Canada Raises Express Entry Funds Requirement To ₦17 Million For Single Applicants

Foreign nationals seeking to migrate to Canada via the Express Entry system must now show higher proof of funds, following a new update from Immigration, Refugees and Citizenship Canada (IRCC).

Effective July 7, 2025, a single applicant is required to demonstrate access to at least CAD $15,263 (around ₦17 million), up from the previous CAD $14,690. For a family of two, the minimum threshold has risen to CAD $19,001 (about ₦21.2 million).

The change comes as part of IRCC’s annual review of settlement fund requirements, based on 50% of the low-income cut-off figures published by Statistics Canada.

These funds are meant to prove that newcomers can support themselves—and their families—after arriving in Canada.

Applicants must submit official bank letters printed on letterhead from institutions where their funds are held. Those applying with a spouse may combine funds held in joint accounts.

To stay eligible in the Express Entry pool, candidates must update their proof of funds by July 28, 2025. However, this update will not affect the original submission date and time of their profile, meaning their standing in tie-breaker draws remains unchanged.

Proof of funds is mandatory for those applying under the Federal Skilled Worker Program and the Federal Skilled Trades Program. It is not required for applicants under the Canadian Experience Class or for those with a valid job offer and authorization to work in Canada.

Completing an Express Entry profile is only the first step toward permanent residency. The IRCC selects top-ranking candidates from the pool in regular draws, using the Comprehensive Ranking System (CRS) to assess and rank each profile.