Canada Increases Minimum Proof Of Funds To N17m For Immigrants

Canada Increases Minimum Proof Of Funds To N17m For Immigrants

The Government of Canada has announced an upward adjustment in the minimum financial threshold required for immigrants applying through the Express Entry system.

Prospective applicants must now demonstrate available funds amounting to at least N17 million. This measure aims to ensure that newcomers have sufficient financial resources to support themselves upon arrival.

According to the new guidelines, effective July 7, 2025, a single applicant must now demonstrate access to at least CAD $15,263 (about N17 million), up from the previous requirement of CAD $14,690. For a family of two, the minimum required funds rise to CAD $19,001 (N21.2m)

This adjustment in the financial threshold comes as part of the IRCC’s annual review of settlement fund requirements, which are based on 50% of the low-income cut-off totals determined by Statistics Canada.

The funds are intended to show that applicants can support themselves—and their families—after arrival in Canada.

Applicants must provide official letters from financial institutions where they hold accounts, printed on the bank’s letterhead. If applying with a spouse, funds held in joint accounts can be combined.

To remain eligible in the Express Entry pool, candidates must update their proof of funds in their profile no later than July 28, 2025. However, this update does not change the date and time the profile was originally submitted, meaning candidates won’t lose their place in tie-breaker scenarios.

Proof of funds is a critical requirement under both the Federal Skilled Worker Program and the Federal Skilled Trades Program. It is not required if you are applying under the Canadian Experience Class, or if you’re already authorized to work in Canada and hold a valid job offer—even under the other Express Entry streams.

While completing an Express Entry profile is the first step, it does not guarantee permanent residency. The IRCC invites top-ranking candidates from the pool approximately every two weeks, using the Comprehensive Ranking System (CRS) to score and rank submissions