Skip to content
Rate article
1 Star2 Stars3 Stars4 Stars5 Stars
Be the first to rate
Share article

Canada has increased the proof of funds requirement for Express Entry applicants. The required settlement funds have increased to the following amounts: 

Québec diploma:Spouse or de-facto spouse accompanying the foreign national
(maximum 10 points)
General secondary school diploma1
Vocational secondary school diploma attesting to one year or more of full-time study6
General post-secondary diploma attesting to two years of full-time study4
Technical post-secondary diploma attesting to one or two years of full-time study7
Technical post-secondary diploma attesting to three years of full-time study9
Undergraduate university diploma attesting to one year of full-time study5
Undergraduate university diploma attesting to two years of full-time study8
Undergraduate university diploma attesting to three or more years of full-time study10
Graduate university diploma attesting to one or more years of full-time study10
Post-graduate university diploma10

Candidates with active Express Entry profiles must ensure they meet the new proof of funds requirements. If a candidate’s profile indicates they hold less than the new amount of funds required, the candidate must update their profile by June 8, 2022, or their profile will be deemed ineligible and removed from the pool.

The proof of funds requirement is used to determine if an Express Entry candidate has enough money to settle in Canada. This is not an application fee—applicants get to keep this money and use it to fund their own settlement in Canada.

Proof of funds is required for applicants to the Federal Skilled Worker (FSW) and Federal Skilled Trades (FST) programs. Notably, this is not required for applicants in the Canadian Experience Class (CEC), nor for those with valid job offers.

The proof of funds requirement is updated each year based on 50 percent of Canada’s low income cut-off totals.

How do you show proof of funds for Express Entry?

If an Express Entry candidate is invited to apply for Canadian permanent residence, they must submit proof of funds as a part of this application.

Proof of funds must be for money that is readily available. This means that candidates cannot show proof of funds through assets, like property or vehicles.

This money must not be borrowed. It must be in the name of the principal applicant and/or their spouse or common-law partner (as long as the principal applicant can access those funds).

Applicants must meet the proof of funds requirement both when they submit their application for PR and when they are issued their permanent resident visa.

To show proof of funds, applicants must submit official letters from banks or financial institutions where their funds are held. The letters must contain the following:

  • be printed on the financial institution’s letterhead
  • include their contact information (address, telephone number and email address)
  • include your name
  • list outstanding debts such as credit card debts and loans
  • include, for each current bank and investment account, the:
    • account numbers
    • date each account was opened
    • current balance of each account
    • average balance for the past 6 months

Want to stay up to date on all the latest Express Entry news? Create a free Moving2Canada account and sign up for our newsletter!

About the author

Dane Stewart

Dane Stewart

Canadian Immigration Writer
Dane is an award-winning digital storyteller with experience in writing, audio, and video. He has more than 7 years’ experience covering Canadian immigration news.
Read more about Dane Stewart
Citation "Proof of funds requirement for Express Entry has increased for 2022." Moving2Canada. . Copy for Citation


  • Canada Abroad team

    Canada Abroad

    Canada Abroad is a transparent Canadian immigration consultancy with advice you can trust. Led by Deanne Acres-Lans (RCIC #508363), the team delivers professional, regulated, and efficient service.

  • The Doherty Fultz Immigration team staff members

    Doherty Fultz Immigration

    Led by Anthony Doherty (RCIC #510956) and Cassandra Fultz (#514356), the Doherty Fultz team uses their 40+ years of experience to empower you towards settling in Canada.

  • Perez McKenzie team 6

    Perez McKenzie Immigration

    Led by Jenny Perez (RCIC #423103), Perez McKenzie Immigration is a Canadian immigration consultancy based in British Columbia, with offices in Vancouver and Whistler.

Our Partners

Get your immigration questions answered by an expert

Speak with a regulated Canadian immigration consultant to help plan your immigration. Moving2Canada is happy to recommend a handful of exceptional consultants.
  • Smiling young woman at a laptop

    Find the best immigration program for you

    Take our free immigration quiz and we'll tell you the best immigration programs for you!

  • Chef at restaurant spooning vegetables

    Get matched to job opportunities

    Get matched to job opportunities from Canadian employers who are seeking to hire people with your skills.

  • Access our immigration roadmaps

    Our immigration roadmaps will teach you the basics of Express Entry, study permits, and more! Take control of your own immigration process.


Unlock exclusive resources with a free account.

Create a Moving2Canada account to get the resources you need, tailored to your profile. Get matched with the best immigration programs & job offers, and access exclusive events & resources.