If you’re planning to immigrate to Canada, there’s an important update you need to be aware of. The Canadian government has recently increased the minimum amount required in your bank account as proof of funds for visa applications. This change impacts many prospective immigrants, especially those applying through the Express Entry and other economic immigration streams.
What Is Proof of Funds?
Proof of funds is a requirement for most Canadian immigration programs. It demonstrates that you have enough money to support yourself (and your family, if applicable) after you arrive in Canada. The funds must be readily available and unencumbered by debts or other obligations.
The New Minimum Requirement
As of July 2025, the minimum amount you need as proof of funds for a Canadian visa has been increased to at least ₦17,000,000 for a single applicant. This is based on the updated Canadian requirement of $15,263 for one person. The amount in Nigerian Naira is an approximate conversion and may vary with exchange rates.
Why the Increase?
The Canadian government reviews these requirements annually to reflect the cost of living and economic conditions. The increase aims to ensure that newcomers can successfully settle and support themselves in Canada.
Breakdown: Proof of Funds by Family Size
| Number of Family Members | Funds Required (CAD) | Approximate Value (₦) |
|---|---|---|
| 1 | $15,263 | ₦17,000,000 |
| 2 | $19,001 | ₦21,000,000+ |
| 3 | $23,360 | ₦25,000,000+ |
Note: The Naira equivalent is based on current exchange rates and may fluctuate.
Who Does This Affect?
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Express Entry Applicants: Federal Skilled Worker, Federal Skilled Trades, and Canadian Experience Class (if not already in Canada with a valid job offer).
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Other Economic Streams: Provincial Nominee Programs and other pathways requiring proof of funds.
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Student Visa Applicants: The minimum requirement is even higher for students, with living expenses set at CAD $20,635 (excluding tuition).
Visitor and work visa applicants may have different, usually lower, requirements.
Important Tips for Applicants
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Funds must be available: You cannot use borrowed money or assets that are not liquid.
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Documentation: Provide official bank statements or letters from financial institutions showing the required amount.
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Currency fluctuations: Double-check the current exchange rate before submitting your application to ensure you meet the minimum in Canadian dollars.
Final Thoughts
The increase in the minimum proof of funds is a significant update for anyone considering Canadian immigration. Make sure to review the latest requirements, prepare your finances accordingly, and consult official Canadian immigration resources for the most accurate information.
Being financially prepared is a crucial step toward a successful move to Canada!