Complete guide to settlement funds requirements, acceptable assets, gift deeds, and POF exemptions for Express Entry.
Proof of Funds (POF) shows the Government of Canada that you have enough financial resources to settle in Canada after becoming a permanent resident. These funds must be readily available, unencumbered, and officially documented.
You must provide POF if applying under:
You do NOT need POF if:
IRCC sets minimum settlement fund requirements based on your family size (including non-accompanying dependents). These amounts are updated annually based on 50% of Canada's Low Income Cut-Off (LICO).
| Family Size | Minimum Funds (CAD) | Approx. USD |
|---|---|---|
| 1 person | $13,757 | ~$10,100 |
| 2 persons | $17,127 | ~$12,600 |
| 3 persons | $21,055 | ~$15,500 |
| 4 persons | $25,564 | ~$18,800 |
| 5 persons | $28,994 | ~$21,300 |
| 6 persons | $32,700 | ~$24,000 |
| 7 persons | $36,407 | ~$26,800 |
| Each additional person | +$3,706 | ~+$2,700 |
Important Notes:
Scenario 1: Single applicant → Need $13,757 CAD minimum
Scenario 2: Applicant + spouse → Need $17,127 CAD minimum
Scenario 3: Applicant + spouse + 2 children → Need $25,564 CAD minimum
Scenario 4: Applicant with 1 child (spouse not accompanying but still legally married) → Need $21,055 CAD (count as 3 persons)
You must provide official documentation from recognized financial institutions showing that you have sufficient funds available and transferable to Canada. IRCC requires specific formats and details.
Must include ALL of the following:
Common Mistakes When Proving Assets:
Yes, but with conditions. IRCC accepts investments as proof of funds only if they are liquid, transferable, and readily available for your settlement in Canada.
✓ Stocks (Publicly Traded)
Listed on recognized stock exchanges. Must provide brokerage statement showing current market value and confirmation that shares can be liquidated immediately.
✓ Mutual Funds (Open-Ended)
Can be redeemed anytime. Provide fund statement showing current Net Asset Value (NAV) and confirmation of no lock-in period.
✓ GICs / Fixed Deposits (Mature Soon)
Guaranteed Investment Certificates or fixed deposits that mature before you land in Canada, or have early withdrawal option without significant penalty.
✓ Bonds (Government/Corporate)
Marketable securities that can be sold on secondary market. Provide current valuation.
✗ Real Estate / Property
Property valuation does NOT count as POF. You cannot prove funds using house/land/apartment ownership. You must sell it first and show cash proceeds.
✗ Cryptocurrency
Bitcoin, Ethereum, and other crypto assets are NOT recognized by IRCC as proof of funds. Must be converted to fiat currency in bank account.
✗ Locked-In Investments
Retirement funds (RRSP, 401k), pension plans, or investments with lock-in periods do NOT count unless you can prove immediate access without penalty.
✗ Business Assets
Equity in a business, inventory, or commercial assets cannot be used. Only personal liquid assets count.
1. Get official statement from your investment firm/broker on letterhead
2. Show current market value (not book value or purchase price)
3. Confirm liquidity: Include note that investments can be liquidated within days
4. Consider liquidating 1-2 months before submission to have cash in bank (safest approach)
5. Combine with bank accounts: Most applicants show mix of cash + investments to meet requirement
Yes! IRCC accepts gift deeds from close family members (parents, siblings, grandparents, spouse's parents). However, you must prove the gift is genuine, unconditional, and the donor can afford it.
1. Gift Deed / Affidavit
A signed, notarized document stating:
2. Proof of Relationship
3. Proof of Transfer
4. Donor's Financial Proof
Important Considerations:
GIFT DEED AFFIDAVIT
I, [Parent's Full Name], residing at [Address], hereby declare that I have gifted the sum of CAD $[Amount] to my [son/daughter], [Your Full Name], passport number [XXX], to support [his/her] settlement in Canada as a permanent resident.
This gift is unconditional and given out of natural love and affection. I do not expect any repayment of this amount. The funds were transferred to [his/her] bank account [Account Number] at [Bank Name] on [Date].
The source of this gift is my personal savings accumulated over [X years] through [employment/business/other].
I confirm that this gift does not cause me any financial hardship and I have sufficient funds for my own needs.
Signed: _______________
Date: _______________
[Notary Public Seal and Signature]
1. Canadian Experience Class (CEC) Applicants
If you're applying through CEC, you do NOT need to provide proof of funds regardless of your current employment status. This is because CEC assumes you're already established in Canada.
2. Valid Job Offer + Work Authorization
POF is waived if you meet ALL of these conditions:
❌ You're applying through Federal Skilled Worker (FSW) without a Canadian job offer
❌ You're applying through Federal Skilled Trades (FST) without a Canadian job offer
❌ You have a job offer but NO current work authorization in Canada
❌ Your work permit has expired
❌ You're working in Canada but applying through FSW instead of CEC
| Program | POF Required? | Conditions |
|---|---|---|
| Canadian Experience Class (CEC) | NOT Required | Always waived for CEC |
| FSW (with Canadian job + work permit) | NOT Required | Must have valid job offer + current work authorization |
| FSW (without Canadian job) | REQUIRED | Must show full settlement funds |
| FST (with job offer + work permit) | NOT Required | Valid trades job offer + work authorization |
| FST (without job offer) | REQUIRED | Must show full settlement funds |
IRCC requires an official letter from your financial institution with:
Tip: Ensure your document is stamped, signed, and printed on official bank letterhead.
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