By Gloria Nosa
Canada has increased the minimum financial requirement for Express Entry applicants, sparking concern and recalibration among thousands of potential immigrants from Nigeria and other countries. The new threshold, effective immediately, now requires applicants to show proof of funds totaling approximately ₦17 million (about CAD $14,690)—a sharp rise attributed to inflation and the need to ensure newcomers can sustain themselves upon arrival.
New Financial Benchmark Announced
Immigration, Refugees and Citizenship Canada (IRCC) announced the change as part of its annual update to the proof of funds requirement for applicants under the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP), both of which fall under the popular Express Entry system.
The proof of funds requirement does not apply to those who are authorized to work in Canada and have a valid job offer. However, for the vast majority of Express Entry applicants—especially skilled workers applying from abroad—this update represents a significant shift in expectations.
According to the updated figures, a single applicant must now show CAD $14,690 (₦17 million), while couples and families are required to demonstrate substantially more, depending on the number of family members accompanying them. For example:
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Couple: CAD $18,288 (approx. ₦21.3 million)
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Family of four: CAD $27,297 (approx. ₦31.8 million)
The Canadian government says the funds must be readily available and unencumbered, meaning applicants cannot rely on borrowed money or assets that are not easily liquidated.
Why the Change?
The increase in financial requirements is adjusted annually to reflect Canada’s low-income cut-off (LICO) as defined by Statistics Canada. The LICO measures the minimum income level necessary to support an individual or household in a major city in Canada. Rising housing, food, transportation, and healthcare costs have prompted Canadian authorities to raise the bar.
“The adjustment ensures that newcomers are better equipped to support themselves and their families during the initial settlement period,” IRCC stated. “This change aligns with our goal to make immigration sustainable and beneficial for both immigrants and the Canadian economy.”
Impact on Nigerian and African Applicants
Nigerian applicants—who make up a large proportion of Canada’s skilled worker immigration pool—are expected to feel the impact of the new requirement most acutely. With the continued depreciation of the naira and rising living costs domestically, sourcing ₦17 million in verifiable, accessible funds is now a taller order for many middle-class professionals.
“It’s discouraging, but not entirely surprising,” said Adewale Ojo, a Lagos-based immigration consultant. “Canada remains one of the most attractive destinations for skilled Nigerians, but the financial requirement might deter some who were already struggling to meet the older threshold.”
Some aspiring immigrants are now considering alternatives, including provincial nomination programs (PNPs), study permits, or countries with less rigid financial conditions.
What Applicants Should Do
IRCC advises all Express Entry candidates to update their Express Entry profile by July 15, 2025, to reflect the new minimum fund amounts. Failure to do so may result in disqualification or rejection of the application.
Applicants are reminded that:
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Funds must be held in the applicant’s name (or jointly with a spouse)
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Bank statements, official letters, and other documentation must be provided as proof
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The amount must remain consistent throughout the processing period
Those who have already received an Invitation to Apply (ITA) but have not yet submitted their final application must ensure they meet the new financial requirements before submission.
Final Thoughts
While the raised bar may pose challenges, it also reflects Canada’s desire to maintain a balanced and robust immigration system. For applicants, the new proof of funds requirement is a reminder that planning ahead—financially and logistically—is key to a successful transition to life in Canada. As the competition tightens, aspiring immigrants are advised to stay informed, be financially prepared, and consider all available pathways to achieve their Canadian dream.
