If you are planning to immigrate to Canada through Express Entry, one of the most important financial questions is: How much money do I need to show as proof of funds?
The answer depends mainly on your Express Entry program and the number of people in your family. For many applicants, proof of funds is a mandatory part of the permanent residence application. However, some Express Entry candidates are exempt.
As of the latest information published by Immigration, Refugees and Citizenship Canada (IRCC), the minimum settlement funds range from CAD $15,263 for one person to CAD $40,392 for a family of seven, with an additional CAD $4,112 required for each family member above seven. These figures were updated on July 7, 2025.
This guide explains the Express Entry proof of funds requirements, who needs to provide settlement funds, what documents are accepted, whether borrowed money can be used, and how to avoid common mistakes.
Important: Immigration requirements can change. Always check the latest IRCC information before submitting your Express Entry profile or permanent residence application.
What Is Express Entry Proof of Funds?
Express Entry proof of funds, sometimes called settlement funds, is evidence that you have enough readily available money to support yourself and your family after arriving in Canada.
The purpose is straightforward. Canada wants applicants who need settlement funds to demonstrate that they can financially establish themselves after becoming permanent residents.
Proof of funds is not a fee paid to the Canadian government. You do not send the money to IRCC. Instead, you demonstrate that the required amount is available to you through acceptable financial documents.
IRCC explains that applicants who need proof of funds must provide written evidence that they have the required money if they receive an invitation to apply for permanent residence.
How Much Money Do You Need for Express Entry?
The required amount depends on your family size, not simply on the number of people travelling to Canada.
According to the latest IRCC Express Entry proof-of-funds table, the minimum amounts are:
| Family size | Minimum funds required |
|---|---|
| 1 person | CAD $15,263 |
| 2 people | CAD $19,001 |
| 3 people | CAD $23,360 |
| 4 people | CAD $28,362 |
| 5 people | CAD $32,168 |
| 6 people | CAD $36,280 |
| 7 people | CAD $40,392 |
| Each additional person | Add CAD $4,112 |
These figures are the current amounts published by IRCC and are based on 50% of the low-income cut-off totals. IRCC updates the amounts annually.
Example: One Applicant
If you are applying alone and you require proof of funds, you need at least CAD $15,263.
Example: A Couple
If you are applying with your spouse or common-law partner, your family size is two. The minimum is therefore CAD $19,001.
Example: A Family of Four
For a family of four, the minimum is CAD $28,362.
Remember that these are minimum settlement-fund requirements. They are not necessarily a complete estimate of how much you will actually spend after moving to Canada.
Rent, transportation, food, childcare, winter clothing, deposits and other expenses can vary significantly depending on where you settle.
Who Needs Proof of Funds Under Express Entry?
Proof of funds is required for applicants who need to meet the settlement-fund requirement under the:
- Federal Skilled Worker Program (FSWP)
- Federal Skilled Trades Program (FSTP)
However, not every Express Entry applicant needs to show settlement funds.
Applicants under the Canadian Experience Class (CEC) do not need to provide proof of funds. You may also be exempt if you are authorized to work in Canada and have a valid job offer, even if you apply under the Federal Skilled Worker Program or Federal Skilled Trades Program.
This distinction is important because people sometimes assume that every Express Entry applicant must have a specific amount of money in the bank.
That is not correct.
Your financial requirement depends on your Express Entry circumstances and the program under which you are eligible.
Who Is Included in Your Family Size?
One of the most common mistakes applicants make is calculating family size based only on the people who will physically move to Canada.
IRCC’s definition is broader.
For proof-of-funds purposes, you generally count:
- Yourself
- Your spouse or common-law partner
- Your dependent children
- Your spouse or common-law partner’s dependent children
Importantly, your spouse or dependent children must be included even if they are not accompanying you to Canada.
They must also be included if they are already Canadian citizens or permanent residents.
Why Does Family Size Matter?
Because the required amount increases as your family size increases.
For example, an applicant who is married cannot simply use the one-person requirement because their spouse is remaining outside Canada. The applicable family size still needs to account for the spouse under IRCC’s rules.
