If you are applying through Express Entry, proof of funds shows that you have enough settlement money available for yourself and your family. The rule applies to some Express Entry programs, not every applicant. This guide explains who needs proof of funds, the current amounts shown by Immigration, Refugees and Citizenship Canada, what the required bank letter must include, and the limits that apply to borrowed money and property equity. At KGraph Immigration, we have helped more than 10,000 clients successfully navigate the Canadian system, maintaining a 98% success rate and a 4.9 Google rating.
In this guide
Who needs proof of funds for Express Entry?
You need proof of funds to meet the minimum requirements of the Federal Skilled Worker Program and the Federal Skilled Trades Program. IRCC says you do not need proof of funds if you are invited to apply under the Canadian Experience Class. You are also exempt only if you are authorized to work in Canada and have a valid job offer, including if you apply under the Federal Skilled Worker Program or Federal Skilled Trades Program. The Express Entry system may find that a person is eligible for more than one program, so do not assume an exception applies without checking the current IRCC instructions.
| Your current situation | Safe next step |
|---|---|
| You expect to apply under the Federal Skilled Worker Program or Federal Skilled Trades Program | Prepare proof of funds using the current IRCC instructions. |
| You are applying under the Canadian Experience Class | Check the current IRCC document instructions. The system may still ask for a proof of funds document. IRCC says to upload a letter explaining the Canadian Experience Class exception. |
| You are authorized to work in Canada and have a valid job offer | Check that you meet both current conditions. The system may still ask for a document. IRCC instructs affected applicants to upload an explanatory letter. |
| You are not sure which program applies to you | Do not make a personal conclusion from this guide. Check the current IRCC instructions and seek individual advice if needed. |
How much proof of funds do you need?
The amount depends on your family size. IRCC says to count yourself, your spouse or common law partner, dependent children, and your spouse or common law partner's dependent children. You must count your spouse or common law partner and dependent children even if they are Canadian citizens or permanent residents, or are not coming to Canada with you.
The following amounts were shown on the IRCC proof of funds page when this content was checked on July 19, 2026. IRCC updates its figures periodically, so confirm the current table before you submit or update an Express Entry profile.
| Family members | Funds required in Canadian dollars |
|---|---|
| 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 | Add $4,112 |
What counts as proof of funds?
IRCC requires that settlement funds be available when you apply and when it issues a permanent resident visa, if your application is approved. You must also be able to prove that you can legally access the money when you arrive in Canada.
| Situation | What the current IRCC page says |
|---|---|
| Joint account with an accompanying spouse | You can count money held together in a joint account. |
| Account held only by an accompanying spouse | You may be able to count the money, but you must prove that you can access it. |
| Equity in real property | You cannot use property equity as settlement funds. |
| Money borrowed from another person | You cannot use borrowed money as settlement funds. |
The IRCC page does not provide a universal approval rule for every financial product, gift, transfer, investment, or account arrangement. If your funds involve a recent transfer, a gift, a fund held outside Canada, or a type of account not clearly covered by IRCC's instructions, do not assume that it will count. Obtain individual advice before submitting your application.
What must the bank letter include?
IRCC requires official letters from every bank or financial institution where you hold an account. The letter must be on the financial institution's letterhead and include its address, telephone number, and email address. It must include your name, your outstanding debts, and the required details for every current banking and investment account.
| Required detail for each account | Why it matters |
|---|---|
| Account number | Identifies the account reported to IRCC. |
| Date the account was opened | Shows the account history requested by IRCC. |
| Current balance | Shows the amount available when the letter is issued. |
| Average balance for the past six months | Is an explicit IRCC requirement for the official letter. |
Applicants are often concerned when a bank cannot provide every required detail. The safe approach is not to rely on an informal workaround as a substitute for IRCC's required letter. Ask your financial institution what it can provide and obtain individual guidance before you submit if the letter does not meet the current IRCC instructions.
Common proof of funds questions
Use the official source before you submit
This guide is for general information. It is not legal advice and does not confirm that a particular bank letter, account, transfer, or amount will be accepted. Read the current official instructions before submitting or updating your Express Entry profile.
Official source and next steps: IRCC proof of funds page | Express Entry service | KGraph resources
Prepared by KGraph Immigration. Last updated July 2026. General information, not legal advice
