Proof of funds — the table
Overview
Applicants for permanent residence under the Federal Skilled Worker (FSW) and Federal Skilled Trades (FST) programs must demonstrate that they have enough money to support themselves and their family members after arriving in Canada. The required amount depends on family size and is updated annually based on Canada's Low Income Cut-Off (LICO). Applicants who have a valid job offer in Canada or who are currently authorised to work in Canada and have been offered a job there are exempt from the funds requirement.
The funds requirement is a snapshot requirement — IRCC checks that the amount is available and accessible at the time of the application for permanent residence (after receiving an ITA). The funds must be transferable, freely available (not tied up in assets like real estate or retirement accounts that cannot be liquidated), and unencumbered. If funds are depleted between the time of showing and the time of landing, IRCC may reconsider eligibility.
Legal basis
- IRPR s 76(1)(b) — Federal Skilled Worker applicants must demonstrate that they have sufficient funds to support their establishment in Canada
- IRPR s 80(2) — Federal Skilled Trades applicants must also meet the funds requirement unless they have a valid job offer
- LICO — Statistics Canada — the funds table is calculated as 50% of the LICO for the relevant family size; updated annually, usually in April
How it works
Funds table — 2025 amounts (CAD)
The amounts below are based on the 2025 LICO table. Amounts are updated annually and applicants should verify the current figures on the IRCC website.
| Family size | Funds required (CAD) |
|---|---|
| 1 person | $14,690 |
| 2 persons | $18,288 |
| 3 persons | $22,483 |
| 4 persons | $27,297 |
| 5 persons | $30,690 |
| 6 persons | $34,917 |
| 7 persons | $38,875 |
| Each additional person | +$3,958 |
Note: these amounts are updated in April each year. Always verify current amounts with IRCC before filing.
Who must provide proof of funds?
Proof of funds is required for:
- Federal Skilled Worker applicants (mandatory, unless exempt)
- Federal Skilled Trades applicants (mandatory, unless exempt)
Proof of funds is not required for:
- Canadian Experience Class (CEC) applicants
- FSW/FST applicants who have a valid job offer from a Canadian employer
- Provincial Nominee Program applicants (though some provinces have their own funds requirements)
- Family class sponsorship applicants (the obligation shifts to the sponsor's undertaking)
What counts as proof of funds?
Accepted proof of funds includes:
- Bank statements showing an average balance over the past 6 months equal to or exceeding the required amount
- A letter from the bank confirming the account balance, account type, and that the funds have been held for at least 6 months
- Investment statements (mutual funds, GICs, bonds) — provided the funds are accessible (not locked-in retirement accounts)
The following generally do not count toward the funds requirement:
- Real estate equity
- Locked-in retirement or pension funds that cannot be drawn before a specified age
- Funds that are pledged as collateral against a loan
- Gifts or loans not yet received
Source of funds
IRCC may ask about the source of the funds to assess whether they are legitimate. Applicants should be prepared to show the history of the funds (how they were accumulated — salary, business income, inheritance, sale of property, etc.). A sudden large deposit immediately before the application may raise concerns about whether the funds belong to the applicant or were borrowed for the purpose of meeting the requirement.