Key facts
- Required for
- Federal Skilled Worker and Federal Skilled Trades
- Not required for
- Canadian Experience Class
- Exemption
- Authorised to work in Canada and holding a valid job offer
- Amount depends on
- Family size, including family members not coming with you
- Amounts updated
- Yearly by IRCC — check the current table
- Official authority
- IRCC
Last verified against official sources: 2026-09-21
Who this applies to
- FSW and FST candidates without an exemption
- Candidates eligible for more than one program, if they may be invited under FSW or FST
What counts as settlement funds
- Money that is available to you and can be used in Canada — usually in bank accounts.
- The funds must be yours (or held jointly with your accompanying spouse or partner).
- Borrowed money and the value of property such as a house generally cannot be counted.
- Funds must be available both when you submit the profile and when you apply after an invitation.
What evidence IRCC expects
IRCC asks for official letters from each bank or financial institution where you hold money. The letters are printed on the institution's letterhead and include its contact details, your name, account numbers, dates accounts were opened, current balances and average balance over the past six months, plus any outstanding debts.
Hypothetical example
Amir applies alone, but his wife is staying abroad for now. His family size still counts both of them, so he must show the amount IRCC lists for a family of two, not one.
Common mistakes
- Using an old year's amount after IRCC has updated the table.
- Counting only accompanying family members when working out family size.
- Sudden large deposits with no explanation of where the money came from.
- Relying on account statements alone without the official bank letter.
Frequently asked questions
Do I need proof of funds for the Canadian Experience Class?
No. CEC candidates are not required to show settlement funds, though it is still sensible to plan for living costs.
Can a gift of money count?
Gifted money that has been transferred into your own account can generally count, but you should be able to explain and document where it came from.
How much money do I need?
The amount depends on family size and changes each year. Check IRCC's current proof of funds table before you submit your profile and again before you apply.
What to do next
- Check IRCC's current table for your family size.
- Ask each bank for an official letter covering the last six months.
- Keep records for any large deposits.
Your next steps
Continue in the order most people find useful, rather than a list of unrelated pages.