Immigration, Refugees and Citizenship Canada (IRCC) has published its updated table of minimum settlement funds that foreign nationals must show to qualify for permanent residence through Express Entry, with the amount required rising in line with family size.
According to the official IRCC guidance, proof of funds is required for applicants under two of the three main Express Entry programs: the Federal Skilled Worker Program and the Federal Skilled Trades Program. Applicants do not need to show proof of funds if they are applying under the Canadian Experience Class, or if they are authorized to work in Canada and hold a valid job offer even if their application falls under one of the programs that would otherwise require it.
All applicants are currently asked to upload a document to the Express Entry system: either their bank letters proving sufficient funds, or, if exempt, a letter explaining their Canadian Experience Class invitation or valid job offer.
The table, last updated July 7, 2025, sets out the minimum amount of money in Canadian dollars needed based on family size:
Family membersFunds required (CAD)1$15,2632$19,0013$23,3604$28,3625$32,1686$36,2807$40,392Each additional member beyond 7+$4,112
These are minimum thresholds. IRCC advises applicants who hold more than the minimum to declare their full available funds in their profile or application, rather than only the required amount.
The amounts are adjusted annually and are based on 50% of Statistics Canada’s Low Income Cut-Off (LICO) totals, a measure of the income level below which a household is considered to spend a disproportionate share of its earnings on necessities.
IRCC calculates family size broadly for the purposes of this requirement. Applicants must include:
Themselves
Their spouse or common-law partner
Their dependent children
Their spouse or common-law partner’s dependent children
Notably, these family members must be counted even if they are Canadian citizens or permanent residents already, or if they are not planning to accompany the applicant to Canada.
Applicants cannot simply submit a bank statement. IRCC requires an official letter from each bank or financial institution where the applicant holds an account. The letter must be on the institution’s letterhead and include:
The institution’s contact details
The applicant’s name
Any outstanding debts, such as credit card balances or loans
For each account: the account number, opening date, current balance, and average balance over the past six months
Funds must also be legally accessible to the applicant both at the time of application and if a permanent resident visa is issued. Equity in real property does not qualify, and applicants cannot use borrowed money to meet the requirement. Money held jointly with an accompanying spouse can generally be counted, and in some cases funds held solely in a spouse’s name may also count if access can be demonstrated.
Proof of funds is intended to demonstrate that new arrivals can support themselves and their families immediately after landing, without requiring government assistance while they search for work. Because the figures change yearly, immigration authorities and consultants routinely advise applicants to check the current table on Canada’s official immigration website before relying on any previously cited amount, since figures from prior years can quickly become outdated.
