Let’s talk about the part of the Express Entry process that causes more sleepless nights than just about anything else: Proof of Funds. It’s not just a box to tick. It’s the government’s way of making sure you can land on your feet and support yourself and your family while you get settled. Get this part wrong, and your entire application can be refused, even if you have a perfect CRS score.
This guide is for the Federal Skilled Worker Program. If you’re applying through the Canadian Experience Class or with a valid job offer in the Federal Skilled Trades Program, you likely don’t need to worry about this—consider yourself lucky and double-check the official rules to be sure. For everyone else, let’s walk through this step by step, without the panic.
Why Does Immigration, Refugees and Citizenship Canada (IRCC) Ask for This?
It’s simple. Canada wants you to succeed. They are inviting skilled workers to become permanent residents, not to struggle from day one. The proof of funds requirement is a safeguard. It shows that you have the resources to pay for rent, food, transportation, and other essentials for your first few months while you look for work or get established. It proves you’re coming with a safety net.
How Much Money Do You Actually Need?
The amount isn’t random. It’s based on the Low-Income Cut-Off (LICO), which is updated every year. The figures change, so you must check the official IRCC website for the most current numbers just before you apply. As of 2025, for example, the requirements look something like this, but these are illustrative—you need the 2026 numbers.
- For 1 person: Around $14,690 CAD
- 2 people: About $18,288 CAD
- 3 people: Approximately $22,483 CAD
- 4 people: Roughly $27,297 CAD
The amounts go up for each additional family member. The key is that the money needs to be readily available to you. It cannot be tied up in real estate, jewelry, or a car you plan to sell later. It must be liquid—in accounts you can access.
What Kind of Money and Documents Are Acceptable?
This is where the details matter. IRCC is looking for official paperwork that clearly shows the money is yours, has been in your possession, and is unencumbered.
- The Gold Standard: Official letters from your bank or financial institution. These letters must be printed on the bank’s official letterhead, include the bank’s contact information, list all your accounts (checking, savings, etc.), show the account numbers, the date each account was opened, the current balance, and the average balance for the past six months. They must be recent—usually issued within six months of your application submission.
- Savings and Checking Accounts: The most straightforward source. The funds must be in accounts that are not locked-in or inaccessible.
- Investments That Can Be Cashed Out: This includes things like stocks, bonds, mutual funds, or Guaranteed Investment Certificates (GICs), as long as you can provide statements proving their current market value and liquidity.
- What Definitely Does NOT Work: Borrowed money (like a personal loan just for this purpose), equity in property, credit card limits, or funds held in an employer’s account. The money must belong to you or your spouse accompanying you. You cannot show a promise of money or an asset you plan to sell.
The Six-Month Rule and Gifted Funds: The Big Exceptions
Here are the two most common points of confusion, clarified.
- The “Six-Month History” Myth: You will often hear that the money must be in your account for six months. This is not a hard rule. IRCC wants to see that the money isn’t a sudden, suspicious deposit. If a large sum appears right before you apply, they will question its source. The best practice is to maintain the funds at or above the required level for as long as possible. If you do get a large deposit (like a gift, bonus, or sale of an asset), you must provide a paper trail. A gift deed from your parents, a copy of a bonus letter from your employer, or a sales contract for a car—these documents prove the money’s origin and legitimize the deposit.
- Can the Money Be a Gift? Yes, absolutely. This is a perfectly legal and common way to meet the requirement. The crucial part is documentation. You need:
- A notarized gift deed or sworn affidavit from the person giving the gift (like a parent).
- Proof the money was transferred from their account to yours (bank transfer slips).
- Proof you have the money (your updated bank statements).
This paper trail is non-negotiable. It shows IRCC the money was given freely, is not a loan, and is now irrevocably yours.
Your Action Plan: Getting Your Proof in Order
Don’t wait for an Invitation to Apply (ITA) to start this. Start now.
- Step 1: Calculate Your Exact Number. Go to the IRCC website, find the latest table for your family size, and write that number down. Add a small buffer (5-10%) for exchange rate fluctuations and peace of mind.
- Step 2: Consolidate and Document. If your funds are scattered, consider moving them to one or two primary accounts. Do not make any large, unusual deposits. If you must, start gathering the proof for where that money came from immediately.
