Express Entry proof of funds is the money an applicant must show they have available, in an amount set by IRCC according to family size. It is part of the minimum requirements of the Federal Skilled Worker and Federal Skilled Trades programs. The written proof is given once an applicant is invited to apply for permanent residence.
The amount changes with how many people are in the family, and not everyone needs to show it. This guide sets out how much is required, whose money counts, what document proves it, and what does not qualify as proof.
Who needs to show proof of funds?
Proof of funds is a minimum requirement of the Federal Skilled Worker Program and the Federal Skilled Trades Program. An applicant in either program has to show settlement funds as part of meeting the program's basic requirements.
Some applicants do not need to show it at all. It is not needed for the Canadian Experience Class. It is also not needed for an applicant who already has a valid job offer and is authorized to work in Canada, even under the Federal Skilled Worker or Federal Skilled Trades programs. Because the online system still asks every applicant for a proof-of-funds document, an exempt applicant uploads a letter explaining why, instead of bank records.
How much money do you need for Express Entry proof of funds?
A family of four needs at least $28,362 in settlement funds, the minimum under IRCC's table, updated July 7, 2025. The required amount rises with family size. An applicant should check the current table close to the time they apply, rather than rely on an older figure.
These amounts are based on 50% of the low income cut-off totals. That is why IRCC updates them from year to year rather than fixing them once.
| Family members | Minimum funds (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 |
Whose money counts toward the family total
Family size for this purpose includes the applicant, their spouse or common-law partner, and both partners' dependent children. This is true even if some of those family members are Canadian citizens or permanent residents already, or are not coming to Canada at all.
The whole family is counted this way. So the required amount does not shrink just because part of the family will stay behind or already has status in Canada. The table above is applied to the total family size, not to the number of people actually travelling.
This can be easy to miss. It applies to a family where one spouse or a grown dependent child already lives in Canada with status of their own. The proof-of-funds calculation still includes them in the family count, even though they will not need settlement money themselves.
What counts as proof: the bank letter
Proof of funds is shown through an official letter from each bank where the applicant holds money, not through a bank statement alone. Each letter has to be on the bank's letterhead and include the bank's contact details.
For every account, the letter needs the applicant's name, the account number, and its opening date. It also needs the account's current balance and its average balance for the past 6 months. It also has to list any outstanding debts, such as credit cards and loans.
The letter has to show 6 months of average balance. So an account opened shortly before applying may not be able to show the same history as an older account.
Money that does not count
The money has to be legally accessible to the applicant, both when they apply and again when the permanent resident visa is issued. Money that is not legally accessible to the applicant, such as money borrowed from another person, does not meet this requirement.
Equity in property also cannot be used as proof of funds; only funds of the kind described in the bank letter count. A joint account held with an accompanying spouse counts, because the applicant has legal access to it.
The short version
- The proof of funds amount depends on family size and is updated periodically by IRCC.
- Proof of funds is not required for the Canadian Experience Class or for an applicant with an existing valid job offer and work authorization.
- Family size includes the applicant, spouse or common-law partner, and both partners' dependent children, whether or not they are all coming to Canada.
- Proof takes the form of an official bank letter with 6 months of account history, not a plain statement.
- The money must be legally accessible to the applicant; it cannot be borrowed, and property equity does not count.
Every figure on this page is cited to the government source it was read from, and was checked on September 19, 2026. Rules change, and a source is the authority where this page and the source disagree. This guide is general information about how the process works, not immigration advice about your own situation, and reading it creates no consultant-client relationship.