Express Entry: proof of funds

Applicants for Canadian immigration in the Express Entry system under the Federal Skilled Worker Program (FSWP) or the Federal Skilled Trades Program (FSTP) must show proof of funds to demonstrate that they can support themselves financially in Canada.

Who needs to show proof of funds?

Proof of funds applies to applicants in theExpress Entrysystem under either of the following programs:

• Federal Skilled Worker Program (FSWP)
• Federal Skilled Trades Program (FSTP)

The funds requirement is waived if the applicant is already working in Canada and has arranged employment in Canada. In addition, applicants under theCanadian Experience Class (CEC)— another program managed within the Express Entry system — do not need to prove that they can support themselves or their family members financially.

Applicants with an accompanying spouse or common-law partner may count funds held in a jointly owned bank account. They may also use funds held in an account in the sole name of the spouse or common-law partner. However, the applicant must provide written evidence confirming that they have access to those funds once they receive aninvitation to apply (ITA)fromImmigration, Refugees and Citizenship Canada (IRCC).

How much money is needed for proof of funds?

The amount required as proof of funds depends on the applicant’s family size.

Family size includes:

• The applicant
• The spouse or common-law partner
• Dependent children
• Dependent children of the spouse or common-law partner

Note that even where family members are not Canadian citizens or permanent residents, and whether or not they accompany the applicant to Canada, they must still be counted in the family size and in the proof of funds amount. The minimum amount required must be equal to or greater than the levels set for each family size.

The applicant must declare the total proof of funds amount in the profile or application, even where that amount is many times higher than the minimum required.

Family size	Minimum funds (CAD)
1	$14,690
2	$18,288
3	$22,483
4	$27,297
5	$30,690
6	$34,917
7	$38,875
For each additional member beyond 7, add	$3,958

Updated proof of funds amounts are published on the Government of Canada website athere.

Note that the proof of funds requirement is updated every year. The figures above take effect from 3 June 2024.

A valid proof of funds file

The funds must be available when:

• The applicant submits the application
• The Government of Canada issues the permanent resident visa (if the application is approved)

Bank statement requirements

The applicant must provide an official letter from every bank or financial institution where they hold an account. The letter must be printed on the institution’s official letterhead and include:

• Contact details of the bank or financial institution (address, telephone number and email)
• The applicant’s name
• A list of outstanding debts (such as credit card debt and loans)
• Details of each current bank account and investment account:
  • Account number
  • Date the account was opened
  • Current account balance
  • Average balance over the past 6 months

The applicant must have lawful access to the funds

The applicant must show that they can lawfully access the funds on arrival in Canada, which means that:

• The value of mortgaged real estate cannot be used as proof of funds
• Money borrowed from another person cannot be used as evidence of proof of funds

The funds must be available to cover the family’s living costs, even where family members do not accompany the applicant.

If the applicant’s spouse is accompanying them, the funds may be counted together where they are held in a joint bank account. If the funds are held in the spouse’s own account, the applicant must show that they have access to those funds.