Canada’s New N17 Million Hurdle for Express Entry: Can You Afford to Move?
Dreaming of a fresh start in Canada? Brace yourself: the path to the Great White North just got pricier. As of July 7, 2025, Immigration, Refugees and Citizenship Canada (IRCC) has raised the minimum proof of funds required for Express Entry applicants, a move that’s sparking concern among hopeful immigrants worldwide. For a single applicant, the new threshold is CAD $15,263, roughly N17 million, up from CAD $14,690. Couples face an even steeper climb, needing CAD $19,001 (about N21.2 million) to prove they can support themselves upon arrival.
Why the hike? The IRCC adjusts these figures annually, pegging them to 50% of Statistics Canada’s low-income cut-off totals. The goal is to ensure newcomers can thrive without financial strain in Canada’s high-cost economy. But for many, especially in countries like Nigeria where the naira’s value fluctuates, this increase feels like a punch to the gut. “I’ve saved for years, but N17 million is a stretch,” says Tolu, a 29-year-old engineer in Lagos eyeing Canada’s skilled worker program. Stories like hers are echoing across social media, where applicants are scrambling to reassess their plans.
To meet the new rules, applicants must provide official bank letters on letterhead, proving liquid funds. Joint accounts with a spouse can help, but the clock is ticking: those already in the Express Entry pool have until July 28, 2025, to update their profiles with proof of the new amounts or risk being sidelined. For many, this means liquidating assets, borrowing funds, or rethinking their Canadian dream altogether.
This change underscores Canada’s commitment to economic stability for immigrants but raises questions about accessibility. Is the dream of maple syrup and snowy winters becoming a luxury for the wealthy? As the deadline looms, applicants are left weighing their options, with determination and anxiety in equal measure. Will you make the cut, or is it time to pivot? Share your thoughts below as Canada’s immigration landscape shifts again.
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