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Some Express Entry applicants are required to show proof of funds in order for their application to be approved. This is known as Express Entry proof of funds, or settlement funds.

Key Takeaways

  • Not all applicants need to demonstrate proof of funds as part of their application.
  • The proof of funds threshold changes on a yearly basis, usually around May.
  • The amount you need to show will depend on the size of your family.
  • Only certain documents can be used to demonstrate sufficient funds.

Do you need to show proof of funds for an Express Entry application?

Well, that depends on three main factors: (i) the specific immigration program for which you received your invitation to apply; (ii) whether or not you were awarded points for a job offer under the Express Entry Comprehensive Ranking System; and (iii) your current work status in Canada.

Use the simple chart below to find out if you may need to show Express Entry proof of funds.

Federal Skilled WorkerCanadian Experience ClassFederal Skilled Trades
Job offer & authorised to work in CanadaNot requiredNot requiredNot required
Job offer but not currently authorised to work in CanadaProof of funds requiredNot requiredProof of funds required
No job offerProof of funds requiredNot requiredProof of funds required

If you fall into a category that requires you to show Express Entry proof of funds, you probably now want to know exactly how much money you need to prove for your Express Entry application.

The proof of funds threshold increases annually based on 50% of the low-income cut-off. The thresholds were last updated on May 27th, 2024.

Express Entry proof of funds

Number of family membersRequired funds (in CAD)
1 (single applicant)$14,690
For each additional family member, add$3,958

How family size is calculated.

The amount of money you need to show is based on your family size. Applicants must include their spouse (married or common-law)and dependent children. You must include them even if they are already Canadian citizens or permanent residents or if they are not coming with you to Canada.

What documents are accepted for proof of funds?

The funds you are required to show must be available to you at the time you apply and at the time your permanent residence visa is issued.

In providing documents to show funds you need to show that you have legal access to the funds. For proof, the main document accepted is a letter from your bank. The letter must include the following information:

  • The name and contact information of the bank;
  • The applicants name;
  • The account details including account numbers, date the account was open, current account balance and average balance for the last 6 months;
  • Any outstanding debts (credit cards, loans etc).

As part of the documentation, you should also include 6 months of statements.

Can funds in a spouses name be used?

Yes, funds in a spouses name can be used so long as the spouse is listed as accompanying in the application. In this case, you should include a letter in your application from your spouse authorizing you to access the funds.

What happens if I have a lump sum deposit in my account for the funds?

Any lump sum in your account should be explained. The funds will not be accepted if the processing office suspect the funds are not legally yours to use. For this reason, you should provide a clear explanation of how you acquired the funds.

Create a Moving2Canada account to get immigration updates to your inbox and get a personalized checklist for the entire Express Entry process! Register here.

About the author

Rebecca Major profile picture
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Rebecca Major

Regulated Canadian Immigration Consultant
Rebecca Major is a Regulated Canadian Immigration Consultant (R511564) with nearly 15 years of licenced Canadian Immigration experience, gained after graduating with a Bachelor of Laws in the UK. She specializes in Canadian immigration at Moving2Canada.
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Citation "Express Entry proof of funds for immigration." Moving2Canada. . Copy for Citation