Japa: Canada Sets N17 million as Minimum Fund for Skilled Worker Immigrants
- Canada has increased the minimum settlement funds required for Express Entry immigration applicants, with a single person now needing CAD $15,263
- The new requirement affects applicants under the Federal Skilled Worker and Skilled Trades programs but excludes those with valid job offers
- Candidates must update their Express Entry profiles by July 28 to remain eligible
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Foreign nationals applying for Canadian permanent residency through the Express Entry system will now need to meet higher financial requirements, following a recent policy adjustment by Immigration, Refugees and Citizenship Canada (IRCC).
Effective July 7, 2025, candidates under the Express Entry program must demonstrate access to a larger amount of settlement funds. A single applicant is now required to show a minimum of CAD $15,263 (approximately ₦17 million), up from the previous CAD $14,690.
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For a couple, the new minimum is CAD $19,001 (around ₦21.2 million). These funds are intended to prove that newcomers can support themselves and their dependents upon arrival in Canada.
Change follows recent review of current realities
The increase stems from IRCC’s annual review of settlement fund benchmarks, which are calculated based on 50% of the Low-Income Cut-Off (LICO) figures published by Statistics Canada. The adjustment is part of efforts to ensure that new immigrants are financially equipped to transition smoothly into Canadian life.
Applicants are required to submit formal proof of funds through official letters issued by their financial institutions.
These letters must be printed on the bank’s letterhead and clearly indicate account balances, dates, and contact information. For those applying with a spouse or partner, funds from joint accounts may be presented collectively.
Candidate already in pool required to update data
Candidates already in the Express Entry pool must update their settlement fund documentation by July 28, 2025, to remain eligible. While this update is mandatory, it does not affect the date and time the original profile was submitted, so applicants will retain their current rank in the pool under tie-breaker rules.
Source: Getty Images
Proof of funds is a core requirement for two major immigration streams under Express Entry: the Federal Skilled Worker Program and the Federal Skilled Trades Program.
However, it is not mandatory for applicants under the Canadian Experience Class or for those with a valid job offer and authorization to work in Canada.
The Express Entry system operates on a points-based framework known as the Comprehensive Ranking System (CRS), which ranks applicants based on factors such as age, education, work experience, and language proficiency.
IRCC conducts regular draws, typically every two weeks, inviting top-ranking candidates to apply for permanent residency.
Although creating an Express Entry profile is the first step toward immigration, it does not guarantee an invitation to apply.
Candidates must meet all eligibility requirements and stay up to date with evolving criteria, including financial thresholds, to improve their chances of selection.
Full list of countries whose citizens Trump is deporting
Earlier, Legit.ng reported that the United States had begun a large-scale deportation operation affecting over 1.4 million noncitizens, as the Trump administration moves forward with its immigration crackdown.
The deportations, targeting individuals with final removal orders, span more than 150 countries, making this one of the most extensive removal efforts in U.S. history.
Source: Legit.ng
