Canada increases minimum proof of funds to N17 Million for Express Entry applicants

<img src="https://cdn.businessday.ng/2023/06/chart-13.png">The Canadian government has increased the minimum settlement fund requirement for prospective immigrants applying under the Express Entry system.According to the new guidelines, effective July 7, 2025, a single applicant must now demonstrate access to at least CAD $15,263 (about N17 million), up from the previous requirement of CAD $14,690. For a family of two, the minimum required funds rise to CAD $19,001 (N21.2m).This adjustment in the financial threshold comes as part of the IRCCs annual review of settlement fund requirements, which are based on 50% of the low-income cut-off totals determined by Statistics Canada.The funds are intended to show thatapplicantscan support themselves and their families after arrival in Canada.Applicants must provide official letters from financial institutions where they hold accounts, printed on the banks letterhead. If applying with a spouse, funds held in joint accounts can be combined.To remain eligible in the Express Entry pool, candidates must update their proof of funds in their profile no later than July 28, 2025. However, this update does not change the date and time the profile was originally submitted, meaning candidates wont lose their place in tie-breaker scenarios.Proof of funds is a critical requirement under both the Federal Skilled Worker Program and the Federal Skilled Trades Program. It is not required if you are applying under the Canadian Experience Class, or if youre already authorized to work in Canada and hold a valid job offer even under the other Express Entry streams.While completing an Express Entry profile is the first step, it does not guarantee permanent residency. The IRCC invites top-ranking candidates from the pool approximately every two weeks, using the Comprehensive Ranking System (CRS) to score and rank submissions.The post <a href="http://www.lindaikejisblog.com/2025/7/canada-increases-minimum-proof-of-funds-to-n17-million-for-express-entry-applicants-2.html">Canada increases minimum proof of funds to N17 Million for Express Entry applicants</a> appeared first on <a href="https://www.lindaikejisblog.com">Linda Ikeji Blog</a>.
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