Proof of funds establishes that an applicant has enough money to become economically established in Canada.
It is generally required for applicants under the:

• Federal Skilled Worker Program; and
• Federal Skilled Trades Program.

An applicant does not normally need settlement funds when applying under the Canadian Experience Class. An FSW or FST applicant may also be exempt when authorized to work in Canada and holding a valid job offer that meets the applicable Express Entry requirements.

Because the system may find a candidate eligible for more than one program, profile information should remain accurate. IRCC currently asks all applicants to upload a proof-of-funds document. A CEC applicant who is exempt should upload an explanatory letter confirming the program under which the invitation was issued.

Employment does not automatically create an exemption

Having a job, an open work permit or an employer letter does not necessarily mean that an FSW or FST applicant has a valid job offer for Express Entry purposes.

A work permit by itself is not a job offer. The offer must satisfy the requirements of the relevant program, which can include occupation, hours, duration, employer and LMIA or LMIA-exemption conditions.

IRCC removed general CRS points for job offers on March 25, 2025. However, valid job offers may still affect program eligibility and the settlement-fund requirement.

How is family size calculated?

Include:

• the principal applicant;
• the spouse or common-law partner;
• the applicant’s dependent children; and
• the spouse or partner’s dependent children.

These family members must be counted even when they are not accompanying the applicant or are already Canadian citizens or permanent residents.

Current amount displayed by IRCC

IRCC updates settlement-fund amounts annually based on 50% of the applicable low-income cut-off. Applicants should verify the table before updating a profile and again before submitting permanent residence documents.

Maintaining a reasonable buffer is prudent because exchange rates and account balances may change.

What must the bank letter include?

IRCC requires official letters from each bank or financial institution where relevant funds are held. The letters must be printed on institutional letterhead and include:

• the institution’s address, telephone number and email;
• the applicant’s name;
• outstanding debts, including loans and credit-card debt;
• account numbers;
• the date each account was opened;
• current balances; and
• the average balance for the previous six months.

A same-day balance certificate may not address every requirement. If the bank cannot state the average balance or debt information, the applicant may need supplementary statements and an explanation.

Which funds may be used?

The funds must be legally accessible, transferable and unencumbered by debts or other obligations.

Cash savings in the applicant’s account will generally be straightforward. Joint funds may be used where the accompanying spouse shares the account. Funds held only in a spouse’s name may be considered if the applicant proves legal access.

Readily redeemable investments may require evidence of current value and withdrawal availability. Real-estate equity cannot be used, and money borrowed from another person does not qualify.

How should a large deposit be explained?

A significant recent deposit may raise questions about whether the money is genuinely available or temporarily borrowed.

Potential sources include:

• property or vehicle sale proceeds;
• maturing investments;
• employment bonuses or severance;
• transfers between the applicant’s own accounts;
• a spouse’s funds; or
• a genuine family gift.

The application should connect the transaction to supporting records, such as a sale agreement, historical statement, payslip, investment redemption record, transfer receipt or gift documentation.

Funds must remain available both when the application is submitted and when a permanent resident visa is issued.

FAQ

Q1. Does a CEC applicant need a bank letter?
CEC applicants are generally exempt from settlement funds. They should normally upload an explanatory exemption letter in the proof-of-funds field.

Q2. Do I count a non-accompanying spouse who is already a Canadian permanent resident?
Yes. IRCC instructs applicants to include spouses and dependent children even when they are not accompanying or already hold Canadian citizenship or permanent residence.

Q3. Can I use money gifted by my parents?
Potentially, if it is a genuine, non-repayable gift that is freely available to you. Provide evidence of the source, transfer and terms.

Disclaimer

This article provides general information based on official sources reviewed on October 7, 2026. It is not legal advice. Settlement-fund amounts may change annually, and the acceptability of an account, gift or investment depends on access, liquidity and source evidence.