prospective newcomers, gathering the settlement funds is a significant task. This is especially true if you’re from a country where the CAD to local currency exchange rate is high. Changes to the funds requirement can potentially impact your plans, so it is best to be prepared.

Last year, IRCC gave candidates already in the Express Entry pool just three weeks to update their proof of funds information to remain eligible. It is expected that a similar timeline will apply this year. That said, waiting until the announcement is made could leave you scrambling, especially if you don’t have the extra funds handy.

Here are some things you can do now to prepare for the upcoming proof of funds increase:

Build a Small Financial Buffer

If you have just enough money to meet the current minimum proof of funds requirement, now is a good time to start saving a little extra.

Although the next increase is likely to be only a few hundred dollars, even a relatively small increase could leave you below the new minimum if your available funds are close to the current threshold.

Remember that you must continue to meet the proof of funds requirement throughout the process. This means having enough funds to remain eligible in the Express Entry pool and still meeting the requirement when you receive an Invitation to Apply (ITA) and submit your permanent residence application.

Keeping some money above the minimum can also help cover exchange rate fluctuations if your savings are held in a currency other than Canadian dollars, as well as bank fees, unexpected expenses, and the government application fees you’ll need to pay after receiving an ITA.

Avoid Last-Minute Deposits

IRCC doesn’t simply look at your current balance. Your proof of funds letter must also include the average balance in your accounts over the previous six months. Large deposits shortly before you apply may therefore raise additional questions about where the money came from. Remember, you cannot borrow settlement funds. This money must be your own.

If you know you’ll need additional funds, it is generally better to start planning sooner rather than later.

Make Sure Your Funds Are Eligible

Not all assets can count toward your Express Entry settlement funds. This money must be readily available for you to use after arriving in Canada. Your settlement funds can be in a joint account with your spouse or even in your spouse’s account, as long as you can prove you have access to it.

Money that is not yours or not liquid cannot be used. For example, borrowed money cannot be used to satisfy the requirement, and neither can the equity in a property you own.

Be Ready to Update Your Express Entry Profile

In 2025, IRCC gave candidates about three weeks to update the amount of settlement funds declared in their Express Entry profile. It is likely that a similar timeline will be provided this time as well. However, it is your responsibility to keep your profile up to date, so be sure to keep track of proof of funds changes.

When you receive an ITA, you will also need to get letters from your financial institution to prove that you actually have the required funds.

What Happens If You Don’t Update the Settlement Funds in Your Express Entry Profile

Last year, IRCC instructed candidates already in the Express Entry pool to update their settlement funds before the deadline to remain eligible.

If your declared funds no longer meet the minimum requirement, you should update your profile as soon as possible once the new amounts are announced.

If your profile is found ineligible because it no longer meets the proof of funds requirement, it cannot be updated after the deadline. You’ll need to create a new Express Entry profile to re-enter the pool, provided you can meet the new settlement funds requirement.

Does the Express Entry Funds Increase Affect You If You Already Received an ITA?

If you’ve already received an Invitation to Apply (ITA) before the settlement funds increase, the change in requirements will not affect your application.

The settlement funds you need to show are based on the requirements that applied on the date you received your ITA. If IRCC raises the minimum amount after you’ve been invited, you would continue to be assessed against the requirement that was in effect when you received your invitation.

Should You Wait for the Proof of Funds Requirement to Increase Before Creating an Express Entry Profile?

In most cases, probably not.

If you’re otherwise ready to enter the Express Entry pool and already meet the current proof of funds requirement, there is generally little advantage in waiting for the new amounts to be announced. In fact, entering the pool earlier could even be beneficial if a tie-breaker is used in a future draw.

The main exception is if you do not currently meet the proof of funds requirement and are still building your savings. In that case, it may make sense to wait until you have enough eligible funds before creating your Express Entry profile. Remember that you’ll need to meet the minimum proof of funds requirement both when you enter the pool and when you receive an Invitation to Apply (ITA) and submit your permanent residence application.

If you already meet the current requirement, focus on maintaining a small buffer above the minimum rather than delaying your profile in anticipation of the next update.

Although we don’t know exactly when IRCC will announce the new figures, preparing ahead of time is much easier than trying to reorganize your finances after the announcement.