How Much Finance Do You Need to Immigrate to Canada?

Cost of moving to Canada

Immigrating to Canada is an easy possibility if you know the due process and follow it accordingly. When it comes to immigration costs, Canada is still fairly affordable compared to other popular immigration destinations such as Australia, the UK, and the USA.

Finance is a big factor in easing the immigration process. A family of four immigrating to Canada is looking at paying approximately CAD $11, 000 less than a family of four immigrating to Australia. That’s a significant amount saved! At the immigration centers, you are required to show your proof of funds. As soon as you arrive in Canada, you’ll need to pay for basic necessities like groceries, rent, transportation, and utilities.

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To ensure that you don’t run out of money before you’ve received your first paycheck, the Canadian government requires that all permanent resident applicants have an adequate amount of savings as indicated in the infographic above.

Proof of Funds

Proof of funds is financial bank statements you are to submit during the immigration process. This proof of funds is needed to convince the immigration officer that you can comfortably take care of yourself and your family. Therefore, having this document is an essential factor as it will convince the immigration officer that you are not coming to e a burden to the Canadian government.

The amount of money you need depends on how many family members will be coming with you and the type of immigration program you will apply for. In addition, it involves settlement funds, processing fees, translation of necessary documents, and other expenses, including, for example, if you are bringing your pet.

Immigration, Refugee, and Citizenship Canada (IRCC) created the Express Entry system which is the most popular immigration pathway to Canada for skilled foreign workers and their close family members. The IRCC settlement funds change every year. In 2021, a single applicant without a spouse or common-law partner and any dependent children must have a minimum of CAD $12, 960 in savings to qualify for permanent residency.

Who needs Proof of Funds?

You need proof of funds to meet the minimum requirements of the

  • Federal Skilled Worker Program
  • Federal Skilled Trades Program

Who does not need Proof of Funds?

Immigrants that apply under the Canadian Experience Class systems do not need to show proof of fun. Furthermore, if you are authorized to work in Canada and you have a valid job offer, even if you apply under the Federal Skilled Worker Program or the Federal Skilled Trades Program.

What is Duly Accepted as Proof of Funds

Immigrants should have funds ready upon showing proof of funds, that is you can’t use the equity on real property as proof of settlement funds. Also, if your spouse is coming with you, you are allowed to have a joint account and put the funds in your name.

However, you must have proof that you can have access to that money at any time you are in need. You also can’t borrow this money from another person. You must be able to use this money to pay the costs of living for your family (even if they aren’t coming with you).

The funds must be available both when you apply and when (if) we issue you a permanent resident visa. You must prove to an immigration officer that you can legally access the money to use here when you arrive.

Documents Needed to Process the Proof of Funds

For proof, you must get official letters from any banks or financial institutions where you’re keeping money.

Letter(s) must

  • be printed on the financial institution’s letterhead
  • include their contact information (address, telephone number, and email address)
  • include your name
  • list outstanding debts such as credit card debts and loans
  • include, for each current bank and investment account, the
    • account numbers
    • date each account was opened
    • the current balance of each account
    • the average balance for the past 6 months

Financial Breakdown

Aside from the basic amount required of you from the immigration officer, it will do you a lot of good if you have some more saved in the account. This will help you have greater ease in settling in Canada. There are factors that may require an additional amount such as

  • Where you will reside – some provinces are more expensive than others, hence, the need to have an additional amount;
  • The size of your family;
  • The application program used.

Be sure to consider the additional financial needs that you and your family may need. Each family will have different financial needs. Also, it’s a good idea to research how much things costs in the city where you plan to live.  Here are some basic guidelines to help you budget how much you may need (costs do not include airfare or moving expenses):

  • One adult moving alone: $25,000 CDN
  • One couple moving together: $30,000 CDN
  • A couple with one child under 10 years: $33,000
  • A couple with a child over 10: $35,000
  • For each additional child under 10: add $1,000
  • For each child additional child over 10: add $2,000

Processing Fees and Settlement Funds for PNP Candidates

Provincial Nomination Programs (PNPs) are immigration pathways designed and managed by the 11 participating provincial and territorial governments. Hence, candidates apply to a PNP in hopes of achieving a nomination that significantly increases their chances of immigrating to Canada. Initially, you must meet the settlement funds of the PNP to qualify for a nomination.

Provincial application or processing fees are determined by each province and territory. They are added on top of the federal immigration fees that successful provincial nominees pay to apply for permanent residence.

The costs for the PNP applications are fixes for the whole family:

  • Alberta (AINP) – CAD$ 500
  • British Columbia (BC PNP) – CAD$ 1,150
  • Manitoba (MPNP) – CAD$ 500
  • New Brunswick (MBPNP) – CAD$ 250
  • Newfoundland and Labrador (NLPNP) – CAD$ 250
  • Nova Scotia (NSNP) – CAD$ 0
  • Ontario (OINP) – CAD$ 1,500 – CAD$ 2,000
  • Prince Edward Island (PEI PNP) – CAD$ 300
  • Saskatchewan (SINP) – CAD$ 350

Permanent Residence Fee

Your right of permanent resident fee costs $500 per adult applicant. The fee can be paid at the same time as your application fees to help reduce delays during processing. If your application is not approved, you will be refunded. However, when you pay the fees and your application is successful, it means you are officially a Canadian permanent resident.

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