Foreign nationals applying for Canadian permanent residency through the Express Entry system will now need to meet higher financial requirements, following a recent policy adjustment by Immigration, Refugees and Citizenship Canada (IRCC).

Effective July 7, 2025, candidates under the Express Entry program must demonstrate access to a larger amount of settlement funds. A single applicant is now required to show a minimum of CAD $15,263 (approximately ₦17 million), up from the previous CAD $14,690.

For a couple, the new minimum is CAD $19,001 (around ₦21.2 million). These funds are intended to prove that newcomers can support themselves and their dependents upon arrival in Canada.

Change follows recent review of current realities

The increase stems from IRCC’s annual review of settlement fund benchmarks, which are calculated based on 50% of the Low-Income Cut-Off (LICO) figures published by Statistics Canada. The adjustment is part of efforts to ensure that new immigrants are financially equipped to transition smoothly into Canadian life.

Applicants are required to submit formal proof of funds through official letters issued by their financial institutions.

These letters must be printed on the bank’s letterhead and clearly indicate account balances, dates, and contact information. For those applying with a spouse or partner, funds from joint accounts may be presented collectively.

Candidate already in pool required to update data

Candidates already in the Express Entry pool must update their settlement fund documentation by July 28, 2025, to remain eligible. While this update is mandatory, it does not affect the date and time the original profile was submitted, so applicants will retain their current rank in the pool under tie-breaker rules.

Proof of funds is a core requirement for two major immigration streams under Express Entry: the Federal Skilled Worker Program and the Federal Skilled Trades Program.

However, it is not mandatory for applicants under the Canadian Experience Class or for those with a valid job offer and authorization to work in Canada.

The Express Entry system operates on a points-based framework known as the Comprehensive Ranking System (CRS), which ranks applicants based on factors such as age, education, work experience, and language proficiency.

IRCC conducts regular draws, typically every two weeks, inviting top-ranking candidates to apply for permanent residency.

Although creating an Express Entry profile is the first step toward immigration, it does not guarantee an invitation to apply.

Candidates must meet all eligibility requirements and stay up to date with evolving criteria, including financial thresholds, to improve their chances of selection.