Quick Answer
Proof of funds shows IRCC you can support yourself after landing. For Express Entry, a single applicant currently needs roughly $15,000–$16,000 CAD (the exact table updates every year — verify the current figure on IRCC’s page before submitting). The money must be available, unencumbered, and yours — borrowed money, locked deposits, and last-minute large transfers are the three most common reasons applications fail this check. CEC applicants and those with a valid job offer are exempt.
Who Needs Proof of Funds — and Who Doesn’t
| Program | Proof of funds required? |
|---|---|
| Federal Skilled Worker (FSW) | Yes |
| Federal Skilled Trades (FST) | Yes |
| Canadian Experience Class (CEC) | No — exempt |
| Any stream with a valid job offer (arranged employment) | No — exempt |
| Most PNP base streams | Yes (provincial settlement fund rules) |
| Spousal sponsorship | No minimum income for spouse-only; different rules for parents |
Many work permit holders in Canada qualify under CEC and stress about funds unnecessarily. If you have 1+ year of skilled Canadian work experience and apply under CEC, the settlement funds table does not apply to you.
How Much You Need (Family Size Table)
IRCC updates the table annually based on Statistics Canada’s low-income cut-off. Approximate current figures:
| Family size | Funds required (approx.) |
|---|---|
| 1 | $15,300 |
| 2 | $19,000 |
| 3 | $23,400 |
| 4 | $28,400 |
| 5 | $32,200 |
Always check the live IRCC table — these figures move every year, and your application is assessed against the table in force when it is reviewed. Keep a buffer above the minimum.
Family size includes your spouse and dependent children even if they are not immigrating with you.
This guide explains the general requirement. It is not financial or legal advice. If your money situation is complicated — family gifts, property sales, business income, cryptocurrency — consider a consultation with a licensed RCIC before submitting. Fund-source problems are among the hardest refusals to fix afterwards.
What Counts as Acceptable Funds
- Chequing and savings account balances (yours, or joint with your spouse)
- Fixed deposits that are withdrawable (proof of early-withdrawal option needed if locked)
- Mutual funds and liquid investments (with current statements)
- Funds in your spouse’s account — with a letter confirming you have access
What Does NOT Count
- Borrowed money — including personal loans, credit lines, or money “parked” in your account by relatives
- Equity in real estate (a house you own is not liquid funds)
- Cryptocurrency in most cases — IRCC has no standard valuation method; convert to fiat well before applying
- A car, gold jewellery, or other physical assets
- Money you cannot document the source of
The Bank Letter: Exact Requirements
IRCC asks for an official letter from every bank where you hold funds, printed on letterhead and listing:
- The bank’s contact information
- Your name
- All accounts with account numbers
- The date each account was opened
- Current balance of each account
- Average balance for the past 6 months
- Any outstanding loans, debts, or credit card balances at the bank
That 6-month average is where large recent deposits get exposed. A $14,000 deposit two weeks before applying, with a $900 average before that, triggers a fund-source question or a refusal.
Handling Gifted Money Correctly
Family gifts are acceptable IF properly documented:
- A signed gift deed stating the money is a non-repayable gift
- The giver’s bank statement showing the source on their side
- The transfer record between accounts
- Time in your account — ideally received months before you apply, not days
Timing: When Funds Are Checked
Funds must be available when you apply AND when the visa is issued. Spending the money down after submission can sink an approved-in-principle application. Maintain the balance until you land.
FAQ
Can I show funds in a foreign currency?
Yes. IRCC converts using current exchange rates. Currency volatility is your risk — if your currency weakens between application and assessment, your CAD-equivalent may fall below the line. Keep a buffer of 10–15%.
Do joint accounts with parents count?
Only the portion demonstrably yours, and joint-with-parent accounts attract scrutiny. Joint with spouse is clean; joint with anyone else needs explanation.
I’m CEC but IRCC asked for proof of funds anyway. Why?
Check which program your e-APR was actually processed under. If you qualified under both FSW and CEC, the system may have placed you in FSW. This is fixable but time-sensitive — respond to the request and clarify your CEC eligibility.
Canadianow is an independent publisher, not a law firm. Verify current fund amounts on canada.ca. Last reviewed: June 2026.
Sources
- IRCC — Proof of funds: skilled immigrants (Express Entry)
- IRCC — settlement funds table (updated annually)
Written by Caglar Aybas. Last reviewed: June 2026.
Check IRCC directly for the latest official guidance.
Every case is different. If you want a clear, personalized breakdown of your options — CRS score, eligible programs, and next steps — we can put one together for you.
