Proof of funds is one of the quieter requirements of Express Entry, but it catches a lot of applicants off guard. It is IRCC's way of checking that you can support yourself, and any dependants, after you arrive in Canada and before you start earning Canadian income. You may also see it called "sufficient funds" or "settlement funds." It is the same thing.
Proof of funds is required for the Federal Skilled Worker (FSW) and Federal Skilled Trades (FST) programs. It is not required for the Canadian Experience Class (CEC).
Even under FSW or FST, you do not need to show funds if you have a valid job offer in Canada and you are currently authorised to work in Canada. Both conditions must be true together.
For the Provincial Nominee Program, the answer varies. Some provinces and streams require proof of funds, some do not. Check the specific stream you are applying to.
The required amount scales with family size, and it counts every member of your family, including dependants who are not accompanying you to Canada. IRCC publishes a table of minimums and updates it roughly once a year based on Statistics Canada's low income cut-off (LICO).
We deliberately do not list figures here because they shift. Always check the current table on IRCC's proof of funds page before you submit anything.
The money must be readily available. That means liquid, in your own name or jointly with a spouse who is immigrating with you, and shown through official bank letters.
Counts:
Does not count:
IRCC generally wants to see that the money has sat in your accounts for some time, or is otherwise traceable to a legitimate source. Officers can ask for balance history over the previous six months to confirm the funds are not borrowed. If you received a large gift or transfer recently, be ready to explain where it came from.
Each letter must be printed on the bank's official letterhead and include:
Funds must be expressed in Canadian dollars. If your money is held in another currency, IRCC converts it using the Bank of Canada exchange rate on the date of assessment.
At profile creation, you simply declare the amount you have available. You only upload the bank documentation after you receive an Invitation to Apply (ITA), as part of your permanent residence application. Many candidates expect to need paperwork at the profile stage and are relieved to learn they do not.
If you're still sizing up Express Entry overall, start with the Express Entry eligibility checker and the CRS calculator to see where you stand today.
