The Canadian government has raised the proof of funds required for applicants hoping to migrate
Effective July 7, 2025, a single applicant must show proof of at least CAD $15,263 (about ₦17 million), up from the previous CAD $14,690. For couples, the minimum required funds have increased to CAD $19,001 (₦21.2 million).
This change stems from IRCC’s annual review of settlement fund thresholds, which are tied to 50% of the low-income cut-off figures published by Statistics Canada.
The purpose is to ensure newcomers have sufficient funds to support themselves and their families after arrival in Canada.
Applicants are required to submit official letters from the financial institutions where they hold accounts, printed on the bank’s letterhead. For those applying with a spouse, funds in joint accounts can be combined.
To remain eligible in the Express Entry pool, candidates must update their proof of funds in their profiles no later than July 28, 2025. However, making this update does not alter the original submission date and time, so applicants won’t lose their ranking in tie-breaker draws.
Proof of funds is a mandatory requirement under both the Federal Skilled Worker Program and the Federal Skilled Trades Program. It is not required for those applying under the Canadian Experience Class or for candidates with a valid job offer and authorization to work in Canada.
Completing an Express Entry profile is only the first step in the process and does not guarantee permanent residency. Approximately every two weeks, IRCC invites top-ranking candidates based on the Comprehensive Ranking System (CRS), which evaluates applicants using factors such as age, education, language proficiency, and work experience.
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