The Canadian Government has increased the minimum financial requirement for immigrants applying through the Express Entry system.
It is coming about the same time the United States government announced that most Nigerians applying for non-immigrant visas will now only get single-entry three-month visas.
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According to a recent update from Immigration, Refugees and Citizenship Canada (IRCC) on its website, visa applicants may need to update their proof of funds in their Express Entry profile no later than 28 July 2025 to stay eligible.
Proof of funds is a document that demonstrates a person or entity’s financial capacity to cover the costs of a specific transaction.
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For immigration, it demonstrates to authorities that visa applicants or intending immigrants have sufficient financial resources to support themselves and any accompanying family members during their stay, potentially for their initial settlement in the new country.
Examples of proof of funds documents may include recent bank statements, official bank letters, financial aid letters, or employer letters.
New rates
The new rates took effect on 7 July. The IRCC notes that the numbers are updated yearly based on 50 per cent of the low-income cut-off totals.
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By the new rates, single applicants must show proof of access to at least CAD 15,263 (about N17 million), up from the previous CAD 14,690.
The required amount has risen to CAD 19,001 (around N21.2 million) for a two-person household.
“Proof of funds shows us you have enough money to settle in Canada. If we invite you to apply, you must give written proof that you have this money.
“The amount of money you need to support your family is based on the size of your family. If you have more money, you should list the full amount in your profile or application,” a statement on the website notes.
It also noted that visa applicants must submit official letters from their financial institutions, printed on letterhead, confirming account details.
“You must prove to us that you can legally access the money here when you arrive. For example, you can’t use equity on real property as proof of settlement funds. You can’t borrow this money from another person.
READ ALSO: UPDATED: US reduces visa validity for most Nigerian applicants, gives reason
“If your spouse is coming with you, you can count your money together in a joint account. You may be able to count money in an account under your spouse’s name only, but you must prove you have access to the money,” the statement added.
Like the US
On 8 July, the US government announced that most Nigerians applying for non-immigrant visas will now only get single-entry three-month visas.
The US Mission in Nigeria said this was to reciprocate Nigeria’s visa policy for Americans.
“Effective today, most non-immigrant & non-official visas for Nigerian citizens will be single-entry with 3-month validity…” the embassy said.
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