The minimum proof of funds for immigrants into Canada is now CAD $15,262, or N17.1 million, according to a review of settlement fund requirements announced by Immigration, Refugees and Citizenship Canada (IRCC).
With effect from July 7, 2025, this change was made as part of the IRCC’s yearly review of settlement fund requirements, which were based on 50% of the low-income cut-off totals as established by Statistics Canada.
The minimum requirement of CAD $14,690 was different from the most recent review. A family of two is now expected to earn CAD $19,001, which is more than N21.2 million.
The money was supposed to show that applicants could sustain themselves and their families once they arrived in Canada.
Under the Federal Skilled Worker Program and the Federal Skilled Trades Program, proof of funds is a crucial prerequisite. Official bank statements on the institution’s letterhead must be submitted by applicants, and money in joint accounts with a spouse may be combined. By July 28, 2025, candidates must update their proof of finances on their profiles in order to be eligible for the Express Entry pool.
An important consideration in tie-breaker determinations is the original date and time of profile submission, which will not be impacted by this update. The Federal Skilled Worker Program and Federal Skilled Trades Program applicants are impacted by the new rule, though.
For people who have a legitimate job offer and authorization to work in Canada, proof of funds is not required. A points-based immigration system called Express Entry holds draws about every two weeks to invite the top-ranked applicants to seek for permanent status.
