Proof of funds for Express Entry: what IRCC accepts

Who has to show settlement funds

Proof of funds applies to two of the three Express Entry programs: the Federal Skilled Worker Program and the Federal Skilled Trades Program. If you are invited to apply under either one, you must give written proof that you have the money.

Two groups do not need to show funds:

Canadian Experience Class candidates.
Candidates who are authorized to work in Canada and have a valid job offer from a Canadian employer, even if they are applying under the Federal Skilled Worker or Federal Skilled Trades Program.

The online application asks everyone for a proof of funds document. If you are exempt, upload a short letter that explains why, so the slot is not left empty.

The current amounts

IRCC sets the minimum at half of the low income cut-off totals and says it updates the figures every year. The table below is the one IRCC posted on July 7, 2025. As of October 20, 2026, the proof of funds page still shows these amounts and no newer table has been published.

Number of family members	Funds required (Canadian dollars)
1	$15,263
2	$19,001
3	$23,360
4	$28,362
5	$32,168
6	$36,280
7	$40,392
Each additional member	$4,112

Family size means you, your spouse or common-law partner, your dependent children, and your partner's dependent children. Count them even if they are not coming to Canada with you, and even if they are already Canadian citizens or permanent residents. A common mistake is to count only the people who will travel.

After the July 2025 update, IRCC told candidates already in the pool that they might need to update the amount in their profile by July 28, 2025 to stay eligible. Updating does not change the date and time IRCC received the profile. Our proof of funds calculator shows the amount for your family size.

What counts

The regulations ask for funds that are available and transferable, and unencumbered by debts or other obligations. IRCC's page puts it in practical terms:

The money must be available when you apply and again when the permanent resident visa is issued.
You must be able to use the money legally when you arrive in Canada.
Money in a joint account with a spouse or partner who is coming with you can count.
Money in an account in your spouse's or partner's name only may count, but you must show that you can access it.

The amount must cover your whole family's living costs, including family members who are not coming with you.

What does not count

Equity in real property. A house, apartment or land does not count, whatever it is worth, even if you own it outright.
Borrowed money. Money borrowed from another person does not count.

IRCC's page does not deal with gifts separately. The test is the same for any deposit: the money must be yours to use and must not come with a debt attached. If money from a relative has to be paid back, it is borrowed money.

Your bank letter must also list what you owe, such as credit cards and loans, because the funds have to be free of debts.

Money held in Iran

IRCC has no separate rule for funds held in a particular country. Money in an Iranian bank is assessed under the same tests: it must be available, it must not be borrowed, and you must be able to use it legally when you arrive in Canada. A balance that cannot be moved or used once you arrive does not meet that last test.

The minimum is set in Canadian dollars, so a balance held in rials or another currency is measured by what it is worth in Canadian dollars. A fall in the exchange rate between the day you apply and the day the visa is issued lowers that value. In April 2024, IRCC added a line to its instructions for officers: when a currency is devalued, officers must follow the rules of procedural fairness if they rely on outside information.

A letter from an Iranian bank needs the same content as any other bank letter (see below). If it is in Persian, upload an English or French translation stamped by a certified translator, together with a scan of the original. If a certified translator is not available, IRCC accepts a translation with an affidavit from the person who translated it.

What the bank letter must show

Get an official letter from each bank or financial institution where you hold money. It must be printed on the institution's letterhead and include:

the institution's address, telephone number and email address;
your name;
your outstanding debts, such as credit card debts and loans;
for each current bank and investment account: the account number, the date it was opened, the current balance and the average balance over the past 6 months.

Because the letter shows the 6-month average as well as the current balance, a large recent deposit is visible to the officer. Keep records that show where the money came from and how it reached the account.

Keep the money until you land

Showing the funds once is not enough. The requirement must be met when you apply and again when the permanent resident visa is issued. Spending or moving the money during processing can cause a refusal. If your family grows during processing, for example through a birth, the officer may reassess the amount for your new family size.

When you travel, IRCC's arrival checklist includes proof that you have the funds to support yourself and your family, unless you are exempt. If you arrive with CAN$10,000 or more, you must declare it to the Canada Border Services Agency officer. If you do not, you could be fined and the money could be seized.

General information only. This article summarizes IRCC's published rules as of October 20, 2026. It is not legal advice for your case, and the amounts change from time to time. Check the official proof of funds page before you update your profile or submit your application.

Proof of funds for Express Entry: what IRCC accepts.