- The idea behind the requirement is straightforward: a newcomer shouldn't need to rely on government income support the moment they arrive.
- Requirements differ by program within Express Entry.
- The amount IRCC expects scales with family size — including family members who won't be immigrating with you, since they still count toward the calculation.
Landing in a new country without a job lined up is a genuine financial risk, and IRCC builds a safeguard for that into several Express Entry programs: proof of funds. Before certain candidates can be granted permanent residence, they have to show they have enough money available to support themselves — and any accompanying family — while they get settled.
Understanding who this requirement applies to, and how the required amount is worked out, saves you from either assuming you're covered when you're not, or over-preparing when an exemption applies to you.
Why IRCC Requires Proof of Funds
The idea behind the requirement is straightforward: a newcomer shouldn't need to rely on government income support the moment they arrive. Showing settlement funds is IRCC's way of confirming a candidate has a financial cushion for the early period after landing, before employment income is established.
Who Actually Needs to Show Proof of Funds
Requirements differ by program within Express Entry. The Federal Skilled Worker Program generally requires proof of funds for most applicants. The Canadian Experience Class typically does not require it in the same way, since candidates in that category usually already have Canadian work experience and, often, a foundation already built in Canada. The Federal Skilled Trades Program generally requires either proof of funds or a valid job offer or authorized employment in Canada. Because these rules can shift and vary based on your specific circumstances, confirm which requirement applies to your program before assuming either way.
How the Required Amount Is Calculated
The amount IRCC expects scales with family size — including family members who won't be immigrating with you, since they still count toward the calculation. IRCC updates the specific dollar thresholds periodically to reflect broader cost-of-living benchmarks. Because these figures change regularly, any specific number quoted here could already be out of date by the time you read it — always check IRCC's current published table before assuming what you have on hand is enough.
When Your Funds Are Assessed
Your funds generally need to be current and available at the point IRCC assesses your application, not simply available at some point in the past. The money needs to be:
- Legally obtained
- Readily available — not tied up in something you can't quickly access
- Unencumbered — free of debts or claims against it
What Generally Counts Toward the Total
- Cash and bank account balances
- Term deposits and Guaranteed Investment Certificates (GICs)
- Marketable securities you could reasonably convert to cash
What Generally Doesn't Count
- Property or real estate value
- A vehicle's value
- Retirement funds you can't access without penalty
- Debts owed to you that you can't readily collect
If You Fall Short
If you don't currently meet the applicable settlement funds requirement, you're generally not eligible for that program until you do — unless an exemption applies to your situation, such as being currently authorized to work in Canada under a qualifying arrangement. Some candidates choose to hold off on submitting a profile or an application until their savings catch up, rather than risk a refusal.
It's worth revisiting your calculation periodically rather than checking it once and assuming it still holds. Because the required amount is updated from time to time and your own family size can change between when you first check and when you actually apply, a figure that comfortably cleared the bar months ago may no longer be enough by the time IRCC assesses your file.
Frequently asked questions
Do I need to show proof of funds if I already have a job offer in Canada?
It depends on the specific program and the nature of the offer. Some exemptions exist — for example, for candidates already authorized to work in Canada under a qualifying arrangement — but don't assume you're exempt without confirming against the current program rules for your situation.
Does my spouse's income or savings count if they're not immigrating with me?
The required amount is generally based on your total family size, including family members not accompanying you, and funds can typically be shown from either spouse. Confirm the current documentation requirements for your specific application, since the details can matter.
Can I use a loan to meet the proof of funds requirement?
Borrowed funds are treated with more caution and can raise questions about whether the money is genuinely available to support your settlement. It's generally safer to rely on funds you can clearly demonstrate are your own and unencumbered.
How often does the required amount change?
IRCC updates the settlement funds table periodically to reflect cost-of-living benchmarks, so a figure that was accurate a year ago may not be accurate now. Always check the current published table rather than relying on an older source.
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