Canada’s Immigration, Refugees and Citizenship Canada (IRCC) has announced a revised financial threshold for newcomers applying through its Express Entry system. Effective July 7, 2025, single applicants under the Federal Skilled Worker (FSWP) and Federal Skilled Trades Programs (FSTP) are now required to present CAD 15,263—equivalent to approximately ₦17 million—up from CAD 14,690.
The hike also impacts families: couples must now show CAD 19,001, while a family of four needs CAD 28,362. These adjustments are part of IRCC’s annual review, linked to 50% of Canada’s low-income cut-off, ensuring migrants have enough to support themselves upon arrival .
This change affects applicants in the Express Entry pool who don’t have a valid Canadian job offer or Canadian Experience Class (CEC) eligibility. Those exempt under CEC or with work authorization remain unaffected—but must still upload official documentation confirming their status .
Immigration hopefuls already in the pool have a deadline: update their proof-of-funds credentials by July 28, 2025, or risk becoming ineligible for an Invitation to Apply (ITA) for permanent residency.
To satisfy the requirement, applicants must submit bank-issued letters on official letterhead, including account details, six-month average balances, and debt statements. These funds must be liquid—borrowed money or non-liquid assets like property equity won’t qualify.
Despite the steeper financial barrier, Canada remains a top destination for Nigerians pursuing skilled migration and permanent residency, with thousands applying each year.
