The Government of Canada has set CAD $15,263 (roughly ₦24.4 million) as the minimum savings a single person must show to qualify for permanent residency through the Express Entry system in 2026. The figure was last updated on July 7, 2025, and is calculated at 50% of Canada's low-income cut-off totals.
How the Funds Requirement Works
The required amount rises with family size. A single applicant needs CAD $15,263, but a household of two would need to show a higher figure, with the total increasing for each additional family member. Applicants are advised to declare the full amount of their savings if it exceeds the minimum, not just the threshold figure.
According to the Government of Canada, the funds must be available and accessible, meaning tied-up or restricted assets typically do not count. The money is meant to demonstrate that an immigrant can support themselves and any dependants after arriving in Canada without immediately depending on government assistance.
What Existing Applicants Must Do
Applicants who already had active Express Entry profiles were required to update their proof of funds by July 28, 2025, to stay eligible under the revised figures. Canada's immigration authority clarified that updating a profile does not affect an applicant's ranking in tie-breaker situations, as the original date and time the profile was received remains unchanged.
Express Entry is a points-based system Canada uses to manage applications for several of its federal economic immigration programmes, including the Federal Skilled Worker Programme and the Canadian Experience Class. Candidates are ranked through the Comprehensive Ranking System, and those with the highest scores receive invitations to apply for permanent residency.
Related Citizenship Test Rules
In a related story, Legit.ng reported that Canada had revealed the minimum score foreigners need to pass the citizenship test in 2026. Meanwhile, Legit.ng previously reported that Canada had explained what happens when foreigners fail the citizenship test three times.
Under the rules, applicants have up to three chances to pass the citizenship test within their 30-day test window. The test can be taken online, via Microsoft Teams, or in person. If all three attempts are unsuccessful, the government does not automatically refuse the application. Instead, the applicant is called to a formal hearing with a citizenship official.
