Canada Increases Minimum Proof-of-Fund for Nigerians, Others, Gives Implementation Date

• Immigration, Refugees and Citizenship Canada (IRCC) has increased the minimum settlement funds required for applicants through the Express Entry system
• A single applicant must now demonstrate access to CAD $15,263 (₦17 million), and for a family of two, the requirement is CAD $19,001 (₦21.2 million)
• Candidates must update their proof of funds by July 28, 2025, to remain eligible for the Express Entry pool, with proof of funds being mandatory

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

Following a recent modification by Immigration, Refugees and Citizenship Canada (IRCC), foreign nationals wishing to immigrate to Canada through the Express Entry system will now need to demonstrate a higher minimum amount of funds to qualify.

The new rules, which come into effect on July 7, 2025, require a single applicant to show that they have access to at least CAD $15,263 (approximately ₦17 million), as compared to the previous minimum of CAD $14,690. The minimum amount of money required for a family of two increases to CAD $19,001 (₦21.2 million).

This change in the financial threshold is part of the IRCC's annual evaluation of settlement fund requirements, which are based on 50% of the low-income cut-off totals established by Statistics Canada.

These funds are intended to demonstrate that applicants can sustain themselves and their families once they arrive in Canada.

Official letters, printed on the bank's letterhead, from the financial institutions where the applicants have accounts are required. Funds held in joint accounts may be combined if applying with a spouse.

Candidates must update their proof of funding on their profile by July 28, 2025, in order to continue being eligible for the Express Entry pool. However, candidates will retain their spot in tie-breaker situations, as the update does not change the original submission date and time of their profile.

Proof of funds is a crucial requirement under both the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP). While it is not necessary under other Express Entry streams, it is still required if you are applying under the Canadian Experience Class or if you already have a valid job offer and are authorized to work in Canada.

Although creating an Express Entry profile is the first step, permanent residency is not guaranteed. Every two weeks, the IRCC selects the top-ranked applicants from the pool. Submissions are ranked and scored using the Comprehensive Ranking System (CRS).

Canada announces new changes on Nigerians

Legit.ng reported that Canada's immigration minister, Marc Miller, has announced that the government will cap the number of student visas over the next two years.

The government plans to approve 360,000 undergraduate study permits for 2024, representing a 35% reduction from 2023.

This comes amid concern about the growing number of international students' impact on the housing market.

Source: Legit.ng