A recent update by Immigration, Refugees and Citizenship Canada, IRCC, has confirmed that foreign nationals hoping to migrate to the country through the Express Entry system, will now be required to show a higher minimum amount of funds to qualify.
Effective July 7, 2025, a single applicant must now demonstrate access to at least CAD $15,263 (about N17million).
It is an increase 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 is part of the IRCC’s annual review of settlement fund requirements, which are based on 50% of the low-income cut-off totals determined by Statistics Canada.
Applicants must also provide official letters from financial institutions where they hold accounts, printed on the bank’s 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.
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