Most US-based Federal Skilled Worker and Federal Skilled Trades applicants must show available, unencumbered funds that meet IRCC’s minimum for their family size: CAD 15,263 for a single applicant under the table in effect since July 7, 2025. US accounts count. Retirement accounts you can’t access without penalty, home equity and borrowed money generally don’t. You’re exempt if you apply under the Canadian Experience Class, or if you are authorized to work in Canada and have a valid job offer.
Proof of funds is a top reason for delays and refusals. This guide covers US-specific situations; see the US to Canada move checklist for the rest of your paperwork.
How much you need
| Family members (including you) | Minimum funds (CAD) |
| 1 | $15,263 |
| 2 | $19,001 |
| 3 | $23,360 |
| 4 | $28,362 |
| 5 | $32,168 |
| 6 | $36,280 |
| 7 | $40,392 |
| Each additional member | +$4,112 |
Count every family member, including a spouse or dependent child who isn’t coming with you.
Who is exempt
- Canadian Experience Class applicants
- Applicants who are currently authorized to work in Canada and have a valid job offer
- Provincial nominees are not automatically exempt. Follow your stream’s rules.
What counts, and what doesn’t, for Americans
| Asset | Counts? | Notes |
| US checking and savings accounts | Yes | Convert to CAD at the current rate; add a buffer for exchange swings |
| Money market accounts, CDs maturing before landing | Usually | Must be accessible |
| Brokerage accounts (stocks, ETFs) | Usually | Liquid investments; volatile, so keep a margin above the minimum |
| 401(k), 403(b), IRA | Generally no | Not readily available without penalties or restrictions |
| Home equity, vehicles | No | Not liquid funds |
| Loans, credit lines, HELOCs | No | Borrowed money doesn’t count |
| Gift from a parent | Possibly | Must be a genuine gift, deposited in your account, with documentation |
The US bank letter IRCC expects
IRCC wants an official letter from each financial institution, on letterhead, showing:
- Your name, and the institution’s contact details
- Account numbers, and the date each account was opened
- Current balance and the average balance over the past six months
- Any outstanding debts, such as credit cards and loans
Many US banks aren’t used to these requests. Ask a branch manager rather than the call centre, and ask for the letter in this format. Add recent statements to back it up.
Common mistakes
- A sudden large deposit with no explanation. Document where it came from.
- Counting a joint account at 100%. Show you have access, and include your spouse if they’re the co-holder.
- Profile and application don’t match. Your Express Entry profile must show the funds you actually have.
- Exchange rate drift. USD to CAD swings can push you under the minimum. Keep a buffer.
Frequently asked questions
Can I use my 401(k) for Express Entry proof of funds?
Generally no. IRCC wants funds that are readily available. Retirement accounts with withdrawal penalties or restrictions usually don’t qualify.
Do I show funds in USD or CAD?
Your account can be in USD. IRCC assesses the CAD equivalent, so keep a margin above the minimum.
How long must the money be in my account?
IRCC looks at your current and six-month average balances. Large recent deposits need an explanation.
I’m applying through CEC. Do I need proof of funds?
No. Canadian Experience Class applicants are exempt.
Do I need to bring the money to Canada?
You must show it’s available. Declare CAD 10,000 or more at the border when you land. See landing as a PR from the US.
