Canada Increases Minimum Proof Of Funds To N17 Million For Express Entry Applicants

The Canadian government has raised the minimum settlement fund requirement for individuals applying through the Express Entry system for immigration.

As per the updated guidelines, effective July 7, 2025, a single applicant must now prove they have at least CAD $15,263 (about N17 million), an increase from the prior requirement of CAD $14,690. For a family of two, the minimum required funds have increased to CAD $19,001 (N21.2m).

This change in the financial threshold is part of the IRCC’s yearly review of settlement fund requirements, which are calculated based on 50% of the low-income cut-off totals provided by Statistics Canada.

The funds are meant to demonstrate that applicants can financially sustain themselves and their families upon arriving in Canada.

Applicants must submit official letters from the financial institutions where their accounts are held, printed on the bank’s letterhead. If applying with a spouse, funds in joint accounts can be combined.

To stay eligible in the Express Entry pool, candidates must update their proof of funds in their profile by July 28, 2025. However, this update does not alter the original submission date and time of the profile, ensuring candidates maintain their position in tie-breaker situations.

Proof of funds is a vital requirement for both the Federal Skilled Worker Program and the Federal Skilled Trades Program. It is not necessary if you are applying under the Canadian Experience Class or if you are authorized to work in Canada and have a valid job offer, even under other Express Entry streams.

While completing an Express Entry profile is the initial step, it does not guarantee permanent residency. The IRCC selects top-ranking candidates from the pool roughly every two weeks, using the Comprehensive Ranking System (CRS) to evaluate and rank submissions.

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