The government of Canada has unveiled updated directives for newcomers.
This follows an increase in the minimum financial requirement for aspiring immigrants seeking to apply through the Express Entry framework.
As per the revised directives, starting from July 7, 2025, individuals applying alone must now prove access to at least CAD $15,263 (approximately N17 million), an increase from the former threshold of CAD $14,690. For couples, the minimum necessary funds rise to CAD $19,001 (N21.2m).
This enhancement in the financial benchmark is part of the IRCC’s yearly assessment of settlement fund standards, grounded in 50% of the low-income cut-off figures established by Statistics Canada.
The funds are meant to demonstrate that applicants can sustain themselves and their families after settling in Canada.
Candidates must furnish official documentation from financial institutions where they maintain accounts, printed on the bank’s official paper. If applying with a partner, funds in joint accounts can be aggregated.
To stay eligible in the Express Entry pool, applicants must refresh their proof of funds in their profile by July 28, 2025, at the latest. However, this revision does not alter the date and time of the initial profile submission, ensuring candidates won’t lose their standing in tie-breaking situations.
Showing proof of funds is an essential criterion for both the Federal Skilled Worker Program and the Federal Skilled Trades Program. It is unnecessary if applying under the Canadian Experience Class, or if you are already permitted to work in Canada with a valid job offer, even in other Express Entry categories.
While filling out an Express Entry profile is the initial action, it does not ensure permanent residency. The IRCC selects top-ranking applicants from the pool roughly every two weeks, utilizing the Comprehensive Ranking System (CRS) to evaluate and rank applications.