BREAKING: Canada Raises Immigration Fund Requirement to ₦17 Million — Express Entry Applicants Must Update Profiles by July 28

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Canada has announced a major policy update that affects thousands of immigration hopefuls worldwide, including many Nigerians. As of July 7, 2025, the country has increased the minimum settlement fund requirement for Express Entry applicants under its Federal Skilled Worker and Federal Skilled Trades programs. Individuals applying alone must now show proof of funds totaling CAD 15,263, equivalent to approximately ₦17 million at current exchange rates.

The revised fund requirement aims to ensure that new immigrants have enough financial backing to support themselves and their families after landing in Canada. Applicants already in the Express Entry pool must update their proof of funds by July 28, 2025, or risk losing eligibility for selection.

The change does not apply to candidates applying through the Canadian Experience Class or those who already have a valid job offer in Canada. However, all other Express Entry candidates are expected to provide new, verifiable financial documents, including official bank statements showing liquid assets, average balances, and debt disclosures.

This increase, though part of Canada’s annual cost-of-living adjustment based on the Low-Income Cut-Off (LICO), has generated concern among Nigerian applicants and others from developing countries. Many aspiring migrants will now need to raise significantly more capital to remain eligible for Canada’s immigration draws.

Immigration experts are urging prospective applicants to take the update seriously. Missing the July 28 deadline could mean being removed from the Express Entry pool altogether. For many Nigerians eyeing Canada as a destination for a better future, this adjustment marks a critical financial hurdle.

As Canada continues to rank applicants through its Comprehensive Ranking System (CRS) and issue invitations to apply for permanent residency, staying compliant with all eligibility requirements — including financial ones — is more important than ever.

For skilled professionals, the dream of moving to Canada remains alive, but the bar has just been raised.