Raising Settlement Fund Requirement in Atlantic Immigration Programs

Here’s a breakdown of the updated amounts (effective 29 July 2025):

• 1 person: 3,815 CAD
• 2 persons: 4,750 CAD
• 3 persons: 5,840 CAD
• 4 persons: 7,090 CAD
• 5 persons: 8,042 CAD
• 6 persons: 9,070 CAD
• 7 persons: 10,098 CAD
• Each additional family member (over 7)

Why Was This increase Introduced?

IRCC updates the settlement‐fund thresholds annually, broadly to reflect changes in the cost of living and to ensure newcomers are financially equipped to settle in Canada. In the case of the Atlantic provinces, the threshold is set at approximately 12.5 % of the Low-Income Cut-Off (LICO) figures.

The increase, although modest in percentage terms (roughly a 3.9 % rise for one person), may still affect many applicants who were planning on just meeting the previous threshold.

Who is Impacted?

Any applicant to the AIP who is not already living and working in Canada on a valid work permit must meet this proof‐of‐funds requirement. If you are already working in Canada under a valid permit, you are exempt from this particular requirement.

It affects those applying with a job offer from a designated employer in one of the Atlantic provinces – namely, New Brunswick, Nova Scotia, Prince Edward Island or Newfoundland and Labrador.

What Counts as Acceptable “Settlement Funds”?

IRCC emphasises several key points about acceptable proof of funds:

• The money must be readily accessible both when you apply and when you receive your permanent-resident visa.
• You cannot count borrowed money or assets such as real property equity (e.g., you cannot rely on the sale of a house or a mortgage).
• The funds must be in your name or in a joint account with your spouse/partner and you must demonstrate access if the account is only in the spouse’s name.
• Accepted documentation typically includes a letter from your financial institution on official letter‐head showing the account details: account number, date opened, current balance, average balance over the last six months, any debts outstanding in your name.

What Should You do as an Applicant?

Here are some practical tips to adapt to the increase and ensure your application remains eligible:

1. Re-check your funds. If you were planning to apply and your savings were near the previous threshold, confirm you now meet the new minimum amounts.
2. Secure documentation early. Start requesting letters from your bank or financial institutions showing six-month average balances, date each account opened, and your outstanding debts.
3. Include every family member you financially support. Remember that family size includes yourself, your spouse/common-law partner, your dependent children AND dependent children of your partner — even if some are not immigrating with you.
4. Consider bringing more than the minimum. Although the threshold sets the minimum, actual living costs (housing, utilities, transportation, settlement) in Atlantic Canada can vary. Having extra funds provides a buffer.
5. If already working in Canada with valid permit, confirm exemption. If you hold a valid Canadian work permit and are employed, you may not need to show the funds — but verify your status carefully.
6. Stay updated. Requirements may change further, so monitor IRCC announcements and liaise with an immigration advisor if unsure.

This adjustment to the settlement fund requirement for the AIP isn’t dramatic, but it is significant — because for some applicants it could mean the difference between eligibility and needing to boost savings, or delaying an application. If you’re considering the Atlantic Immigration Program, make sure your financial plan is aligned with the new rules (effective 29 July 2025). A strong documentation package and financial buffer will support a smoother transition to life in Canada’s Atlantic provinces.

For more detailed guidance, always consider consulting a regulated Canadian immigration professional or advisor.

Frequently Asked Questions

What is The New Minimum Settlement Fund Required For a Single Applicant Under the AIP?

The new minimum requirement for one person under the AIP is 3,815 CAD as of 29 July 2025.

Do I Still Need to Show These Settlement Funds if I’m Already Working in Canada on a Valid Work Permit?

No - if you are already living and working in Canada on a valid work permit, you are exempt from the settlement fund requirement under the AIP.

Can I Count Money I Borrowed or the Value of my Home Toward the Settlement Funds?

No - the funds must be your own, unencumbered, and accessible. Borrowed money and the equity of real property are not acceptable as proof.