Proof of funds for Express Entry is the requirement people prepare for the longest and understand the least. Most of them know there is a minimum amount. Far fewer know that some money does not count toward it, that the bank letter has to say specific things, or that they might not need to show funds at all.
Here is what IRCC actually asks for.
Candidates in the Federal Skilled Worker and Federal Skilled Trades programs — unless one of two exemptions applies.
The requirement exists so that IRCC knows you can support yourself and your family when you arrive. It applies to both federal programs above, and it is active today.
You do not have to show proof of funds if:
- You are applying under the Canadian Experience Class. That exemption is permanent.
- You are authorized to work in Canada and you have a valid job offer from an employer in Canada. This applies to all three Express Entry programs.
That second exemption depends entirely on the job offer being valid in IRCC’s terms, which is a narrower thing than most people assume. We explained exactly what that means in What Counts as a Valid Job Offer for Canada — and What Doesn’t.
If you fit either exemption, you may be holding money aside for a requirement that does not apply to you. Check this before anything else.
It depends on the size of your family. These are the amounts on IRCC’s page today.
| Family members | Funds required (CAD) |
|---|---|
| 1 | $15,263 |
| 2 | $19,001 |
| 3 | $23,360 |
| 4 | $28,362 |
| 5 | $32,168 |
| 6 | $36,280 |
| 7 | $40,392 |
| Each additional member | $4,112 |
IRCC updates these numbers every year, based on 50% of the low income cut-off totals. That means the figure you saved toward last year may not be the figure that applies when you submit. Check the current table on IRCC’s page before you apply, not the one you found on a forum.
A note on other websites: you will find figures that do not match this table. Use the official page, and nothing else, as the source.
Borrowed money and the equity in a property. Both are explicit.
IRCC states it in so many words:
- You can’t use equity on real property as proof of settlement funds. Owning a house worth more than the requirement does not satisfy it.
- You can’t borrow this money from another person. A loan, including one from family, is not your money for this purpose.
There is also a timing condition that catches people out. The funds have to be available when you apply and again when your permanent residence visa is issued. Spending them in between — on a deposit, a move, or anything else — can leave you short at the moment it matters.
With official letters from every bank or financial institution where you hold an account.
A screenshot of a balance is not proof. IRCC asks for a letter, and it lists what the letter must include:
- The institution’s contact information: address, telephone number and email address
- Your name
- Your outstanding debts, such as credit card debts and loans
- Account numbers
- The date each account was opened
- Current account balances
- The average balance for the past 6 months
Two items on that list deserve attention.
The six-month average. The letter shows how your balance has behaved over time, not just what it says today. A large amount that arrived last month will appear in the letter as exactly that.
Your debts. The letter includes what you owe, not only what you hold. Plan with that in mind.
- Check the exemptions first. If you are in the Canadian Experience Class, or you have work authorization and a valid job offer, you may not need any of this.
- Count your family correctly and find the matching row in the current table.
- Make sure the money is yours. Not borrowed, not tied up in a property.
- Request the letter from every institution where you hold an account, and check it includes all seven items.
- Keep the funds available until your permanent residence visa is issued, not just until you apply.
Proof of funds is one line in an Express Entry profile, but it is a line that can undo an otherwise strong one. Immigration Pros can help you:
- Confirm whether you need to show funds at all
- Check that what you are counting actually counts
- Review your bank letters before they are submitted
If you are not sure where you stand, start with a free assessment and we will tell you before you build a plan around the wrong number.
