Proof of Funds for Express Entry: How Much You Need

Who needs proof of funds (and who does not)

You need proof of funds to meet the minimum requirements of the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP). This is a settlement-funds rule: it shows you can support yourself and your family during your first months in Canada before you find work. The money must be available both when you submit your application and when IRCC issues your permanent resident visa, so it is not enough to have it only on the day you apply.

You generally do not need proof of funds in two situations: if you are applying under the Canadian Experience Class (CEC), or if you are currently authorized to work in Canada and have a valid job offer from an employer, even if you apply through FSWP or FSTP. In those exempt cases IRCC typically asks for other evidence instead, such as proof of your authorized work and your job offer. What this means for you: because most candidates are eligible for more than one program, many applicants keep their proof of funds current anyway, so a change in your situation does not leave you scrambling. Always check the rules for the specific program you are invited under, and remember an officer makes the final decision.

Note that proof of funds is separate from your CRS score and from the application fees you pay. It is also separate from a job offer's effect on your points: as of March 25, 2025 a valid job offer no longer adds CRS points (IRCC removed the arranged-employment points), but a job offer combined with authorized work in Canada can still exempt you from showing settlement funds.

How much money you need (settlement funds table)

The amount is based on your family size, and you must count every family member, including a spouse and dependent children who are not coming to Canada with you. As published by IRCC (updated July 7, 2025), the minimums are: 1 person $15,263; 2 people $19,001; 3 people $23,360; 4 people $28,362; 5 people $32,168; 6 people $36,280; 7 people $40,392; and $4,112 for each additional family member beyond seven.

Here is what that looks like in practice: a single applicant needs $15,263, a couple needs $19,001, and a couple with two children (a family of four) needs $28,362. If you have more money than the minimum, list the full amount you hold, not just the threshold. IRCC raised these figures on July 7, 2025 and gave candidates already in the pool until July 28, 2025 to update their profiles, which shows how quickly the requirement can change.

These figures are reviewed every year because they are tied to 50 percent of the low income cut-off, so treat the table above as a snapshot and verify the live numbers on the official IRCC proof of funds page before you apply. The minimum that applies to you is generally the one in effect at the time you are invited and when you submit your application.

What IRCC accepts as proof

You prove your funds with official letters from each bank or financial institution where you hold money. The letters must be printed on the institution letterhead and include its contact information (address, telephone, and email), your name, any outstanding debts such as credit-card balances or loans, and for each account the account number, the date the account was opened, the current balance, and the average balance over the past 6 months. The 6-month average matters because it shows the money is genuinely yours and stable, not deposited at the last minute.

You must have legal access to the money in Canada, meaning you can withdraw and use it to pay for living costs after you land. You cannot count equity in real estate (the value of a house or land), and you cannot borrow the money from another person to inflate your balance. Acceptable funds are typically liquid holdings such as cash in savings or chequing accounts and certain readily convertible investments. What this means for you: gather the bank letters early, because a missing detail like an account opening date or an unlisted debt is one of the most common reasons proof is rejected.

If your spouse or common-law partner is accompanying you, funds in a joint account count toward your total, and money held only in your partner's name may count if you can show you have legal access to it. Funds held only by a family member who is not your spouse or partner generally do not count.

Common proof of funds mistakes

The most common problems are showing balances that are too new or that swing wildly (officers look at the 6-month average, so a large deposit made just before you apply raises questions), counting borrowed money or property equity that does not qualify, and submitting bank letters that are missing required details such as account opening dates, outstanding debts, or the institution's contact information. Another frequent error is forgetting to count family members who are not accompanying you, which can leave you below the threshold for your true family size.

Plan ahead to avoid these issues. Build a stable balance over several months rather than moving a lump sum in at the last minute, request complete bank letters that contain every required element, and keep your funds liquid and accessible. Keep in mind that the requirement applies throughout processing: if your balance dips below the minimum after you apply, IRCC can ask for updated proof, and an officer can refuse an application that no longer meets the requirement. None of this is legal advice; for your specific situation, consider speaking with a licensed Canadian immigration lawyer or a regulated CICC consultant.

Frequently Asked Questions