Japa dreams costlier as Canada hikes settlement fund to N17m

Canada has increased the minimum amount of money immigrants need to show before they can move to the country through the Express Entry system.

According to the new rule from Immigration, Refugees and Citizenship Canada (IRCC), which started on July 7, 2025, a single person must now prove they have at least CAD $15,263 (about N17 million). Before, the required amount was CAD $14,690. For a family of two, the required funds have gone up to CAD $19,001 (about N21.2 million).

This yearly adjustment is done to make sure immigrants can take care of themselves and their families when they arrive in Canada. The amount is based on half of Canada’s low-income cut-off totals.

Applicants must get official letters from their banks to prove they have this money. If you apply with your spouse, you can combine the money in your joint account.

People in the Express Entry pool must update their proof of funds by July 28, 2025. Updating this information will not affect the date they originally submitted their profile, so they will not lose their ranking.

Proof of funds is needed for those applying under the Federal Skilled Worker Program and the Federal Skilled Trades Program. However, it is not needed if you are applying under the Canadian Experience Class or if you already have a valid job offer and permission to work in Canada.

Completing an Express Entry profile is only the first step and does not guarantee permanent residency.

The Canadian government selects top candidates about every two weeks, using a points system called the Comprehensive Ranking System (CRS) to decide who gets invited to apply for residency.