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Express Entry Financial Requirements (2025)
Express Entry applicants (Federal Skilled Worker, Federal Skilled Trades, Canadian Experience Class) who do not have a valid Canadian job offer must demonstrate sufficient settlement funds. Here are the 2025 proof of funds requirements.
| Family Size | Funds Required (2025) |
|---|
| 1 person | $14,690 |
| 2 persons | $18,288 |
| 3 persons | $22,483 |
| 4 persons | $27,297 |
| 5 persons | $30,690 |
| 6 persons | $34,598 |
| 7+ persons | $38,514 |
Note: CEC applicants with valid Canadian job offers and workers authorized to work in Canada are exempt from proof of funds. Amounts updated annually by IRCC.
What Counts as Proof of Funds for Express Entry?
- Official letters from banks or financial institutions showing account balances
- Account statements for the past 6 months
- Funds must be in a liquid account (chequing, savings — not locked-in pension/retirement)
- Must show you have had the funds for 6+ months (IRCC may request history)
- Foreign funds in foreign currencies are converted at current exchange rates
- Funds must be unencumbered (not secured against a loan or debt)
Best Banking for Express Entry Applicants
After Receiving PR: Open KOHO + EQ Bank Immediately
When you land as a new permanent resident, open KOHO immediately with your passport — use code 45ET55JSYA for a $100 welcome bonus. Then open an EQ Bank savings account (3% interest) for your settlement funds. Both are digital, available immediately, and CDIC-insured.
Best Banks for New Permanent Residents
- KOHO — Open immediately with passport, $0 fees, $100 bonus (code 45ET55JSYA)
- TD New to Canada — Free banking 1 year, newcomer advisor, starter credit card
- RBC Newcomer Advantage — Free 1 year, Avion Visa for newcomers, mortgage services
- EQ Bank — 3% savings interest, best for storing settlement funds
- Scotiabank StartRight — Free banking 1 year, Scene+ rewards
Building Credit as a New Permanent Resident
Credit Building Timeline for Express Entry PRs
- Day 1: Open KOHO + Credit Building add-on ($10/mo) — starts reporting immediately
- Month 1: Open newcomer bank account at TD/RBC, get secured credit card
- Month 6: Apply for student/entry-level credit card with 6 months of payment history
- Month 12: Score typically 650+ — qualify for mortgages, car loans, and premium cards
- Year 2: Score 700+ with consistent payments — access to best mortgage rates
Frequently Asked Questions
How much money do I need for Express Entry Canada 2025?
For a single applicant, you need $14,690 CAD in settlement funds for 2025. For a family of four, the requirement is $27,297. CEC applicants with Canadian job offers are exempt. You must show these funds have been available for the past 6 months through official bank statements. IRCC updates these amounts annually.
Can I use a foreign bank account to show Express Entry proof of funds?
Yes — foreign bank account statements are accepted for Express Entry proof of funds. The amounts are converted to CAD at current exchange rates. You’ll need official bank letters on letterhead and 6 months of statements. Once you receive your ITA and prepare your application, have these documents translated to English or French if in another language.
How do I open a Canadian bank account before arriving as a new PR?
KOHO can be opened before you land in Canada — just a passport and email needed. TD’s and RBC’s newcomer programs allow you to open an account before arriving. You’ll need your PR Confirmation of Permanent Residence (COPR) document as your immigration document at a branch within your first weeks of arrival to complete the account.
What happens to Express Entry proof of funds after I get PR?
Once you land and receive PR, the proof of funds requirement is fulfilled. You can use your settlement funds however you wish — living expenses, rental deposits, car purchase, or investing in a TFSA or RRSP. IRCC doesn’t track how you spend the funds after landing. However, keeping the funds in EQ Bank at 3% interest while you get settled is a smart strategy.
Can I use FHSA as a new permanent resident?
Yes — new permanent residents who have not owned a qualifying home in Canada can open a First Home Savings Account (FHSA). You can contribute up to $8,000/year (lifetime limit $40,000) tax-free. This is one of Canada’s best financial tools for new PRs planning to buy a home. Open your FHSA in your first year of arrival to maximize the contribution room.
Disclaimer: Information is for general guidance only and subject to change. Verify current requirements with relevant authorities. Not financial or immigration advice. Bremo.io may earn referral compensation from partner links.