The Canadian government has revised the minimum settlement fund requirements for individuals applying through the Express Entry immigration system. Effective July 7, 2025, applicants will need to show access to more funds to remain eligible.
Under the updated guidelines, a single applicant must now prove they have at least CAD $15,263 (approximately ₦17 million), an increase from the previous CAD $14,690. For a two-person household, the requirement has risen to CAD $19,001 (about ₦21.2 million).
This annual adjustment, conducted by Immigration, Refugees and Citizenship Canada (IRCC), is based on 50% of Canada’s low-income cut-off figures as determined by Statistics Canada. The purpose is to ensure that newcomers can financially support themselves and their families upon arriving in Canada.
Applicants must submit formal bank letters confirming their available funds. These documents must be printed on official bank letterhead. For couples applying together, funds held in joint accounts can be combined to meet the requirement.
To maintain eligibility in the Express Entry pool, candidates must update their proof of funds by July 28, 2025. Importantly, updating this information will not affect the original submission date of their profile, ensuring candidates retain their position for tie-breaking purposes.
Proof of funds is mandatory for applicants under the Federal Skilled Worker Program and the Federal Skilled Trades Program, but not for those applying through the Canadian Experience Class or individuals with a valid job offer and authorization to work in Canada.
While submitting an Express Entry profile is the first step in the process, it does not guarantee permanent residency. The IRCC continues to issue invitations to apply approximately every two weeks, selecting top-ranking candidates based on the Comprehensive Ranking System (CRS) scores.
