Proof of Funds Express Entry

Express Entry is the system Canada uses to manage permanent residence applications under economic immigration programs. One requirement many applicants face is proof of funds — showing you have enough money to settle in Canada. 

Below, you’ll find who must show proof, how much is required, what counts as proof, and how long it might take.

Who Needs to Show Proof of Funds?

Proof of funds is required for applicants under the following:

• Federal Skilled Worker Program (FSWP)
• Federal Skilled Trades Program (FSTP)

It is not required if you apply through the Canadian Experience Class (CEC). It’s also not needed if you already have a valid job offer and are authorized to work in Canada, even if you’re applying under FSWP or FSTP.

Have a look at the table below:

How Much Money Is Needed for Express Entry Proof of Funds

Immigration, Refugees and Citizenship Canada (IRCC) updates the required amounts every year. The figures below are current as of July 7, 2025:

Family size includes yourself, your spouse or common-law partner, dependent children, and your spouse’s dependent children. Even if some of them won’t be moving with you — or they’re already Canadian citizens or permanent residents — they’re still counted for settlement fund purposes.

What Is Accepted as Proof?

IRCC only accepts specific documents. Your proof must come directly from your financial institution and be printed on official letterhead. These letters need to list:

• the institution’s contact information (address, phone number, email);
• your name;
• details for all current accounts, including account numbers and dates they were opened;
• current balances and the average balance for the last 6 months;
• debts such as loans or credit cards.

Funds must be available when you apply and also when your permanent resident visa is issued. They must be liquid and legally yours. Property equity or borrowed funds don’t qualify.

Joint accounts with a spouse or partner are accepted. Accounts held solely by your spouse may count, too, if you can prove you have access to the money.

What You Need for Proof of Funds Express Entry

To get everything ready, gather:

• official letters from each bank or institution where you hold funds;
• bank statements for the past 6 months;
• information on debts like loans and credit cards;
• documents showing your access to funds if they’re held under your spouse’s name.

Keep in mind, the information you submit must be current both at the time of application and at the time your visa is issued.

How Long Does Showing Proof of Funds Take?

The timeline varies. Some banks issue official letters within a few days, while others may take a week or two. Collecting recent statements is usually straightforward, but if you’ve switched banks or have several accounts, it may take longer.

Once submitted, IRCC reviews your proof as part of the overall application process. The document check itself is relatively quick — the longer wait usually comes from the whole processing of your Express Entry file.