Canada has raised the minimum financial requirement for immigrants under its Express Entry system, with single applicants now needing to show proof of at least CAD $15,263, or roughly N17 million, to qualify, according to an update from Immigration, Refugees and Citizenship Canada (IRCC).
The new threshold, which took effect on July 7, 2025, represents an increase from the previous minimum of CAD $14,690. For a family of two, the required proof of funds has risen to CAD $19,001 (approximately N21.2 million).
IRCC says the annual revision is based on 50% of the low-income cut-off totals established by Statistics Canada and is aimed at ensuring newcomers can support themselves and their families upon arrival.
Applicants must submit official bank statements printed on the institution’s letterhead, and funds in joint accounts with a spouse may be pooled together.
To stay eligible in the Express Entry pool, candidates must update their proof of funds in their profiles by July 28, 2025.
This update won’t affect the original date and time of profile submission—an important factor in tie-breaker decisions.
The new rule affects those applying under the Federal Skilled Worker Program and the Federal Skilled Trades Program.
However, proof of funds is not mandatory for applicants under the Canadian Experience Class or for those with a valid job offer and authorisation to work in Canada.
Express Entry is a points-based immigration system that invites top-ranked candidates to apply for permanent residency in draws held roughly every two weeks.
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