Proof of Funds for Express Entry: What You Need to Know
Proof of Funds is a crucial requirement for many Express Entry applicants. It demonstrates that you have enough financial resources to settle in Canada and
7 Key Facts About Proof of Funds for Express Entry Candidates
support your family after arrival.
Table of Contents
What Is Proof of Funds?
Proof of Funds is how you prove to Immigration, Refugees and Citizenship Canada (IRCC) that you have sufficient money to support yourself and your dependents after immigrating. If you receive an Invitation to Apply (ITA) through Express Entry, you’ll 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 don’t need to submit proof of funds if:
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You’re applying under the Canadian Experience Class (CEC), or
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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 still must upload a letter explaining that 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:
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Are Canadian citizens or permanent residents
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Are not coming with you to Canada
Reminder: The larger your family size, the higher the Proof of Funds requirement. Be honest and 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:
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Be printed on official letterhead
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Include the bank’s contact information
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List your full name and any debts
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Provide account details:
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Account numbers
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Opening dates
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Current balances
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Average balances over the past 6 months
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Legal Access to Funds
To qualify as valid proof of funds:
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The money must be available when you apply and when the PR visa is issued
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The funds must be readily accessible (no property equity or borrowed money)
You may include:
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Joint accounts with your spouse
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Funds in your spouse’s account (with proof of access)
Summary: Proof of Funds for Express Entry
Proof of Funds is required for Express Entry applicants under the Federal Skilled Worker Program and Federal Skilled Trades Program. It shows that you have enough money to settle in Canada. The amount depends on your family size, and the funds must be available both when you apply and when you land in Canada.
You don’t need proof of funds if:
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You’re applying under the Canadian Experience Class, or
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You have a valid job offer and work authorization in Canada.
Only official bank letters are accepted, and the money must be legally accessible and not borrowed.
