Canada has officially updated the proof of funds requirement for immigration applicants under the Express Entry system, with new thresholds taking effect from July 7, 2025. The increase is part of the Canadian government’s efforts to ensure that newcomers are financially prepared to settle successfully in the country.
New Settlement Fund Requirements
According to the latest update from Immigration, Refugees and Citizenship Canada (IRCC):
-
A single applicant must now demonstrate CAD 15,263 (approximately ₦17 million), up from CAD $14,690.
-
For couples, the required minimum has risen to CAD $19,001 (around ₦21.2 million).
These changes come as part of IRCC’s annual review, which adjusts the settlement fund thresholds based on 50% of the low-income cut-off figures published by Statistics Canada.
Why This Matters
The proof of funds requirement is designed to confirm that immigrants can support themselves and their families after arriving in Canada. This financial buffer helps newcomers manage essential expenses, such as housing, food, and transportation, while they settle in.
Who Needs to Show Proof of Funds?
Proof of funds is mandatory for candidates applying under:
-
Federal Skilled Worker Program (FSWP)
-
Federal Skilled Trades Program (FSTP)
It is not required for those applying through:
-
Canadian Experience Class (CEC)
-
Or for candidates who already have a valid job offer and authorization to work in Canada
Required Documentation
Applicants must provide official bank letters printed on their financial institution’s letterhead. These letters should include:
-
Account numbers
-
Current balances
-
Average balance for the past six months
-
Date of account opening
If applying with a spouse, funds in joint accounts can be counted toward the requirement.
Key Deadline: July 28, 2025
Candidates already in the Express Entry pool must update their proof of funds information by July 28, 2025 to remain eligible. Fortunately, making this update will not change their original profile submission date or time, so applicants won’t lose their ranking in tie-breaker draws.
Reminder: Express Entry Is Competitive
Submitting an Express Entry profile is only the first step in Canada’s immigration process. Roughly every two weeks, IRCC conducts draws to invite top-ranking candidates based on the Comprehensive Ranking System (CRS). This system evaluates factors such as:
-
Age
-
Education
-
Language skills (English and/or French)
-
Work experience
-
Adaptability and job offers
Conclusion
If you’re planning to immigrate to Canada in 2025, now is the time to review your financial readiness and update your Express Entry profile accordingly. The new proof of funds requirements reflect Canada’s continued commitment to ensuring the successful integration of newcomers.
