Canada has increased the minimum financial requirement for immigrants under its Express Entry system, with single applicants now required to show proof of at least CAD $15,263 (approximately ₦17 million) to qualify.
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The updated threshold, which took effect on July 7, 2025, was announced by Immigration, Refugees and Citizenship Canada (IRCC). It marks a rise from the previous minimum of CAD $14,690. For a family of two, the new requirement is CAD $19,001 (about ₦21.2 million).
IRCC stated that the annual adjustment is based on 50% of the low-income cut-off (LICO) totals established by Statistics Canada. The revision is aimed at ensuring that new immigrants have sufficient financial resources to support themselves and their families upon arrival in Canada.
Applicants are required to submit official bank statements printed on their financial institution’s letterhead. Joint account funds with a spouse are allowed, and applicants must update their Express Entry profiles with the new proof of funds by July 28, 2025, to remain eligible in the selection pool.
The update affects candidates applying under the Federal Skilled Worker Program and the Federal Skilled Trades Program. However, individuals applying through the Canadian Experience Class or those with a valid job offer and work authorization in Canada are exempt from the proof of funds requirement.
IRCC also clarified that updating one’s profile to meet the new financial standard will not affect the original date and time of submission—an important factor in tie-breaking decisions when multiple candidates have the same Comprehensive Ranking System (CRS) score.
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