Proof of funds — also called settlement funds — is one of the most common questions we receive about Express Entry, particularly from candidates applying from outside Canada under the Federal Skilled Worker (FSW) program. The requirement does not affect your CRS score, but failing to meet it can make you ineligible for the pool or lead to a refusal after you receive an Invitation to Apply (ITA). This article summarizes the current rules as published on IRCC's official guidance page.
Who must show proof of funds?
According to IRCC, the requirement applies to:
Federal Skilled Worker Program (FSW)
Federal Skilled Trades Program (FSTP)
You do not need to show funds if:
You are invited under the Canadian Experience Class (CEC); or
You are currently authorized to work in Canada and have a valid job offer — even if invited under FSW or FSTP.
Exempt applicants should upload a letter explaining why they are not submitting proof of funds.
The program named in your ITA determines whether the requirement applies. A candidate eligible for both CEC and FSW who is invited under CEC does not need to show funds. Candidates invited in Express Entry provincial nominee draws must still be eligible for at least one federal program; if that program is FSW or FSTP, the funds requirement applies.
Required amounts
The table below reflects the amounts currently published by IRCC, in effect since July 7, 2025. IRCC typically updates this table annually, so check the official page when creating your profile and again when you submit your PR application.
How family size is counted
Family size includes:
You;
Your spouse or common-law partner;
Your dependent children;
Your spouse's or partner's dependent children.
These family members must be counted even if they are not coming to Canada with you, and even if they are already Canadian citizens or permanent residents. For example, a married applicant with one child who plans to move to Canada alone first still has a family size of three and must show CAD 23,360.
What conditions must the funds meet?
Per IRCC:
Funds must be available and usable both when you apply for PR and when your visa is issued.
Funds cannot be borrowed.
Equity in real property is not accepted.
Joint accounts with a spouse are acceptable. If the account is in your spouse's name only, you must show that you have access to the money.
Funds held in banks outside Canada can be used; balances are assessed by their CAD equivalent. Because exchange rates fluctuate, holding a margin above the minimum is more prudent than keeping the balance at the exact threshold.
What the bank letter must include
IRCC requires an official letter from each financial institution where the money is held, printed on the institution's letterhead, showing:
Account numbers;
Account opening dates;
Current balance;
Average balance over the past six months.
Because the six-month average is reviewed, a large deposit made shortly before applying may raise questions about its origin. If significant amounts were recently added — from a property sale or a family gift, for example — prepare documents that explain the source.
Practical steps
Confirm which program you qualify for: CEC, FSW, or FSTP.
Count family size correctly, including non-accompanying members.
Check the current table on IRCC's website and add a buffer for exchange-rate changes.
Maintain a stable balance for at least six months before your expected PR application.
Keep source-of-funds records for large deposits.
Obtain letters from every bank holding the funds you are relying on.
If exempt, prepare an explanation letter with supporting documents (work permit, job offer).
Summary
Proof of funds is an eligibility requirement, not a scoring factor. The required amount depends on family size — including members who will not accompany you — and is assessed using bank letters showing both the current balance and the six-month average. CEC candidates, and those authorized to work in Canada with a valid job offer, are exempt.
To better understand Express Entry financial requirements and the options that fit your specific profile — including the Manitoba Provincial Nominee Program — please contact Nonsuch Immigration directly via Zalo 0946 749 585 or WhatsApp 204 963 9288.
Source: IRCC — Express Entry: Proof of funds (canada.ca). This article is for general information and does not replace advice on an individual application.
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