Canada Proof of Funds Checker
Enter your savings and family size. See instantly whether you meet Canada’s Express Entry proof of funds requirement.
Dependent children are under 22 and not married or in a common-law relationship (with limited exceptions).
Only count funds you can freely access and prove with a bank statement. Investments, property, or funds held by others do not qualify.
What Nigerian Applicants Get Wrong About Proof of Funds
- ✗ Counting property, cars, or businesses as liquid assets. IRCC wants bank balances, not net worth.
- ✗ Using a black market or parallel rate when converting naira. IRCC will assess CAD at official/bank transfer rates.
- ✗ Borrowing from family for the bank statement and then returning it. IRCC requires funds to be held consistently, not deposited the week before the statement.
- ✗ Not including all family members when calculating the required amount. Adding a spouse increases the minimum by CAD 3,370 (2024 figures).
- ✗ Confusing proof of funds with the application fee. They are separate: one is paid to IRCC, the other just needs to exist in your account.
How the Proof of Funds Check Works
Canada’s Immigration, Refugees and Citizenship Canada (IRCC) requires Express Entry applicants to prove they have enough money to support themselves and their family after arriving in Canada. This amount is based on the Low Income Cut-Off (LICO) table, published annually.
The calculation is straightforward:
Your Savings in CAD = Your Savings ÷ Exchange Rate
Gap or Surplus = Your Savings in CAD – Required Funds
The LICO table is updated annually. This tool uses the 2024 published figures. Always verify the current amounts at the official IRCC website before submitting your application.
2024 Proof of Funds Minimum Table (Express Entry)
| Family Size | Required Funds (CAD) | Approximate NGN Equivalent* |
|---|---|---|
| 1 person (just you) | CAD 13,757 | approx. NGN 25.1 million |
| 2 persons (you + spouse) | CAD 17,127 | approx. NGN 31.2 million |
| 3 persons | CAD 21,055 | approx. NGN 38.4 million |
| 4 persons | CAD 25,564 | approx. NGN 46.6 million |
| 5 persons | CAD 28,994 | approx. NGN 52.8 million |
| 6 persons | CAD 32,700 | approx. NGN 59.6 million |
| 7+ persons | CAD 36,407 | approx. NGN 66.3 million |
*NGN equivalent is approximate at USD/NGN 1,600 and CAD/USD 0.74. Exchange rates fluctuate daily. Use the tool above to check your specific savings and current rate.
What Counts as Proof of Funds?
IRCC is specific about what counts. The following are generally accepted:
- Bank account statements (personal or joint) showing consistent balance over 3 to 6 months
- Fixed deposits or savings certificates from a licensed financial institution
- Investment accounts (depending on liquidity and accessibility)
The following are generally not accepted or are difficult to use:
- Loans or borrowed funds (even if in your account)
- Real estate equity
- Vehicle value
- Business assets or company accounts you do not solely own
- Funds recently transferred into your account just before the statement period
The Naira Reality: Why This Is Hard for Nigerian Applicants
The NGN/CAD exchange rate has deteriorated sharply since 2022. In January 2020, CAD 1 cost approximately NGN 280. By early 2025, CAD 1 costs approximately NGN 1,800 to 1,900 at bank transfer rates. This means the NGN amount you need to prove the equivalent of CAD 13,757 has risen from approximately NGN 3.8 million in 2020 to approximately NGN 25 million in 2025.
That is a 6x increase in naira terms in five years, with no corresponding increase in the CAD minimum itself. The LICO minimum in CAD terms has risen modestly; the NGN equivalent has risen dramatically due to exchange rate movement.
Study Permit Proof of Funds: Different Rules
For a study permit, IRCC does not use the LICO table. Instead, you need to demonstrate:
- Tuition fees for the first year of your program
- At least CAD 10,000 for living expenses for the first year (CAD 11,000 for Quebec)
- Return transportation costs (often estimated at CAD 2,000 to 3,000 for Nigeria)
If you are bringing a spouse, add approximately CAD 4,000 for their living expenses. For each dependent child, add approximately CAD 3,000. These are IRCC’s published guidelines; the actual amount required may be adjusted by visa officers.
