Immigration Announcement
IRCC Updates Settlement Funds Requirement for New Immigrants Moving to Canada in 2025
If you’re considering a move to Canada in 2025 or beyond, there’s an important update you need to know. Canada has updated the minimum settlement funds requirement; the amount of money newcomers must show to prove they can support themselves and their families upon arrival. This annual update is based on 12.5% of the Low-Income Cut-Off (LICO) and is crucial for those applying under programs like Federal Skilled Worker and Federal Skilled Trades through Express Entry.
If you don’t meet the new threshold, you may no longer be eligible to immigrate. So, it’s essential to verify how much you now need—and whether your financial documents meet the updated standards.
Minimum Funds You Now Need in 2025
Here’s the revised table of required settlement funds as of July 29, 2025:
| Family Size | Required Funds (CAD) |
| 1 | $3,815 |
| 2 | $4,750 |
| 3 | $5,840 |
| 4 | $7,090 |
| 5 | $8,042 |
| 6 | $9,070 |
| 7 | $10,098 |
| Each additional member | +$1,028 |
Tip: You must include yourself, your spouse or partner, and any dependent children—even if they’re not coming with you or are already Canadian citizens.
Who Needs to Show Proof of Settlement Funds?
You’ll need to prove you meet the settlement fund criteria if you’re:
- Applying through Express Entry under FSW or FST
- Not currently authorized to work in Canada
- Not holding a valid job offer in Canada
Those already working in Canada with a valid work permit do not need to show settlement funds.
What Counts as Proof?
To be accepted, your funds must be:
- Accessible both at the time of application and upon arrival
- Held in liquid form—you cannot use property equity
- Unborrowed—you must legally own the money
Documents You’ll Need
You must provide official letters from your financial institutions that include:
- Bank contact info and address
- Your full legal name
- Account numbers
- Date each account was opened
- Current balance and 6-month average
- Any existing debts or liabilities
Funds held in joint accounts or solely under your spouse’s name may count, as long as you can prove access.
How Much Money Should You Actually Bring?
It’s smart to bring more than the minimum requirement if possible. You’ll need to cover:
- Initial housing
- Food and transportation
- Job search expenses
- Children’s school supplies
- Emergency costs
If you bring more than $10,000 CAD, you must declare it to customs when you arrive. Failing to do so may result in fines or confiscation.
Accepted Forms of Money
- Cash
- Banker’s drafts or money orders
- Stocks, bonds, and other financial instruments
- Travellers’ cheques
Canada updates the settlement fund requirements each year. If you’re preparing your immigration application, make sure you meet the latest minimums. This update can impact your eligibility. To avoid delays or refusals, get your finances in order and have all documents ready. Canada has updated the minimum settlement funds requirement to reflect the cost of living—don’t miss your chance due to missing paperwork or insufficient proof.
