Immigration, Refugees and Citizenship Canada (IRCC) has increased the minimum funds required for foreign nationals applying to migrate through the Express Entry system.
Effective July 7, 2025, applicants must demonstrate access to higher amounts to qualify.
A single applicant must now show at least CAD $15,263 (approximately N17 million), up from CAD $14,690. For a family of two, the minimum required funds have risen to CAD $19,001 (approximately N21.2 million).
The update is part of IRCC's annual review of settlement fund requirements, based on Statistics Canada's low-income cut-off totals. Applicants must provide official letters from financial institutions, printed on the bank's letterhead, as proof of funds. Joint accounts can be combined if applying with a spouse.
Existing candidates in the Express Entry pool must update their proof of funds by July 28, 2025, to remain eligible. This update won't affect the original submission date and time of their profile.
Proof of funds is required for Federal Skilled Worker and Federal Skilled Trades programs but not for Canadian Experience Class or valid job offer holders.
Completing an Express Entry profile doesn't guarantee permanent residency; top-ranking candidates are invited approximately every two weeks based on the Comprehensive Ranking System (CRS).
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