diff --git a/Makefile b/Makefile
index b583ea484ef..a24fecce880 100644
--- a/Makefile
+++ b/Makefile
@@ -491,7 +491,7 @@ create-management-cluster: $(KUSTOMIZE) $(ENVSUBST)
 	./hack/create-identity-secret.sh
 
 	# Deploy CAPI
-	curl --retry $(CURL_RETRIES) -sSL https://github.com/kubernetes-sigs/cluster-api/releases/download/v0.4.3/cluster-api-components.yaml | $(ENVSUBST) | kubectl apply -f -
+	curl --retry $(CURL_RETRIES) -sSL https://github.com/kubernetes-sigs/cluster-api/releases/download/v0.4.7/cluster-api-components.yaml | $(ENVSUBST) | kubectl apply -f -
 
 	# Deploy CAPZ
 	kind load docker-image $(CONTROLLER_IMG)-$(ARCH):$(TAG) --name=capz
diff --git a/Tiltfile b/Tiltfile
index 56c227d341f..c24cd871a10 100644
--- a/Tiltfile
+++ b/Tiltfile
@@ -16,7 +16,7 @@ settings = {
     "deploy_cert_manager": True,
     "preload_images_for_kind": True,
     "kind_cluster_name": "capz",
-    "capi_version": "v0.4.3",
+    "capi_version": "v0.4.7",
     "cert_manager_version": "v1.1.0",
     "kubernetes_version": "v1.19.11",
     "aks_kubernetes_version": "v1.20.5"
@@ -226,7 +226,7 @@ def create_crs():
     local("kubectl apply -f templates/addons/calico-resource-set.yaml")
     local("kubectl apply -f templates/addons/flannel-resource-set.yaml")
 
-# create flavor resources from cluster-template files in the templates directory 
+# create flavor resources from cluster-template files in the templates directory
 def flavors():
     substitutions = settings.get("kustomize_substitutions", {})
 
diff --git a/go.mod b/go.mod
index 5a1cd24b4a6..5dd6571fe6c 100644
--- a/go.mod
+++ b/go.mod
@@ -43,11 +43,11 @@ require (
 	k8s.io/klog/v2 v2.9.0
 	k8s.io/kubectl v0.21.4
 	k8s.io/utils v0.0.0-20210802155522-efc7438f0176
-	sigs.k8s.io/cluster-api v0.4.3
-	sigs.k8s.io/cluster-api/test v0.4.3
+	sigs.k8s.io/cluster-api v0.4.7
+	sigs.k8s.io/cluster-api/test v0.4.7
 	sigs.k8s.io/controller-runtime v0.9.7
 	sigs.k8s.io/kind v0.11.1
 	sigs.k8s.io/yaml v1.2.0
 )
 
-replace sigs.k8s.io/cluster-api => sigs.k8s.io/cluster-api v0.4.3
+replace sigs.k8s.io/cluster-api => sigs.k8s.io/cluster-api v0.4.7
diff --git a/go.sum b/go.sum
index 900f4c4e289..9ba7ecb729c 100644
--- a/go.sum
+++ b/go.sum
@@ -1566,10 +1566,10 @@ 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 v0.4.3 h1:bQl0jnVfOa4AW6gUOh5f0QaTv5im7JZwUesbhf/3a0w=
-sigs.k8s.io/cluster-api v0.4.3/go.mod h1:KKycu4yJEm1sxKG5UaHX9ZnYxRiBzJsFjJVmvMQUP2k=
-sigs.k8s.io/cluster-api/test v0.4.3 h1:fr/FztAyF8Ki+frvg5foLUBgp/fpO90tT1BHiQD6HMI=
-sigs.k8s.io/cluster-api/test v0.4.3/go.mod h1:QSthG8w6jaeNE9hwDxntAspluG8xPJFzi1ptSGoNNbw=
+sigs.k8s.io/cluster-api v0.4.7 h1:XzIn48gZAEDyxP/fMcGqOfrgMSLwbcUMgyPRqMeZTjs=
+sigs.k8s.io/cluster-api v0.4.7/go.mod h1:KKycu4yJEm1sxKG5UaHX9ZnYxRiBzJsFjJVmvMQUP2k=
+sigs.k8s.io/cluster-api/test v0.4.7 h1:v+CNc+nW4lolK+mHdnUvQheSbiR6kcbA/8dKgu2VALI=
+sigs.k8s.io/cluster-api/test v0.4.7/go.mod h1:QSthG8w6jaeNE9hwDxntAspluG8xPJFzi1ptSGoNNbw=
 sigs.k8s.io/controller-runtime v0.9.7 h1:DlHMlAyLpgEITVvNsuZqMbf8/sJl9HirmCZIeR5H9mQ=
 sigs.k8s.io/controller-runtime v0.9.7/go.mod h1:nExcHcQ2zvLMeoO9K7rOesGCmgu32srN5SENvpAEbGA=
 sigs.k8s.io/kind v0.11.1 h1:pVzOkhUwMBrCB0Q/WllQDO3v14Y+o2V0tFgjTqIUjwA=
diff --git a/test/e2e/config/azure-dev.yaml b/test/e2e/config/azure-dev.yaml
index 4898e9769f0..96ed14853ec 100644
--- a/test/e2e/config/azure-dev.yaml
+++ b/test/e2e/config/azure-dev.yaml
@@ -8,8 +8,8 @@ providers:
   - name: cluster-api
     type: CoreProvider
     versions:
-    - name: v0.4.3
-      value: https://github.com/kubernetes-sigs/cluster-api/releases/download/v0.4.3/core-components.yaml
+    - name: v0.4.7
+      value: https://github.com/kubernetes-sigs/cluster-api/releases/download/v0.4.7/core-components.yaml
       type: url
       files:
       - sourcePath: "../data/shared/v1alpha4/metadata.yaml"
@@ -21,8 +21,8 @@ providers:
   - name: kubeadm
     type: BootstrapProvider
     versions:
-    - name: v0.4.3
-      value: https://github.com/kubernetes-sigs/cluster-api/releases/download/v0.4.3/bootstrap-components.yaml
+    - name: v0.4.7
+      value: https://github.com/kubernetes-sigs/cluster-api/releases/download/v0.4.7/bootstrap-components.yaml
       type: url
       files:
       - sourcePath: "../data/shared/v1alpha4/metadata.yaml"
@@ -34,8 +34,8 @@ providers:
   - name: kubeadm
     type: ControlPlaneProvider
     versions:
-    - name: v0.4.3
-      value: https://github.com/kubernetes-sigs/cluster-api/releases/download/v0.4.3/control-plane-components.yaml
+    - name: v0.4.7
+      value: https://github.com/kubernetes-sigs/cluster-api/releases/download/v0.4.7/control-plane-components.yaml
       type: url
       files:
       - sourcePath: "../data/shared/v1alpha4/metadata.yaml"
@@ -93,7 +93,7 @@ providers:
     - sourcePath: "${PWD}/templates/test/ci/cluster-template-prow-aks-multi-tenancy.yaml"
       targetName: "cluster-template-aks-multi-tenancy.yaml"
     - sourcePath: "${PWD}/templates/test/ci/cluster-template-prow-custom-vnet.yaml"
-      targetName: "cluster-template-custom-vnet.yaml"  
+      targetName: "cluster-template-custom-vnet.yaml"
 
 variables:
   KUBERNETES_VERSION: "${KUBERNETES_VERSION:-v1.22.1}"