Canada Increases Proof of Fund Threshold to N17 million, N21million for Intending Immigrants
The Immigration, Refugees and Citizenship Canada (IRCC) has announced an upward review of settlement fund requirements for immigrants seeking entry into the country.
The new regime jacks up the minimum proof of funds at CAD $15,262 equivalent of N17.1 million, from CAD $14,690 for single applicants, while a family of two is now expected to have CAD $19,001 equivalent of N21.2 million
The new threshold which has taken effect from July 7, 2025 was part of the IRCC’s annual review of settlement fund requirements, based on 50% of the low-income cut-off totals determined by Statistics Canada.
The funds were meant to indicate that applicants demonstrated capacity to support themselves—and their families—after getting to Canada.
The Proof of funds represents a critical requirement under both the Federal Skilled Worker Programme and the Federal Skilled Trades Programme.
In the last 10 years, Canada has become one the most preferred destination for young Nigerians seeking education and greener pastures.
The new proof of fund threshold will definitely impact Nigerians seeking the japa route as endless security challenges and worsening economic and job opportunities continue to fuel massive emigration among young Nigerians.
The US Government and the United Arab Emirates has also announced new visa restrictions on Nigerians which has further exacerbated the frustration among many Nigerians.
