On July 7, 2025, Immigration, Refugees and Citizenship Canada (IRCC) quietly raised the minimum settlement funds required for applicants under its Federal Skilled Worker and Federal Skilled Trades Express Entry programs. The new thresholds are effective immediately, and applicants must update their profiles with proof of funds by July 28, 2025 .
Family Size New CAD Requirement Prev. CAD Requirement:
1 (single) 15,263 14,690
2 19,001 18,288
3 23,360 22,483
For a single Nigerian applicant, this equates to roughly ₦17 million, up from about ₦16.4 million—a ₦1 million increase in local currency terms .
IRCC adjusts these minimums each year based on 50% of Canada’s low-income cut-off (LICO). The slight boost reflects living cost updates—an annual recalibration to ensure newcomers can support themselves and their FAMILIES.
APplicants under the FSWP and FSTP—without Canadian work permits or valid job offers—must submit bank letters confirming these funds. Letters must be on official bank letterhead, include account history, debts, balances, and prove legal access to funds after arrival.
Who’s Exempt?
If you’re applying via the Canadian Experience Class (CEC) or already hold a Canadian work permit with a valid job offer, the proof of funds requirement does not apply. Yet, IRCC still expects applicants to upload a confirming document .
What You Should Do:
1. Check your Express Entry profile and ensure funds are updated before July 28.
2. Request a bank letter showing six months of balances, issued on official letterhead.
3. Include all family members, even if they’re Canadian citizens or not relocating.
This modest increase ensures stronger verification that newcomers can sustain their initial settlement in Canada. For Nigerian applicants, the bar has risen slightly—but staying ahead of the July deadline will help avoid disqualification from the Express Entry pool.
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