Express Entry is Canada's primary pathway for skilled worker immigration. Before receiving an Invitation to Apply (ITA), you need to demonstrate you have sufficient settlement funds. This guide covers exact dollar amounts, accepted sources, and how to prove your funds to IRCC.
IRCC updates the minimum settlement fund amounts annually based on the Low Income Cut-Off (LICO). For 2025, the amounts are:
These amounts reflect 50% of LICO thresholds. IRCC requires you to have these funds at the time of application and typically at the time you arrive in Canada.
There are three main streams under Express Entry. Proof of funds requirements differ slightly:
Proof of funds is required unless you have a valid arranged employment offer. FSWP applicants must meet the fund threshold for their family size.
Same as FSWP — proof of funds required unless you have arranged employment or a Canadian job offer in a skilled trade.
Proof of funds is NOT required for CEC applicants. This is because CEC candidates are already working in Canada and presumably have financial stability.
IRCC accepts several sources as proof of settlement funds. The key requirement is that the funds must be:
IRCC requires official documentation from your financial institution. Standard acceptable documents include:
If your funds are held in a foreign currency, IRCC converts using the Bank of Canada exchange rate at the time of application. You must hold enough in your foreign currency to meet the CAD minimum when converted. It's wise to hold a buffer of 10-15% above the minimum to account for currency fluctuation between application and approval.
Many applicants ask: how long must I maintain these funds? IRCC expects you to have the settlement funds:
If you spend the funds between steps, your application could be refused. Do not use settlement funds for other purposes during the process.
If you receive a provincial nomination through Express Entry (the enhanced PNP stream), the same settlement fund requirements apply. However, some provinces have their own settlement fund thresholds for base PNP streams that may differ from federal requirements. Always check the specific provincial program requirements as well.
Once you arrive in Canada with your settlement funds, your immediate priorities should include:
Many newcomers use no-fee banking options while getting established. KOHO offers a free account that works well for newcomers who want to avoid monthly banking fees while they settle in.
No. Lines of credit are borrowed money and not accepted. IRCC requires funds you actually own, not credit facilities.
Joint accounts are generally accepted, but you must provide documentation showing your share of the funds. A letter from the bank indicating you are a joint holder with unrestricted access helps.
Yes. If your spouse or common-law partner is included in your application, their funds can be combined with yours to meet the family threshold.
If you have CEC status (working in Canada), you don't need proof of funds. For FSWP/FSTP applicants living in Canada without Canadian work authorization, standard proof of funds still applies.
KOHO is available to all Canadians regardless of how long you've been here. No monthly fees, no minimum balance, no credit check to open. Use code 45ET55JSYA for a welcome bonus.
Open KOHO Free — Code 45ET55JSYA