Canada has announced a major update to its immigration requirements, raising the minimum proof of funds needed for Express Entry applicants to over ₦17 million. This adjustment, which takes effect from July 7, 2025, was confirmed by Immigration, Refugees and Citizenship Canada.
Single applicants must now show they have at least CAD 15,263 in their account, a significant jump from the previous CAD 14,690. For couples, the new requirement stands at CAD 19,001, translating to about ₦21.2 million.
This change follows Canada’s yearly financial review, which uses data from Statistics Canada to determine the minimum amount newcomers need to settle in the country comfortably. These funds are meant to ensure immigrants can support themselves and any dependents upon arrival.
To meet the new standard, applicants must present official bank letters printed on their bank’s letterhead. These documents must clearly show account balances and ownership. Joint account balances can be presented when applying with a spouse.
IRCC has advised all applicants currently in the Express Entry pool to update their proof of funds by July 28, 2025, to avoid losing eligibility. However, doing so will not change their original profile submission date or ranking in the draw system.
Proof of funds is a required step for those applying under the Federal Skilled Worker Program and the Federal Skilled Trades Program. It is not necessary for applicants in the Canadian Experience Class or those who already have a valid job offer in Canada.
Officials also reminded the public that submitting an Express Entry profile does not automatically guarantee permanent residency. Invitations are only issued to top candidates based on their Comprehensive Ranking System score, with draws usually happening every two weeks.
For many Nigerians dreaming of relocating to Canada, this latest move is a reminder that financial readiness remains a key part of the japa journey.
