Key takeaways
- One person: $15,263. Each extra family member adds more, up to $40,392 for seven, then $4,112 per person
- Count your spouse and children even if they are not coming with you
- Canadian Experience Class candidates do not need proof of funds
- You are also exempt with a valid job offer if you are allowed to work in Canada now
- Funds must be yours, available and not borrowed; property equity does not count
How much money do you need for Express Entry?
| Number of family members | Funds required |
|---|---|
| 1 | $15,263 |
| 2 | $19,001 |
| 3 | $23,360 |
| 4 | $28,362 |
| 5 | $32,168 |
| 6 | $36,280 |
| 7 | $40,392 |
| Each extra person | $4,112 |
IRCC last updated this table on July 7, 2025, and it was still current when we checked on October 5, 2026. IRCC usually updates it once a year, so check the table again before you apply.
Count everyone: you, your spouse or partner and your dependent children. Count them even if they are Canadian citizens or PRs, or if they are not coming with you.
Who does not need proof of funds
- Canadian Experience Class candidates.
- Federal Skilled Worker and Federal Skilled Trades candidates who have a valid job offer and are authorized to work in Canada when they apply.
Everyone else in FSW or FST must show the funds. Provincial nominees should check their province’s rules.
What counts as settlement funds
- Money in bank accounts, in your name or a joint account with your spouse.
- Fixed deposits and other investments you can turn into cash quickly.
- Money you can take to Canada and use for your family.
What does not count:
- Equity in a house or land.
- Money borrowed from another person.
- Money that belongs to parents or relatives. A gift can work if it is transferred to you and documented.
- Money in your spouse’s name only, unless you can prove you have access to it. A joint account with a spouse who is coming with you counts.
What your bank letter must show
Get an official letter from each bank or financial institution, on its letterhead. It must include:
- The bank’s contact details (address, phone, email).
- Your name.
- Your outstanding debts, such as credit cards and loans.
- For each account: the account number, the date it was opened, the current balance and the average balance for the past 6 months.
Upload the letters in your PR application. If funds are in several currencies, add them up in Canadian dollars at a current rate.
Build your evidence pack
Use this list while you collect documents:
- Bank letter for each account, issued recently.
- 6 months of statements, in case IRCC asks.
- Proof of large deposits: a salary slip, a sale deed for property, a gift deed with the giver’s ID and bank record, or maturity proof for a deposit.
- Your own record of balances each month, so you can show the average stays above the minimum.
- Certified translations for any letter not in English or French.
Settlement funds are a test, not a budget. The amount is far below what most families spend in their first months. Plan real costs with the first 90 days budget and the cost of living calculator.
How the calculator works
It reads IRCC’s table for your family size (adding $4,112 for each person above seven). It adds your Canadian dollar funds and your foreign funds at the rate you enter. Then it shows the gap or the margin. If your 6-month average is below the minimum, it reminds you to keep proof of where recent deposits came from.
Example: a family of three needs $23,360. They hold $18,000 in Canada and ₹300,000 in India. At 0.016, the rupees are worth $4,800. Their total is $22,800, so they are $560 short.
When you move the money, compare costs in our guide to bringing money to Canada, and check the $10,000 border declaration rule if you carry cash.