Canada Raises Minimum Proof Of Funds To ₦17 Million For Express Entry Immigrants.
The Canadian government has increased the minimum settlement funds required for immigrants applying through the Express Entry system, setting a new threshold of ₦17 million for single applicants. The adjustment, announced by Immigration, Refugees and Citizenship Canada (IRCC) and effective from 7 July 2025, aims to ensure newcomers can financially support themselves upon arrival.
The updated requirement, based on 50% of Statistics Canada’s low-income cut-off totals, marks a rise from the previous ₦16.3 million for a single applicant. For a family of two, the minimum proof of funds has increased to ₦21.2 million. The IRCC conducts annual reviews to align the financial threshold with Canada’s cost of living, ensuring immigrants can cover essentials like accommodation, food, and transport without relying on public assistance.
Applicants under the Federal Skilled Worker Programme and Federal Skilled Trades Programme must provide official bank statements, printed on the institution’s letterhead, to verify their funds. Those applying with a spouse can pool resources from joint accounts. However, candidates under the Canadian Experience Class or those with a valid job offer and work authorisation in Canada are exempt from this requirement. Current Express Entry pool candidates must update their proof of funds by 28 July 2025 to remain eligible, though this update will not affect their original profile submission date.
The Express Entry system, which manages applications for permanent residency, invites top-ranking candidates every two weeks based on the Comprehensive Ranking System. The increased financial requirement reflects Canada’s commitment to fostering successful integration for immigrants, ensuring they can contribute to the economy while establishing stable lives.
This change has sparked discussions, particularly among Nigerian applicants, with some expressing concerns about the higher financial barrier on social media platforms. Nonetheless, the IRCC maintains that the adjustment is essential to support newcomers in navigating Canada’s economic landscape effectively.