Canada’s Immigration, Refugees and Citizenship Canada (IRCC) has announced a new minimum proof of funds requirement for prospective immigrants applying through the Express Entry system.

Effective July 7, 2025, a single applicant must now show access to at least CAD $15,263 (approximately ₦17 million), up from CAD $14,690 previously required.

For a family of two, the required amount has also increased to CAD $19,001 (around ₦21.2 million).

The revision comes as part of IRCC’s annual adjustment based on 50% of the Low-Income Cut-Off (LICO) figures provided by Statistics Canada, reflecting the minimum amount newcomers need to support themselves upon arrival.

Applicants must provide official bank letters on letterhead, detailing account balances, and if applying with a spouse, joint funds are acceptable.

Candidates in the Express Entry pool must update their proof of funds documents by July 28, 2025, to maintain eligibility.