Prospective immigrants planning to apply through Canada’s Express Entry system must now show higher financial proof, as the Canadian government has increased the minimum settlement fund requirement. Effective July 7, 2025, a single applicant must demonstrate access to at least CAD $15,263 (about ₦17 million), up from the previous CAD $14,690. For a family of two, the new threshold is CAD $19,001 (₦21.2 million).
This update comes from the Immigration, Refugees and Citizenship Canada (IRCC) as part of its yearly review based on Statistics Canada’s low-income cut-off standards. These funds are essential to prove that applicants can financially support themselves and their families upon arrival in Canada.
To remain eligible in the Express Entry pool, candidates must update their proof of funds before July 28, 2025. However, this update won’t affect their original submission date, meaning their place in any CRS tie-breaker remains secure.
Applicants must submit official bank letters printed on the institution’s letterhead. Joint accounts with a spouse are allowed. This requirement applies to the Federal Skilled Worker and Skilled Trades Programs but does not affect Canadian Experience Class applicants or those with valid job offers in Canada.