Table of Truth: What Different Savings Levels Mean
| Your Savings (NGN) | Approx. CAD Value | Single Applicant Status | Couple Status |
|---|---|---|---|
| NGN 10 million | ~CAD 5,500 | Short by ~CAD 8,200 | Short by ~CAD 11,600 |
| NGN 15 million | ~CAD 8,200 | Short by ~CAD 5,600 | Short by ~CAD 8,900 |
| NGN 20 million | ~CAD 10,900 | Short by ~CAD 2,800 | Short by ~CAD 6,200 |
| NGN 25 million | ~CAD 13,700 | Near minimum (single) | Short by ~CAD 3,400 |
| NGN 32 million | ~CAD 17,500 | Meets single requirement | Near minimum (couple) |
| NGN 40 million | ~CAD 21,900 | Well above (single) | Meets couple + buffer |
Approximate values based on NGN 1,825 per CAD. Verify actual rate before using for planning purposes.
Realistic Scenarios
Scenario 1: Single Applicant, NGN 22 Million Saved
At a rate of NGN 1,825 per CAD, NGN 22 million converts to approximately CAD 12,055. The requirement for a single applicant is CAD 13,757. This person is approximately CAD 1,700 short. At a monthly savings rate of NGN 500,000 (approximately CAD 274), they would close the gap in 6 to 7 months. The recommendation is to continue saving for 6 months, monitor the exchange rate, and aim for CAD 16,000 to 17,000 before applying to allow for rate fluctuations.
Scenario 2: Couple, NGN 35 Million Combined
At NGN 35 million and a rate of NGN 1,825 per CAD, the couple has approximately CAD 19,178. The requirement for two people is CAD 17,127. They have a surplus of approximately CAD 2,051, which is a thin buffer. A rate shift of 10% in favour of a stronger naira would improve the picture; a 10% weakening would put them back below the minimum. The recommendation is to build to CAD 22,000 before applying to hold a 28% buffer.
Scenario 3: Family of 4, USD Savings of USD 20,000
USD 20,000 at approximately CAD 1.36 per USD converts to approximately CAD 27,200. The requirement for 4 persons is CAD 25,564. This family has a surplus of approximately CAD 1,636. USD-denominated savings are more stable than NGN savings against CAD. The recommendation is to verify the current USD/CAD rate at the time of application, as it fluctuates within a narrower band than NGN/CAD.
Common Questions
Does proof of funds mean I have to spend that money on the application?
No. Proof of funds is money you show you have. It is not paid to IRCC. You keep it and use it for settlement after you arrive in Canada. The application fees are separate and are paid to IRCC directly.
Can I use a joint account with my spouse?
Yes. Joint accounts where you are a named account holder are generally acceptable. You will need to provide the full joint account statement, not just your portion.
My savings are split across multiple banks. Can I combine them?
Yes. IRCC allows you to show statements from multiple accounts. The total across all accounts must meet the minimum. You will need statements for each account.
Can I use my salary or income as proof of funds?
No. Proof of funds for Express Entry is specifically about savings in hand, not expected income. Future salary does not count. Your salary contributes to building savings, but the savings themselves are what IRCC evaluates.
What exchange rate does IRCC use to evaluate foreign currency savings?
IRCC does not publish a specific rate. Officers typically use the prevailing bank or official rate at the time of assessment. Using the parallel market (black market) rate to inflate your CAD equivalent is not recommended; if the officer uses a different rate, your calculation will not match theirs.
Does proof of funds change if the immigration levels plan changes?
The LICO table that determines the minimum is updated annually based on Statistics Canada data, not immigration levels. The minimums typically increase by a small percentage each year. Check the IRCC website for the current year’s amounts before submitting your application.
What if my savings drop after I submit my application?
You must maintain proof of funds throughout the processing period. IRCC may ask for updated documents. If your balance falls below the required amount before you receive your Confirmation of Permanent Residence (COPR), it could affect your application.
