Canada increases proof of funds.webp
The Digest:

As Canada raises its minimum financial requirement for Express Entry applicants, individuals hoping to settle must now meet higher proof of funds thresholds. With this shift, it’s clear that navigating immigration pathways demands not only ambition but financial preparation.

Key Points:
  • Proof of funds for single applicants raised to CAD 15,263 (~₦17 million).
  • Two-person households are now required to show CAD 19,001 (~₦21.2 million).
  • Changes effective July 7, 2025, as per Immigration, Refugees and Citizenship Canada (IRCC).
  • Proof of funds is required for the Federal Skilled Worker and Federal Skilled Trades programs.
  • Joint accounts can combine funds when applying with a spouse.
  • No requirement for Canadian Experience Class applicants or those with a job offer.
  • Candidates must update their funds by July 28, 2025, to remain eligible.

This update underscores the growing need for financial stability in global migration. As Canada strengthens its immigration requirements, applicants must face the challenge of proving their self-sufficiency, marking a crucial step in the country's immigration landscape.

Sources: Vanguard, Premium Times, IRCC