Proof of Funds for Canadian Immigration: How Much Money You Need

Most skilled-worker immigrants to Canada have to show that they have enough money to settle here. Immigration, Refugees and Citizenship Canada (IRCC) calls this proof of funds, or settlement funds, and sets the minimum by family size. This page covers the amounts, who has to show them, what IRCC accepts as proof, and what to know about bringing the money with you. The rest of the first-year money picture (SIN, bank account, credit, taxes, benefits) is on the newcomers to Canada guide.

Who needs proof of funds

IRCC’s proof-of-funds page says you need it to meet the minimum requirements of the Federal Skilled Worker Program and the Federal Skilled Trades Program. You don’t need to show settlement funds if:

• you’re applying under the Canadian Experience Class, or
• you’re authorized to work in Canada and have a valid job offer, even under the Federal Skilled Worker or Federal Skilled Trades program.

Because Express Entry may find you eligible for more than one program, the system asks every applicant for a proof-of-funds document; if you’re exempt, you upload a letter explaining why instead. Provincial nominee programs and other immigration streams set their own requirements, published by the province or program.

How much money you need

IRCC updates the amounts every year, based on 50% of the low income cut-off totals. The current table, updated July 7, 2025:

Your family size counts you, your spouse or common-law partner, and your dependent children and your partner’s dependent children, even if they are Canadian citizens or permanent residents, or aren’t coming to Canada with you. When IRCC updates the table, applicants already in the Express Entry pool may need to update the amount in their profile to stay eligible.

What IRCC accepts as proof

The money has to be available to you both when you apply and when IRCC issues your permanent resident visa. IRCC asks for official letters from each bank or financial institution where you have an account, on the institution’s letterhead, showing:

• the institution’s address, telephone number and email address;
• your name;
• your outstanding debts, such as credit card balances and loans;
• for each current banking and investment account: the account number, the date it was opened, the current balance and the average balance for the past 6 months.

You also have to show that you can legally access the money when you arrive. IRCC says you can’t use equity in real estate as proof of settlement funds, and you can’t borrow the money from another person. Money in a joint account with a spouse who is coming with you counts; money in an account only in your spouse’s name may count if you prove you have access to it.

Coming to Canada to study

International students show funds for a different reason: the study permit application asks for proof that you can pay tuition and living costs, under rules separate from the Express Entry table above. How the study permit’s financial requirement fits into a student’s money plan is on international student finances.

Bringing the money with you

There’s no limit on how much money you can bring into Canada, but the Canada Border Services Agency requires you to declare currency or monetary instruments worth CAN$10,000 or more each time you cross the border. Most newcomers move the bulk of their savings by bank transfer instead; the options and their costs are on moving money to Canada. Opening an account early makes the transfer simpler: newcomer bank packages are compared on bank accounts for newcomers.

Settlement funds and your first months

IRCC’s figure is a minimum for eligibility, not a budget. The first months in Canada usually bring one-time costs (a rental deposit where the province allows one, furniture, a phone, winter clothing) before a first paycheque arrives, and provincial health coverage can start after a waiting period in some provinces, covered on health insurance in Canada. The order of the first steps (a SIN, a bank account, a credit card, a first tax return) is on the new permanent resident checklist, and getting a SIN is usually the first.

Related pages

• Newcomers to Canada: money guide
• Work permit financial guide
• Spousal sponsorship financial requirements