Proof of Funds — Express Entry
Show Canada You Are Ready to Settle
What Is Proof of Funds?
Proof of Funds demonstrates to IRCC that you have enough financial resources to support yourself and your family after arriving in Canada. If you receive an Invitation to Apply (ITA) through Express Entry, you will be required to submit proof of funds in the form of official bank letters.
Who Needs to Show Proof of Funds?
You must provide proof of funds if you’re applying under the:
This is part of the minimum eligibility requirement for these programs.
Who Is Exempt from Proof of Funds?
You do not need to submit proof of funds if:
- You are applying under the Canadian Experience Class (CEC), or
- You have a valid job offer and authorization to work in Canada — even if applying under FSWP or FSTP
Tip: Keep your Express Entry profile updated. You may be eligible for more than one program and the system may invite you under a different one than expected. However, you must still upload a letter confirming you meet one of these exceptions when completing your application.
How Much Proof of Funds Is Required?
(Updated: June 3, 2024)
| Minimum Necessary Income (MNI) This table shows the minimum amount you need to immigrate to Canada. |
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|---|---|---|
| Number of family members | LICO (2025) - Updated July 7, 2025 | LICO (2024) |
| 1 Person | $15,263 | $14,690 |
| 2 persons | $19,001 | $18,288 |
| 3 persons | $23,360 | $22,483 |
| 4 persons | $28,362 | $27,297 |
| 5 persons | $32,168 | $30,690 |
| 6 persons | $36,280 | $34,917 |
| 7 persons | $40,392 | $38,875 |
| If more than 7 people, for each additional family member | $4,112 | $3,958 |
| You may use the LICO table for both settlement funds and minimum necessary income. Here are some examples. * FSWP & FSTP – 6-month LICO for settlement funds * Super visa for parents and grandparents – 12-month LICO for minimum income * Start-Up Visa – 6-month LICO for immigration, 12-month LICO for work permit |
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Even if you have more than the minimum required proof of funds, it’s best to declare your full available amount in your Express Entry profile and application.
Important: These amounts are updated annually. For the most current figures, always check the official IRCC website.
How to Calculate Family Size for Proof of Funds
To calculate your family size for Proof of Funds, you must include all immediate family members, whether or not they are accompanying you to Canada. This number directly determines the minimum amount of funds you need to show in your Express Entry application.
Include the following individuals:
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Yourself
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Your spouse or common-law partner
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Your dependent children
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Your spouse or partner’s dependent children
This includes all eligible family members, even if they:
-
Are Canadian citizens or permanent residents
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Are not coming with you to Canada
The larger your family size, the higher your proof of funds requirement. Be accurate when calculating your family size to avoid issues during application review.
What Counts as Acceptable Proof of Funds?
You must provide proof of funds through official documents from banks or financial institutions where you hold accounts. These letters must:
- Be printed on official bank letterhead
- Include the bank’s contact information
- List your full name and any outstanding debts
- Include account details:
- Account numbers
- Account opening dates
- Current balances
- Average balances over the past 6 months
Legal Access to Funds
To qualify as valid proof of funds:
- The money must be available when you apply and when your PR visa is issued
- Funds must be readily accessible — property equity and borrowed money are not accepted
You may include:
- Joint accounts with your spouse
- Funds in your spouse’s account — with proof of your access to those funds
Summary: Proof of Funds for Express Entry
- Required for FSWP and FSTP applicants
- Not required for CEC applicants or those with a valid job offer and work authorization
- Amount depends on family size — including members not coming to Canada
- Only official bank letters are accepted
- Funds must be legally accessible and not borrowed
- Amounts are updated annually — always check IRCC before apply
Frequently Asked Questions
Related Resources
- About Express Entry
- Federal Skilled Worker Program
- Federal Skilled Trades Program
- Language Test Requirements
Need Help?
Not sure how to calculate your family size or what documents to gather? We can review your situation and guide you through the process.
📞 Call us: 647-409-2220 🌐 Visit: ghasedak.ca 📩 Start with a free eligibility assessment — book your consultation today.