The Canadian government has increased the minimum settlement fund requirement for prospective immigrants applying under the Express Entry system.
According to the new guidelines, effective July 7,:2025, a single applicant must now demonstrate access to at least CAD $15,263 (about N17 million), up from previous requirement of CAD $114,690.
For a family of two, the minimum required funds raise to CAD $19,001 (N21. 2m).
This adjustment in the financial threshold comes as part of the IRRC’s annual review of settlement fund requirements, which are based on 50% of the low-income cut-off totals determined by Statistics Canada.
The funds are are intended to show that applicants can support themselves and their families after arrival in Canada.
Proof of funds is a mandatory requirement for applicants under the Federal Skilled Worker Program and Federal Skilled Trade Program. It is not required for those applying under the Canadian Experience Class or for those applying under the Canadian Experience Class or for individuals already working in Canada with a valid job offer.
It’s important to note that submitting an Express Entry profile does not guarantee residency. IRCC continues to issue invitations to the highest-ranking candidates approximately every two weeks through the Comprehensive Ranking System (CRS).
-9News Nigeria.
