diff --git a/Makefile b/Makefile
index fe24e7e91..f9dbe729b 100644
--- a/Makefile
+++ b/Makefile
@@ -389,7 +389,7 @@ create-management-cluster: $(KUSTOMIZE) $(ENVSUBST)
 	kubectl wait --for=condition=Available --timeout=5m -n cert-manager deployment/cert-manager-webhook
 
 	# Deploy CAPI
-	curl --retry $(CURL_RETRIES) -sSL https://github.com/kubernetes-sigs/cluster-api/releases/download/v1.0.4/cluster-api-components.yaml | $(ENVSUBST) | kubectl apply -f -
+	curl --retry $(CURL_RETRIES) -sSL https://github.com/kubernetes-sigs/cluster-api/releases/download/v1.0.5/cluster-api-components.yaml | $(ENVSUBST) | kubectl apply -f -
 
 	# Deploy CAPG
 	kind load docker-image $(CONTROLLER_IMG)-$(ARCH):$(TAG) --name=clusterapi
diff --git a/Tiltfile b/Tiltfile
index f3838dd24..6519a75f5 100644
--- a/Tiltfile
+++ b/Tiltfile
@@ -16,7 +16,7 @@ settings = {
     "deploy_cert_manager": True,
     "preload_images_for_kind": True,
     "kind_cluster_name": "capg",
-    "capi_version": "v1.0.4",
+    "capi_version": "v1.0.5",
     "cert_manager_version": "v1.1.0",
     "kubernetes_version": "v1.21.4",
 }
diff --git a/go.mod b/go.mod
index 0f3461932..38fda3f20 100644
--- a/go.mod
+++ b/go.mod
@@ -18,9 +18,9 @@ require (
 	k8s.io/component-base v0.22.2
 	k8s.io/klog/v2 v2.10.0
 	k8s.io/utils v0.0.0-20211208161948-7d6a63dca704
-	sigs.k8s.io/cluster-api v1.0.4
-	sigs.k8s.io/cluster-api/test v1.0.4
+	sigs.k8s.io/cluster-api v1.0.5
+	sigs.k8s.io/cluster-api/test v1.0.5
 	sigs.k8s.io/controller-runtime v0.10.3
 )
 
-replace sigs.k8s.io/cluster-api => sigs.k8s.io/cluster-api v1.0.4
+replace sigs.k8s.io/cluster-api => sigs.k8s.io/cluster-api v1.0.5
diff --git a/go.sum b/go.sum
index fc49084b7..05b42df63 100644
--- a/go.sum
+++ b/go.sum
@@ -1524,10 +1524,10 @@ rsc.io/sampler v1.3.0/go.mod h1:T1hPZKmBbMNahiBKFy5HrXp6adAjACjK9JXDnKaTXpA=
 sigs.k8s.io/apiserver-network-proxy/konnectivity-client v0.0.14/go.mod h1:LEScyzhFmoF5pso/YSeBstl57mOzx9xlU9n85RGrDQg=
 sigs.k8s.io/apiserver-network-proxy/konnectivity-client v0.0.15/go.mod h1:LEScyzhFmoF5pso/YSeBstl57mOzx9xlU9n85RGrDQg=
 sigs.k8s.io/apiserver-network-proxy/konnectivity-client v0.0.22/go.mod h1:LEScyzhFmoF5pso/YSeBstl57mOzx9xlU9n85RGrDQg=
-sigs.k8s.io/cluster-api v1.0.4 h1:3vMvQjEmkSQayN9r0DXlfn8uWHzqNT+HPBveVryJ1Dc=
-sigs.k8s.io/cluster-api v1.0.4/go.mod h1:/LkJXtsvhxTV4U0z1Y2Y1Gr2xebJ0/ce09Ab2M0XU/U=
-sigs.k8s.io/cluster-api/test v1.0.4 h1:aHLxi6vGx60VFgvfg8dk6jz45645pm4VbMf2qjB8CP8=
-sigs.k8s.io/cluster-api/test v1.0.4/go.mod h1:IaRugWZKwnbN7o6fFeBuBffOo4EwPqVMBNfC8QRWlj4=
+sigs.k8s.io/cluster-api v1.0.5 h1:MnUxDc6N/K8wPHIAJa+2GnCsWVkUQPqjf05a+TtTs3Y=
+sigs.k8s.io/cluster-api v1.0.5/go.mod h1:/LkJXtsvhxTV4U0z1Y2Y1Gr2xebJ0/ce09Ab2M0XU/U=
+sigs.k8s.io/cluster-api/test v1.0.5 h1:Y+eJTNUG5kdNwM2IVyF2+GehHO0ETfxhD6fqScpED/0=
+sigs.k8s.io/cluster-api/test v1.0.5/go.mod h1:IaRugWZKwnbN7o6fFeBuBffOo4EwPqVMBNfC8QRWlj4=
 sigs.k8s.io/controller-runtime v0.10.3 h1:s5Ttmw/B4AuIbwrXD3sfBkXwnPMMWrqpVj4WRt1dano=
 sigs.k8s.io/controller-runtime v0.10.3/go.mod h1:CQp8eyUQZ/Q7PJvnIrB6/hgfTC1kBkGylwsLgOQi1WY=
 sigs.k8s.io/kind v0.11.1 h1:pVzOkhUwMBrCB0Q/WllQDO3v14Y+o2V0tFgjTqIUjwA=
diff --git a/test/e2e/config/gcp-ci.yaml b/test/e2e/config/gcp-ci.yaml
index 01532f59a..6429743df 100644
--- a/test/e2e/config/gcp-ci.yaml
+++ b/test/e2e/config/gcp-ci.yaml
@@ -15,8 +15,8 @@ providers:
   - name: cluster-api
     type: CoreProvider
     versions:
-    - name: v1.0.4
-      value: https://github.com/kubernetes-sigs/cluster-api/releases/download/v1.0.4/core-components.yaml
+    - name: v1.0.5
+      value: https://github.com/kubernetes-sigs/cluster-api/releases/download/v1.0.5/core-components.yaml
       type: url
       files:
       - sourcePath: "../data/shared/v1beta1/metadata.yaml"
@@ -28,8 +28,8 @@ providers:
   - name: kubeadm
     type: BootstrapProvider
     versions:
-    - name: v1.0.4
-      value: https://github.com/kubernetes-sigs/cluster-api/releases/download/v1.0.4/bootstrap-components.yaml
+    - name: v1.0.5
+      value: https://github.com/kubernetes-sigs/cluster-api/releases/download/v1.0.5/bootstrap-components.yaml
       type: url
       files:
       - sourcePath: "../data/shared/v1beta1/metadata.yaml"
@@ -41,8 +41,8 @@ providers:
   - name: kubeadm
     type: ControlPlaneProvider
     versions:
-    - name: v1.0.4
-      value: https://github.com/kubernetes-sigs/cluster-api/releases/download/v1.0.4/control-plane-components.yaml
+    - name: v1.0.5
+      value: https://github.com/kubernetes-sigs/cluster-api/releases/download/v1.0.5/control-plane-components.yaml
       type: url
       files:
       - sourcePath: "../data/shared/v1beta1/metadata.yaml"