This is why it is important to calculate your family size carefully before entering your proof-of-funds amount in your Express Entry profile.
Can You Use Money in a Joint Bank Account?
Yes, a joint account can potentially be used when the funds are genuinely available to you.
IRCC states that if your spouse is accompanying you, money held together in a joint account can be counted.
Money held in an account only in your spouse’s name may also potentially be counted, but you must be able to demonstrate that you have access to those funds.
The key issue is legal access to the money.
Simply showing that your spouse has money is not always enough. Your documentation should make it clear that the funds are available for your settlement in Canada.
Can Borrowed Money Be Used as Express Entry Proof of Funds?
Generally, no.
Settlement funds must be money that you can legally access and use to support yourself and your family.
IRCC specifically states that applicants cannot use money borrowed from another person to meet the settlement-fund requirement. You also cannot use equity in real property as proof of settlement funds.
This is an important distinction.
For example, owning a house worth CAD $300,000 does not automatically mean you have CAD $300,000 in acceptable settlement funds.
Similarly, receiving a temporary loan from a friend or relative simply to increase your bank balance does not meet the requirement.
The funds need to be genuinely available to you.
What Documents Can You Use as Proof of Funds?
IRCC requires official financial documentation to demonstrate your available funds.
A major requirement is a bank or financial institution letter.
The letter should be printed on the financial institution’s official letterhead and contain information such as:
- The bank or financial institution’s contact information
- Your name
- Your outstanding debts, including credit card debts and loans
- Your account numbers
- The date each account was opened
- Your current account balances
- Your average balance over the previous six months
IRCC specifically lists these requirements on its current Express Entry proof-of-funds page.
This means that simply downloading one recent bank statement may not be sufficient.
You should contact your bank early and ask what documentation it can provide that meets IRCC’s requirements.
Why Does IRCC Ask for a Six-Month Average Balance?
The six-month average balance helps provide a clearer picture of your financial situation.
Imagine an applicant normally has CAD $5,000 in savings but suddenly receives CAD $20,000 shortly before submitting the application.
A current balance might show $20,000, but the six-month average could tell a very different story.
This does not mean every recent deposit automatically causes a problem. However, large unexplained deposits can raise questions about the source and availability of the funds.
Keeping your finances transparent and well documented is therefore a sensible approach.
If you recently received money from selling an asset, transferring your own savings, receiving an inheritance or another legitimate source, keep documentation that explains where the money came from.
Do You Need to Keep the Money After Receiving an Invitation to Apply?
You should not treat proof of funds as a one-time requirement.
IRCC states that the required funds must be available both when you apply and when IRCC issues your permanent resident visa, if your application is approved.
This means applicants should continue to maintain sufficient settlement funds during the immigration process.
For example, if you qualify with CAD $28,362 for a family of four but later spend a large portion of your savings and fall below the applicable minimum, your situation could change.
Your Express Entry profile must also remain accurate and up to date.
Should You Keep More Than the Minimum Amount?
There is no requirement to limit yourself to exactly the minimum.
In fact, having more money available may make your transition to Canada easier.
For example, the official minimum for one person is CAD $15,263, but your actual relocation costs could be considerably higher depending on your destination and circumstances.
You may need money for:
- Temporary accommodation
- Rental deposits
- Transportation
- Food
- Winter clothing
- Household items
- Phone and internet services
- Job-search expenses
- Professional licensing
- Childcare
- Emergency expenses
The minimum proof-of-funds figure should therefore be viewed as an immigration requirement, not a complete moving budget.
What If Your Bank Uses Another Currency?
Many Express Entry applicants hold savings in currencies other than Canadian dollars.
That is not unusual.
The important point is that you need to demonstrate the required value in Canadian dollars and provide clear financial documentation.
Currency exchange rates can change, so it is wise to avoid planning your finances so close to the minimum that a currency fluctuation could put you below the required amount.
