The Canadian government has increased the amount of money that people applying through the Express Entry system must show to prove they can support themselves when they move to Canada.

Starting from July 7, 2025, a single applicant will need to show they have at least CAD $15,263, which is about ₦17 million. This is higher than the previous requirement of CAD $14,690. For two people, the new required amount is CAD $19,001, which is around ₦21.2 million.

This increase is part of the yearly review done by Immigration, Refugees and Citizenship Canada (IRCC). The amount is based on 50% of the low-income cut-off numbers set by Statistics Canada. The purpose is to make sure newcomers can take care of themselves and their families after arriving in the country.

Applicants must show that they have this money by submitting official letters from the banks where they keep their funds. These letters must be printed on the bank’s letterhead. If a couple is applying together, they can combine the money in their joint accounts to meet the required amount.

Candidates who are already in the Express Entry pool must update their proof of funds by July 28, 2025, to remain eligible. Updating your funds doesn’t change the original submission date of your profile, so your position in tie-breaker situations stays the same.

This proof of funds rule applies to those applying through the Federal Skilled Worker Program and the Federal Skilled Trades Program. However, if you’re applying under the Canadian Experience Class, or if you already have a valid job offer and are authorized to work in Canada, you do not need to show proof of funds.

It’s also important to know that completing an Express Entry profile doesn’t guarantee you will be invited to apply for permanent residency. IRCC selects the highest-ranking candidates from the pool using a points system called the Comprehensive Ranking System (CRS). These draws usually happen every two weeks.