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).
The new law states that single applicants must now demonstrate access to at least CAD $15, 263 (approximately N17 million), an increase from the previous requirement of CAD $14, 690.
For a two-person household, the required amount has risen to CAD $19,001 (around N21.2 million).
The revised thresholds follow IRCC‘s annual review of settlement funds, which are based on 50 percent of Canada’s low-income cut-off figures provided by Statistics Canada.
These funds are intended to show that newcomers can support themselves and their dependents upon arrival in Canada.
Also, applicants must submit official letters from their financial institutions, printed on letterhead, which confirm account details. If a couple applies together, they can combine funds from joint accounts.
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Candidates in the Express Entry pool must update their proof of funds by 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 the 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 also states that submitting an Express Entry profile does not guarantee permanent residency. The IRCC continues to issue invitations to the highest-ranking candidates approximately every two weeks through the Comprehensive Ranking System (CRS).
