Foreign nationals aiming to migrate to Canada through the Express Entry system will now need to meet a higher minimum financial requirement, following a recent update from Immigration, Refugees and Citizenship Canada (IRCC).
Based on the new guidelines effective from July 7, 2025, a single applicant is now required to show access to at least CAD $15,263 (about N17 million), an increase from the previous CAD $14,690. For a family of two, the new minimum required amount rises to CAD $19,001 (N21.2m).
This update in the financial threshold is part of IRCC’s annual review of settlement fund requirements, calculated at 50% of the low-income cut-off figures determined by Statistics Canada.
These funds are meant to prove that applicants can financially support themselves and their families after arriving in Canada.
Applicants must provide official letters from their financial institutions, printed on the bank’s letterhead. For those applying with a spouse, funds in joint accounts may be combined.
To stay eligible in the Express Entry pool, candidates must update their proof of funds in their profile no later than July 28, 2025. This update will not affect the original submission date and time of the profile, meaning it will not impact tie-breaker situations.
Proof of funds remains a mandatory requirement under both the Federal Skilled Worker Program and the Federal Skilled Trades Program. However, it is not required for applicants under the Canadian Experience Class or for those already authorized to work in Canada with a valid job offer, even under other Express Entry categories.
Submitting an Express Entry profile is only the initial step and does not guarantee permanent residency. IRCC continues to invite the highest-ranking candidates from the pool approximately every two weeks, using the Comprehensive Ranking System (CRS) to assess and rank applications.
