Proof of funds (also called settlement funds) is one of the most searched—and most misunderstood—Express Entry requirements. This guide explains who needs proof of funds, who is exempt, how IRCC calculates the minimum amount, what your bank letter must include, and how to avoid common mistakes that can lead to delays or refusals.

Express Entry proof of funds requirements

IRCC uses “proof of funds” to confirm you have enough money to settle in Canada after you become a permanent resident. If you receive an Invitation to Apply (ITA), you must provide written proof you have the required funds.

Who needs proof of funds

For Express Entry, proof of funds is required to meet the minimum requirements of the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP).

Who does not need proof of funds

IRCC lists key exemptions. You generally don’t need proof of funds if you’re applying under the Canadian Experience Class (CEC), or if you’re authorized to work in Canada and you have a valid job offer (even if you apply under FSWP/FSTP).

How IRCC calculates the minimum settlement funds

IRCC updates the required proof of funds amounts regularly (typically annually). For Express Entry proof of funds, IRCC states these numbers are updated every year based on 50% of the low income cut-off totals. Because the amounts can change, always confirm the latest table on the official IRCC proof of funds page.

Family size: who counts

Your “family size” includes you, your spouse or common-law partner, your dependent children, and your spouse/partner’s dependent children. You must include them even if they are Canadian citizens or permanent residents, and even if they are not coming with you.

Express Entry settlement funds table (example)

Below is the Express Entry proof of funds table as shown by IRCC (updated July 7, 2025). Treat this as an example and confirm the current figures before you submit or update your profile.

Number of family members	Funds needed (CAD)
1	$15,263
2	$19,001
3	$23,360
4	$28,362
5	$32,168
6	$36,280
7	$40,392
Each additional family member (over 7)	+$4,112

What counts as acceptable proof of funds

IRCC’s core idea is simple: the funds must be available to you, legally accessible, and sufficient—without relying on borrowing or assets you can’t liquidate quickly.

Your funds must be available at two key moments

IRCC states your funds must be available both when you apply and when IRCC issues your permanent resident visa (if your application is approved). Plan your finances so you don’t dip below the minimum at any point during processing.

You need official bank letters (this is not optional)

For Express Entry proof of funds, IRCC instructs applicants to obtain official letters from any bank or financial institution where they hold accounts. These letters must be printed on the institution’s letterhead and include contact details, your name, your outstanding debts (credit cards/loans), and—per account—account numbers, date opened, current balance, and the average balance for the past 6 months.

Common “generally acceptable” fund types (if you can liquidate them)

• Personal bank deposits (savings/chequing) that are stable and documented over time.
• Fixed deposits or term deposits if they can be cashed on demand (or with clear terms) and you can show ownership.
• Investment accounts if the institution letter shows holdings clearly and you can demonstrate you can access them when needed.

Joint accounts and spouse-held funds

IRCC notes that if your spouse is coming with you, you can count money held together in a joint account. You may also be able to count money in an account under your spouse’s name only, but you must prove you have access to it.

Proof of funds document package

A strong proof-of-funds package usually includes more than one page. The goal is to make the officer’s review easy and reduce follow-up requests.

Minimum recommended components

• Bank letter(s) that meet IRCC’s required fields (including 6-month average balance and debts).
• Supporting statements (often the last 6 months) that align with the bank letter’s averages and current balances.
• Brief explanation letter summarizing totals, currency conversions (if applicable), and the source of any large recent deposits.
• If exempt from proof of funds: an exemption letter explaining why you’re exempt (as IRCC instructs when the system still asks you to upload a document).

A simple structure for your explanation letter

1. List each account, institution, currency, and today’s balance.
2. Show the total in the account currency and the total converted to CAD (use a consistent source and date).
3. Explain any large deposit(s) in the last 6 months with documents (gift deed, sale contract, bonus letter, etc.).
4. Confirm the funds are unborrowed, available, and will be maintained during processing.

Common proof of funds mistakes (and how to avoid them)

1) Falling below the minimum after you receive an ITA

Because IRCC expects funds to be available both at application time and at visa issuance, a temporary dip can create issues. Build a buffer above the minimum to absorb exchange-rate changes, fees, and life events.

2) Big deposits with no paper trail

Large, recent deposits are not automatically a problem—but they can trigger questions. If you received a gift, document it clearly (who gave it, relationship, confirmation it’s non-repayable, and evidence the donor had the ability to give it). If you sold an asset, document the sale and where the funds went.

3) Trying to “count” borrowed funds

IRCC explicitly states you can’t borrow the money from another person for settlement funds. Avoid personal loans, repayable “gifts,” or funds that must be returned.

4) Using property equity

IRCC explicitly notes you can’t use equity on real property as proof of settlement funds. Selling property is different (sale proceeds can be funds), but the property itself is not proof of funds.

5) Missing debts on the bank letter

IRCC requires the bank letter to include your outstanding debts, such as credit card debts and loans. If your bank letter doesn’t list them, you risk delays while IRCC asks for updated documents.

What to do when IRCC updates the proof of funds amounts

IRCC updates settlement fund amounts and may require candidates to update their Express Entry profiles to remain eligible. Make it a habit to check the official page and update your profile promptly whenever IRCC announces a new table.

Practical tip: keep a dated PDF copy of your proof-of-funds table screenshot or a saved copy of the page for your records, and keep your bank letters current when you’re close to an ITA.

Special cases and related programs

If you’re exempt because you’re working in Canada with a valid job offer

The exemption exists, but it’s document-driven. Your job offer must be valid, and you must be authorized to work in Canada. If the Express Entry upload slot still appears, follow IRCC’s instruction to upload a letter explaining your exemption.

If you’re applying through other pathways

Not every immigration program uses the Express Entry proof-of-funds table. For example, the Atlantic Immigration Program has its own proof-of-funds page, amounts, and exemptions (including an exemption if you’re already working in Canada with a valid work permit). Always follow the program-specific instructions.

If you are also exploring other options, see our overview of Canadian PR pathways and how provincial nominations (PNPs) work.

Next steps

If you’re building your Express Entry plan, you may also want to read how to improve your CRS score legally and quickly and the most common Express Entry document mistakes.

If you’d like a second set of eyes on your proof-of-funds documents (or an eligibility strategy that fits your exact situation), consider a professional review: Book a consultation.

This article provides general information and does not constitute legal advice.

Frequently Asked Questions

Sources: Immigration, Refugees and Citizenship Canada (IRCC), official government publications