In a fresh policy update that may impact thousands of Nigerians eyeing migration under the “Japa” wave, the Government of Canada has increased the minimum proof of funds required for immigrants applying through the popular Express Entry system.
According to an official announcement by Immigration, Refugees and Citizenship Canada (IRCC), the new financial requirement for a single applicant has been raised to CAD 15,263, which is approximately ₦17 million, based on prevailing parallel market exchange rates.
The update, which took effect from July 7, 2025, also applies to other family categories. For instance, a family of two must now show at least CAD 19,000, while a family of four will need more than CAD 28,000 to meet the financial eligibility criteria.
IRCC explained that the adjustment is part of its annual review of settlement fund requirements, based on 50 percent of Canada’s low-income cut-off (LICO) figures. The funds are meant to demonstrate that immigrants have sufficient money to settle and support themselves and their families upon arrival in Canada.
The new development affects applicants under the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP)—two of the major pathways to Canadian permanent residency. However, candidates applying under the Canadian Experience Class (CEC) or those with valid job offers are exempt from the new proof-of-funds rule.
Candidates already in the Express Entry pool are expected to update their proof-of-funds information in their online profiles no later than July 28, 2025. IRCC noted that failure to do so may affect an applicant’s eligibility to receive an invitation to apply (ITA) for permanent residence.
Applicants must provide official letters from financial institutions, detailing current account balances, outstanding debts, account numbers, and average balances for the past six months. IRCC emphasized that the funds must be readily available and cannot be borrowed. Assets like property equity or promised support from friends and family will not be accepted.
The increase has sparked reactions across Nigeria’s social media space, where many aspiring migrants—especially young professionals—have expressed concern over the growing financial barriers to migration.
Despite the rising costs, Canada remains a top destination for Nigerian immigrants, with thousands applying annually for opportunities in skilled work, education, and permanent residency.
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