For example, if your required settlement funds are CAD $19,001, having exactly the equivalent amount in another currency could leave little room for exchange-rate changes or banking fees.
A financial cushion can reduce that risk.
What Happens If You Don’t Have Enough Proof of Funds?
If you require proof of funds and do not meet the applicable minimum, you could have a serious problem with your Express Entry eligibility.
IRCC lists insufficient funds as one of the reasons an Express Entry profile can become ineligible.
That is why applicants should not wait until the last minute to organize their finances.
Before creating or updating your profile, confirm:
- Your Express Entry program
- Whether you are exempt from proof of funds
- Your correct family size
- The current IRCC minimum
- The amount you actually have available
- Whether your bank can provide the required letter
- Whether any recent deposits require supporting documents
Careful preparation can help prevent avoidable delays or complications.
Common Express Entry Proof of Funds Mistakes
1. Using the Wrong Family Size
Some applicants count only accompanying family members. IRCC’s rules require a broader family-size calculation.
2. Showing Only the Current Balance
A bank letter needs more information than just your current balance. IRCC asks for account details and six-month average balances, among other information.
3. Borrowing Money Temporarily
Borrowed money does not meet the settlement-funds requirement.
4. Using Property Equity
The value of your home or other real estate cannot simply be treated as accessible settlement funds.
5. Spending the Funds After Applying
The funds need to remain available through the relevant stages of the application process.
6. Forgetting About Annual Updates
IRCC updates settlement-fund amounts periodically. Applicants should always verify the current figures rather than relying on an old immigration blog or social-media post.
7. Confusing Proof of Funds With CRS Points
Proof of funds is not the same thing as the Comprehensive Ranking System (CRS).
Having more money than the minimum does not automatically give you additional CRS points.
Settlement funds are primarily about meeting the applicable financial requirement.
Is Proof of Funds the Same as the Cost of Living in Canada?
No.
This is an important distinction.
The Express Entry proof-of-funds requirement is a minimum amount established for immigration purposes.
Your actual cost of living depends on factors such as your city, housing situation, family size, employment, transportation needs and lifestyle.
For example, the amount you need to establish yourself in Toronto may differ substantially from what you need in a smaller Canadian community.
Therefore, do not create your entire moving budget around the IRCC minimum.
Instead, use the minimum as the baseline for your immigration application and prepare a separate relocation budget.
What Happens at the Canadian Border?
Even after your permanent residence application has been approved, you should continue to understand Canada’s financial requirements.
When arriving in Canada, if you are carrying CAD $10,000 or more, you must declare the funds to the Canada Border Services Agency (CBSA). This declaration requirement does not mean that carrying more than CAD $10,000 is illegal. It means the money must be properly declared.
You should therefore distinguish between:
Proof of funds: Evidence submitted for your immigration application.
Funds you bring to Canada: The money and financial instruments you physically or electronically bring with you when settling.
These are related but are not exactly the same issue.
Frequently Asked Questions About Express Entry Proof of Funds
How much proof of funds do I need for Express Entry?
For applicants who require settlement funds, the latest IRCC amounts start at CAD $15,263 for one person and increase according to family size. A family of four currently needs at least CAD $28,362.
Does everyone in Express Entry need proof of funds?
No. Canadian Experience Class applicants do not need proof of funds. Applicants who are authorized to work in Canada and have a valid job offer may also be exempt under the applicable Express Entry programs.
Can I use my spouse’s bank account?
Potentially, yes. If the funds are in your spouse’s name only, you may need to demonstrate that you have access to the money. A joint account can also be used where applicable.
Can I use property as proof of funds?
No. IRCC says equity in real property cannot be used as settlement funds.
Can I borrow money from family?
Borrowed money should not be used to meet the settlement-fund requirement. The funds must be legally accessible to you and not simply a temporary loan.
Does proof of funds increase my CRS score?
No. Meeting the settlement-fund requirement is different from earning CRS points.
Do I need to keep my funds after receiving an invitation?
You should. IRCC states that the funds must be available when you apply and when a permanent resident visa is issued if your application is approved.