If you are thinking of Japa or eyeing a fresh start in Canada, the dream may have just gotten a little harder to reach. As of July 7, 2025, Canada has raised the financial bar for skilled workers hoping to immigrate under its Express Entry system. 

And the new numbers are turning heads, a single applicant must now show proof of at least ₦17 million in available funds. That’s not small change.

This updated requirement applies specifically to those applying through the Federal Skilled Worker and Federal Skilled Trades programs. 

However, if you’re lucky enough to have a valid job offer in Canada or you’re applying under the Canadian Experience Class, you’re exempt from this rule.

What’s behind the new financial demand?

According to Canada’s immigration authority, the Immigration, Refugees and Citizenship Canada (IRCC), this change comes from their annual review of the financial threshold known as the “settlement funds.” 

These funds are meant to show that an immigrant can survive independently without relying on government support upon arrival in Canada.

The IRCC uses a benchmark tied to Canada’s Low-Income Cut-Off (LICO) to calculate how much is “enough” to support yourself. This year’s increase from CAD $14,690 to CAD $15,263 for a single applicant might seem small in Canadian dollars, but it translates to a jump from around ₦16 million to ₦17 million in Nigerian currency. 

For a couple, that figure climbs to ₦21.2 million.

Who needs to worry?

If you’re in the Express Entry pool and don’t have a job offer, this update affects you. Even those who already submitted their profiles must go back and update their settlement fund information by July 28, or risk losing eligibility.

Don’t worry, updating your profile won’t affect your place in line. Your original submission date and ranking will remain unchanged, thanks to Canada’s tie-breaker rules that protect early applicants.

What exactly counts as “Proof of Funds”?

Canada is not taking any chances with fake or vague financial claims. Applicants are required to submit formal letters from their banks, printed on official letterheads, stating account balances, transaction history, and contact details.

If you’re applying with your spouse, funds in joint accounts can be counted toward the total.

Is it still worth the hassle?

The financial hurdle may feel steep, but it’s part of a broader system designed to ensure that newcomers thrive, not just survive in Canada. 

The Express Entry system runs on a points-based structure called the Comprehensive Ranking System (CRS), where candidates earn points based on their age, education, language skills, and work experience.

Every two weeks or so, Canada selects the top-ranking candidates and invites them to apply for permanent residency. But even a high CRS score won’t save you if you can’t meet the financial criteria.

So yes, while it might sting to gather ₦17 million just to qualify, it could also be the price tag for a better life.