- Step 3: Get Your Bank Letters Early. Go to your bank(s) and ask them for the official letter(s) meeting IRCC’s exact requirements. Do this while you’re in the pool waiting for an ITA. These letters are often valid for six months.
- Step 4: Keep Your Accounts Stable. From now until you land in Canada as a permanent resident, avoid letting your balance dip below the required amount. Don’t use this money for a big purchase. Consider it locked away for your future.
A Final, Sobering Thought
IRCC officers are thorough. They have seen every excuse and attempt to game the system. Any document that looks forged, any amount that doesn’t add up, or any sudden unexplained deposit can lead to a request for more information or a flat-out refusal. The goal is transparency.
Treat your proof of funds with the same seriousness as your language test results. It’s not just paperwork; it’s proof of your preparedness. By getting this in order early, you remove a huge layer of stress and move one giant step closer to a successful application. Your future in Canada starts with smart planning today—and that includes your finances.
Frequently Asked Questions: Proof of Funds for Express Entry
You’re not the first person to stress over the proof of funds. These are the real questions people are asking at 2 a.m., and they deserve straight answers.
Does my spouse’s money count toward the proof of funds?
Yes, absolutely. Funds held in accounts under your name, your spouse’s name, or in a joint account you share are fully counted. If only your spouse’s name is on the account, you must include them as an accompanying dependent in your application for their funds to be eligible. You’ll need official statements and letters for all accounts.
Can I use my fixed deposit (FD) or mutual fund statements as proof?
Yes, you can—but with a major caveat. The funds must be liquid and readily available. A fixed deposit that you can break without significant penalty is usually acceptable. For mutual funds or stocks, you need official statements showing the current market value. The key is proving you can cash these investments out immediately if needed. If the money is locked in for a set period, it won’t qualify.
What if I just sold my car or property? Can I use that money?
Yes, but documentation is everything. A sudden large deposit will raise questions. You must prove the source. This means providing the sales contract for the car or property, proof of the transfer of funds (like a bank slip showing the buyer’s payment), and your updated bank statement showing the money now in your account. Without this paper trail, the officer may consider the funds invalid.
Do I need to keep the money in my account after I get my Permanent Residency (PR) visa?
Technically, the requirement is to have the funds available up until the point you land in Canada. An officer at the port of entry has the right to ask for proof, though it’s rare. The safest and smartest practice is to not touch these funds at all until after you’ve officially “landed” and become a permanent resident. Using it for flights or a few suitcases is one thing; draining the account before you arrive is a major risk.
My bank doesn’t provide letters in the exact format IRCC wants. What do I do?
This is very common. Do not panic. Get the closest official letter your bank can provide—on letterhead, with contact info, your account details, and the balance. Then, supplement it with your official 6-month bank statements. The combination of an official letter and consecutive monthly statements is often sufficient to meet the requirement. The goal is to provide multiple overlapping documents that prove the same facts.
What if the exchange rate changes and my money dips below the requirement?
This is a genuine concern. The requirement is in Canadian dollars (CAD). Always maintain a buffer of 5-10% above the required amount to account for currency fluctuations. Calculate the requirement, convert it to your local currency, and then add that buffer. Check your balance regularly. If the exchange rate moves dramatically, you may need to add more funds to stay safely above the line.
I have a job offer. Do I still need to show proof of funds?
If you are applying through the Canadian Experience Class (CEC), you are exempt from the proof of funds requirement, job offer or not.
For the Federal Skilled Worker Program, a valid job offer (specifically, one that is LMIA-supported or falls under an exemption) does exempt you from having to show proof of funds. You must be able to prove the job offer is valid. For the Federal Skilled Trades Program, the rules are specific; check the latest guidelines. Never assume—always verify based on your specific program.
Can I use a loan as proof of funds?
No. Absolutely not. The funds must be unencumbered, meaning they are fully owned by you (or your spouse) and are not borrowed. A personal loan, a line of credit you’ve drawn from, or any debt instrument does not qualify. IRCC wants to see savings, not debt.
Who doesn’t need to show proof of funds?
There are two main groups:
- Applicants who are already authorized to work in Canada (e.g., on a valid work permit) and have a valid job offer from a Canadian employer.
- Applicants applying under the Canadian Experience Class (CEC), as they are already established in the Canadian labor market.