- Whatever document you submit needs to clearly show that the money is genuine, currently available to you, free of debts or claims against it, and connected to your name — or, if it's a…
- An official letter or statement from the financial institution, on its letterhead, showing your name, account number(s), the account opening date, and the current balance.
- - Real estate or vehicle valuations — these reflect assets, not liquid, readily available funds.
Having enough money isn't the only requirement for Express Entry's settlement funds test — you also have to prove it in a format IRCC actually accepts. Every year, applicants with genuinely sufficient funds run into delays because their documentation didn't meet the standard: the wrong format, missing information, or an asset that simply doesn't count as available funds.
Here's what generally works, what generally doesn't, and the formatting details that trip people up.
The Basic Standard IRCC Applies
Whatever document you submit needs to clearly show that the money is genuine, currently available to you, free of debts or claims against it, and connected to your name — or, if it's a joint or family account, connected in a way you can explain and support with documentation.
Documents That Are Generally Accepted
Bank statements or letters. An official letter or statement from the financial institution, on its letterhead, showing your name, account number(s), the account opening date, and the current balance.
GICs and term deposits. A certificate or statement showing the current, redeemable value of the instrument.
Investment or securities account statements. Statements for marketable investments you could reasonably convert to cash, showing current value.
Currency conversion documentation. If your funds are held in a foreign currency, be prepared to show the conversion to Canadian dollars as part of your file.
Documents That Are Generally Not Accepted or Are Weak Evidence
- Real estate or vehicle valuations — these reflect assets, not liquid, readily available funds.
- Locked-in retirement accounts you can't access before a certain age or without a penalty.
- Lines of credit or loans — these generally aren't treated as your own available funds.
- Assets held in someone else's name without a clear, documented connection to you.
- Screenshots or informal printouts without an issuing institution's letterhead, stamp, or signature.
Formatting Details That Trip People Up
- [ ] The document is on the institution's official letterhead
- [ ] The account holder's name matches your application exactly
- [ ] The document covers whatever date range the program currently requires
- [ ] The current balance is shown, not just a list of past transactions
- [ ] Anything not in English or French is accompanied by a certified translation, with the original attached
If Your Funds Are Spread Across Several Accounts or Currencies
It's generally acceptable to combine funds from more than one account or institution, but each source needs its own compliant document — you can't rely on a single account's letter to imply the value of accounts elsewhere. If some funds are in a foreign currency, include the conversion so an officer can total everything without having to guess or look anything up themselves. Keeping this organized in one package, rather than scattered documents in different formats, reduces the chance of a request for more information.
Quick Reference
| Document type | Generally accepted? | Notes |
|---|---|---|
| Bank statement or letter | Yes | Must be official, current, and name-matched |
| GIC or term deposit certificate | Yes | Show current redeemable value |
| Investment account statement | Yes | Marketable securities only |
| Property or vehicle valuation | No | Not considered liquid, available funds |
| Locked-in retirement account | Generally no | Depends on whether it's accessible |
| Line of credit or loan | Generally no | Not treated as your own available funds |
| Screenshot without letterhead | No | Needs an official institutional format |
Frequently asked questions
Can I use a joint bank account with a family member who isn't immigrating with me?
It may be possible, but you'll typically need to clearly document your relationship to the account and, in some cases, your ability to access the funds. An unexplained joint account can raise more questions than it answers.
Do my documents need to be translated?
Yes. Any document not in English or French generally needs a certified translation submitted along with the original, so an officer who doesn't read the source language can still verify what it shows.
How recent do my bank documents need to be?
Requirements on document age and the period they need to cover can change, so check the current program instructions rather than assuming an older document will still be accepted by the time you submit.
What happens if my proof of funds documents look inconsistent or incomplete?
Inconsistent or incomplete financial documentation is a common reason files are delayed or sent back with a request for more information. It's worth having your documents reviewed before you submit rather than after you receive that request.
This is an immigration question
Start a file online — flat, published fees, reviewed by a licensed Ontario lawyer before a dollar is owed.