Canada Raises Immigration Settlement Funds For Express Entry Applicants to ₦17 Million for Singles and ₦21.2 Million for Couples

 

Prospective immigrants eyeing permanent residency in Canada through the Express Entry system must now meet higher financial requirements, following a recent adjustment by Immigration, Refugees and Citizenship Canada (IRCC). This revision, which took effect on July 7, 2025, increases the minimum proof of funds required from applicants under the Federal Skilled Worker Program and the Federal Skilled Trades Program.

Individuals applying as single candidates must now prove they have access to at least CAD $15,263, which translates to approximately ₦17 million. For couples or two-person families, the new threshold is CAD $19,001 or about ₦21.2 million. These figures mark a noticeable increase from the previous requirements, where a single applicant needed CAD $14,690.

The annual financial threshold review is a longstanding practice rooted in Canadian policy, aligning with 50% of the low-income cut-off (LICO) totals established by Statistics Canada. The purpose of this measure is to ensure that new immigrants are financially prepared to support themselves and their families upon arrival. These funds must be readily available and unencumbered by debt or obligations, serving as a safeguard against economic hardship for newcomers during their initial settlement period.

Letters from financial institutions will continue to be the required form of proof. These must be printed on the bank’s official letterhead and should clearly identify all current and active accounts, the dates they were opened, the current balances, and the average balance over the past six months. For applicants applying jointly with a spouse or partner, funds in joint accounts can be included in the total declared amount, provided proper documentation is presented.

Candidates with active profiles in the Express Entry pool are being given a deadline of July 28, 2025, to update their profiles with the revised financial information. Importantly, updating the proof of funds does not affect the date and time the profile was initially submitted. This ensures that applicants do not lose their priority ranking in tie-breaker draws, a concern for many striving to remain competitive under the Comprehensive Ranking System (CRS).

Those applying under the Canadian Experience Class (CEC) are exempt from this financial requirement, along with individuals who are already in Canada with valid job offers. This exemption also applies to applicants in the other Express Entry streams, provided they already hold authorization to work within Canada and have confirmed employment secured.

The settlement fund requirement is one of several core components of Canada’s immigration framework. It helps the government assess whether prospective immigrants possess the financial stability necessary for a successful transition into Canadian society. This recent adjustment comes at a time when Canada continues to expand its immigration targets, yet remains cautious about ensuring newcomers are well-positioned for long-term success.

Every two weeks, IRCC conducts draws from the Express Entry pool to invite top-ranking candidates based on their CRS scores. These scores are calculated by evaluating several criteria including age, education, work experience, language proficiency, and other adaptability factors. Submitting an Express Entry profile is considered the initial step toward permanent residency, but it does not guarantee an invitation. Only those who meet or exceed the cut-off score in each draw are invited to apply.

The latest development adds another layer of preparation for applicants, especially those who may have underestimated the financial commitment required. Immigration consultants and lawyers are advising all prospective candidates to reassess their bank statements and ensure they meet the updated requirements well before the July 28 deadline.

As Canada refines its immigration strategy, financial transparency and economic preparedness remain at the heart of its policies. The settlement fund update signals that while opportunities in Canada remain vast, applicants must come well-equipped to meet the demands of a new life in a different country.

For many, the increased requirement is not just a financial hurdle but a call to plan more strategically. Those who fail to meet the updated standard risk having their profiles removed from the pool or may miss out on invitations entirely. This reinforces the importance of staying informed and responsive to policy changes, particularly in a system as competitive and dynamic as Express Entry.