The Canadian government has officially raised the minimum settlement fund requirement for individuals planning to immigrate through the Express Entry system. This adjustment aims to ensure prospective newcomers can adequately support themselves and their families upon arrival in Canada.
Under the updated guidelines, which became effective on July 7, 2025, a single applicant must now demonstrate access to at least CAD $15,263 (approximately N17 million). This marks an increase from the previous requirement of CAD $14,690. For a family of two, the minimum required funds have also risen to CAD $19,001 (around N21.2 million).
This revised financial threshold is part of Immigration, Refugees and Citizenship Canada (IRCC)'s annual review of settlement fund requirements. These figures are calculated based on 50% of the low-income cut-off totals, as determined by Statistics Canada.
Applicants must substantiate their funds by providing official letters from the financial institutions where their accounts are held, printed on the bank’s letterhead. For those applying with a spouse, funds held in joint accounts can be combined to meet the requirement.
To maintain eligibility within the Express Entry pool, candidates are required to update their proof of funds in their profile by July 28, 2025. It's important to note that this update will not alter the original submission date and time of the profile, meaning candidates will retain their position in any tie-breaker scenarios.
Proof of funds is a crucial prerequisite for applicants under both the Federal Skilled Worker Program and the Federal Skilled Trades Program. However, this requirement is waived for those applying under the Canadian Experience Class, or if an applicant is already authorized to work in Canada and holds a valid job offer, even when applying through other Express Entry streams.
While creating an Express Entry profile is the initial step in the immigration process, it does not guarantee permanent residency. The IRCC regularly invites top-ranking candidates from the pool, typically every two weeks, utilizing the Comprehensive Ranking System (CRS) to score and rank all submissions.
