Japa Dreams Costlier as Canada Hikes Settlement Funds to ₦17m

Foreign nationals planning to immigrate to Canada through the Express Entry system will now need to show access to more funds to remain eligible, following an upward adjustment by Immigration, Refugees and Citizenship Canada (IRCC).

According to the latest update, which takes effect on July 7, 2025, a single applicant must now prove access to at least CAD $15,263 (approximately ₦17 million), a rise from the previous threshold of CAD $14,690. For a family of two, the required minimum has also increased to CAD $19,001 (₦21.2 million).

This revision is part of the IRCC’s annual review of settlement fund requirements, based on 50% of the low-income cut-off totals as determined by Statistics Canada.

The financial requirement exists to ensure that newcomers can support themselves and their families after landing in Canada. Applicants are expected to submit official letters from financial institutions, printed on letterhead, detailing the funds they hold. For those applying as a couple, funds in joint accounts can be counted together.

The IRCC has given Express Entry candidates until July 28, 2025, to update their proof of funds in their online profiles. However, this update “does not change the date and time you submitted your profile,” meaning candidates will retain their original position in tie-breaker situations.

Proof of funds remains a mandatory requirement under both the Federal Skilled Worker Program and the Federal Skilled Trades Program. However, it is not required if applicants are applying through the Canadian Experience Class, or if they are already working in Canada with a valid job offer, even under other Express Entry streams.

While submitting an Express Entry profile is the first step in the immigration process, it does not guarantee permanent residency. The IRCC selects top-ranking candidates from the pool roughly every two weeks, using the Comprehensive Ranking System (CRS) to evaluate and rank profiles.