New Proof of Funds(Study Permit & Express Entry)
Hello World! In today’s blog, we will introduce the major increase to the required proof of funds for Study Permit and Express Entry applications announced by Immigration, Refugees and Citizenship Canada (IRCC) in July 2025.
Study Permit – Proof of Financial Support
On July 2, 2025, IRCC announced that the proof of financial support required when applying for a Study Permit will be increased by approximately 10.95%. This change applies to applicants submitting Study Permit applications on or after September 1, 2025, in all provinces and territories except Quebec.
New Proof of Financial Support Requirement
Applicants must prove they have enough funds to cover tuition fees, travel costs, and living expenses for one year. The required living expenses depend on the number of accompanying family members.
| Number of Family Members (Including Applicant) | Required Annual Funds (Excluding Tuition/From Sept 1, 2025) | Current Required Annual Funds (Excluding Tuition) |
|---|---|---|
| 1 | $22,895 | $20,635 |
| 2 | $28,502 | $25,690 |
| 3 | $35,040 | $31,583 |
| 4 | $42,543 | $38,346 |
| 5 | $48,252 | $43,492 |
| 6 | $54,420 | $49,051 |
| 7 | $60,589 | $54,611 |
| If more than 7 people, each additional family member | +$6,170 | +$5,559 |
What is LICO?
These amounts are based on the LICO (Low Income Cut-Off) published annually by Statistics Canada. LICO is the minimum income level a household needs to cover basic living expenses in Canada, and households earning below this level are considered to be in financial hardship. LICO is reviewed each year to reflect changes in living costs and inflation.
For more details including acceptable documents for proof of financial support, please visit link below for the IRCC’s official announcement.
https://www.canada.ca/en/immigration-refugees-citizenship/services/study-canada/study-permit/get-documents/financial-support.html
Express Entry – Proof of Funds
On July 7, 2025, IRCC announced an increase to the minimum proof of funds required for permanent residence applications submitted via Express Entry. Applicants must have updated the proof of funds listed in their Express Entry profile by July 28, 2025.
What is Express Entry?
Express Entry is an immigration application management system introduced by IRCC in 2015 for skilled workers. Applicants create an online profile, which is scored using the Comprehensive Ranking System (CRS) and those with the highest scores receive Invitation to Apply (ITA) for permanent residence.
New Proof of Funds Requirement
The table below shows the new minimum required funds based on family size. These amounts are updated annually based on 50% of the LICO.
| Number of Family Members (Including Applicant) | Required Annual Funds (After July 7, 2025) | Previous Required Annual Funds (Before July 7, 2025) |
|---|---|---|
| 1 | $15,263 | $14,690 |
| 2 | $19,001 | $18,288 |
| 3 | $23,360 | $22,483 |
| 4 | $28,362 | $27,297 |
| 5 | $32,168 | $30,690 |
| 6 | $36,280 | $34,917 |
| 7 | $40,392 | $38,875 |
| If more than 7 people, each additional family member | +$4,112 | +$3,958 |
Who Needs Proof of Funds?
These changes apply to two programs under the Express Entry.
- Federal Skilled Worker Program (FSWP)
- Federal Skilled Trade Program (FSTP)
You do not need to provide proof of funds if either of the following apply, but you must upload a letter explaining the details:
- You are applying under the Canadian Experience Class (CEC); or
- You have a valid job offer in Canada and a valid Work Permit, even if applying under FSWP or FSTP
However, since the Express Entry system evaluates applicants under multiple programs by default, it is generally recommended for all applicants to provide proof of funds.
Family Size
Family size includes all below:
- The applicant
- The spouse or common-law partner
- Dependent children
- Dependent children of the spouse or partner
Even if family members are Canadian citizens, permanent residents, or not accompanying you to Canada, they must still be counted when calculating family size.
For more details including acceptable documents for proof of fund, please visit link below for the IRCC’s official announcement.
https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/documents/proof-funds.html
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This significant increase in the required proof of funds better reflects the actual cost of living in Canada. It is important to plan finances carefully and get ready for your application.
If you need any advice or support with your Study Permit or permanent residence application, feel free to contact us through the Study Permit Application Form or Immigration Application Form.
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