Foreign nationals planning to immigrate to Canada via the Express Entry system must now meet higher minimum settlement fund requirements, following a recent update from Immigration, Refugees and Citizenship Canada (IRCC). Effective July 7, 2025, single applicants must show access to at least CAD \$15,263 (approximately ₦17 million), up from CAD \$14,690. For couples, the required minimum has increased to CAD \$19,001 (about ₦21.2 million). This annual adjustment reflects the IRCC’s review of settlement fund thresholds, which are based on 50% of Canada’s low-income cut-off figures published by Statistics Canada. These funds demonstrate an applicant’s ability to support themselves and their family upon arrival in Canada. Applicants must present official bank letters printed on institutional letterhead as proof. Couples can combine funds held in joint accounts. To remain eligible in the Express Entry pool, candidates must update their proof of funds by July 28, 2025. Importantly, updating this information won’t change the original submission date and time of the profile, so applicants won’t lose their spot in tie-breaker draws. Proof of funds is mandatory for those applying under the Federal Skilled Worker Program and the Federal Skilled Trades Program. However, it’s not required for applicants in the Canadian Experience Class or those with a valid job offer and work authorization in Canada. It’s worth noting that submitting an Express Entry profile is only the first step; it doesn’t guarantee permanent residency. The IRCC regularly conducts draws—usually every two weeks—selecting top-ranked candidates based on Comprehensive Ranking System (CRS) scores.