Who has to show settlement funds
If you are invited to apply under the Federal Skilled Worker or Federal Skilled Trades program, IRCC asks for written proof that you have enough money to settle. You do not need it if you apply under the Canadian Experience Class, or if you are authorized to work in Canada and have a valid job offer. IRCC still asks exempt applicants to upload a letter saying which exemption applies.
How the amount is set
The amount depends on family size. Count yourself, your spouse or common-law partner, your dependent children and your spouse’s dependent children, even if some of them are not coming to Canada. The IRCC table we checked on 2026-11-06 is labelled “Updated July 7, 2025” and lists CAD 15,263 for one person, 19,001 for two, 23,360 for three, 28,362 for four, 32,168 for five, 36,280 for six and 40,392 for seven, plus 4,112 for each additional person. IRCC says it updates these figures every year, so confirm the current table before you submit.
What each bank letter must contain
Get an official letter from every bank or financial institution where you keep money. IRCC asks for letterhead showing the institution’s address, telephone number and email address; your name; outstanding debts such as credit cards and loans; and, for each current bank and investment account, the account number, the date it was opened, the current balance and the average balance for the past six months.
Money that does not count, and timing
You cannot use equity in real property, and you cannot borrow the money from another person. Money in a joint account counts if your spouse is coming with you; an account only in your spouse’s name may count if you can prove you have access to it. The funds must be available both when you apply and when a permanent resident visa is issued, and you must be able to access them legally when you arrive.
A simple recordkeeping routine
Keep a dated list of each account, its six-month average and the issue date of each letter. Save a copy of the IRCC table you compared against. If your balances change or a new year’s table is published before you submit, check again instead of reusing an old calculation. Store the letters privately; your timeline only needs the dates.
Frequently asked questions
Do Canadian Experience Class applicants need proof of funds?
No. IRCC lists CEC applicants as exempt, but asks them to upload a letter stating which exemption applies.
Can I use the value of my home?
No. IRCC states that equity on real property cannot be used as proof of settlement funds.
Do family members who are not coming still count?
Yes. Family size includes your spouse or partner and dependent children even if they are not coming to Canada.