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JAPA: Canada Raises Proof of Funds to ₦17 Million for Express Entry Applicants
Canada has increased the minimum financial requirement for immigrants applying through the Express Entry system, according to a recent update from Immigration, Refugees and Citizenship Canada (IRCC).
Effective July 7, 2025, single applicants must now show proof of access to at least CAD $15,263 (about ₦17 million), up from the previous CAD $14,690. For a two-person household, the required amount has risen to CAD $19,001 (around ₦21.2 million).
The revised thresholds follow IRCC’s annual review of settlement funds, which are based on 50% of Canada’s low-income cut-off figures provided by Statistics Canada. These funds are meant to demonstrate that newcomers can support themselves and their dependents upon arrival.
Applicants must submit official letters from their financial institutions, printed on letterhead, confirming account details. If applying with a spouse, funds in joint accounts can be combined.
Candidates in the Express Entry pool must update their proof of funds no later than July 28, 2025, to remain eligible. However, this update will not affect their original submission date or their position in tie-breaker scenarios.
Proof of funds is a mandatory requirement for applicants under the Federal Skilled Worker Program and Federal Skilled Trades Program. It is not required for those applying under the Canadian Experience Class or for individuals already working in Canada with a valid job offer.
It’s important to note that submitting an Express Entry profile does not guarantee permanent residency. IRCC continues to issue invitations to the highest-ranking candidates approximately every two weeks through the Comprehensive Ranking System (CRS).