How much do I need to save up to move to Canada?
Many Canadian immigration pathways have a minimum funds requirement.
These funds vary depending on the pathway and prove to Immigration Refugees and Citizenship Canada (IRCC) that you have enough money to support yourself during the first few months of your stay. This will also make it easier to cover living expenses while finding work and permanent accommodation. Read on to learn about minimum funds requirements for some popular Canadian economic immigration programs
Discover if You Are Eligible for Canadian Immigration
Settlement funds required for Express Entry programs
Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program (FSTP)
If you plan to move to Canada under the FSWP, or the FSTP, then you will need to proof of funds to meet the minimum requirements.
The table below shows the funds required based on the size of your family, the minimum funds required change every year.
Source: Canada.ca
| Size of your family | Funds you need (in Canadian dollars) |
|---|---|
| 1 | $14,690 |
| 2 | $18,288 |
| 3 | $22,483 |
| 4 | $27,297 |
| 5 | $30,690 |
| 6 | $34,917 |
| 7 | $38,875 |
| If more than 7 people, for each additional family member, add | $3,958 |
You can calculate the size of your family by including
- yourself
- your spouse or common-law partner
- your dependent children
- your spouse or common-law partner’s dependent children
You must include your spouse or common-law partner and all dependent children, even if they’re
- Canadian citizens or permanent residents
- not coming to Canada with you
The minimum funds required for entry change every year, based on 50% of the low income cut off (LICO) threshold. The yearly updates to the LICO are decided by Statistics Canada, based on data from sources such as the Customer Price Index (CPI) and the Canadian Income Survey (CPI).
Canadian Experience Class (CEC)
If you are applying to the Canadian Experience Class (CEC), you will not need to show proof of funds.
Alternatives to settlement funds for Express Entry programs
You can avoid the proof of funds requirement altogether if you are authorized to work in Canada, and you have a valid job offer, even if you apply under the FSWP or the FSTP.
Other programs
Atlantic Immigration Program (AIP)
Like the FSTP and FSWP, the AIP requires you to show proof of funds.
The table below shows the minimum funds required based on the number of people in your family accompanying you to Canada
Source: Canada.ca
| Number of family members | Funds needed (in Canadian Dollars) |
|---|---|
| 1 | $3,672 |
| 2 | $4,572 |
| 3 | $5,260 |
| 4 | $6,824 |
| 5 | $7,740 |
You calculate the size of your family in the same way as the FSTP and FSWP programs.
This figure is also based on the LICO threshold; however, it is 12.5% rather than 50%.
Provincial Nominee Programs (PNPs)
PNP applicants will also typically have to meet a minimum funds requirement. The amount varies depending on the province, and the stream you are applying for. IRCC recommends checking with the provincial immigration authority for your desired PNP for more detail.
The department also recommends researching the cost of living in the province you are applying to and to ensure you can demonstrate you have enough money to support yourself and your family.
What can I use as proof of funds?
According to IRCC, you must be able to prove you can legally access the funds both when you apply and when your application is approved.
You must also be able to prove you have access to the money when you arrive in Canada.
To prove you have access to the funds, you will need to request an official letter from the bank or financial institution that manages your account.
According to IRCC, the letter must be printed on the financial institution’s letterhead and include the following
- the bank or institution’s contact information (address, telephone number and email address)
- your name
- your outstanding debts (such as credit card debts and loans)
You must also include the following details for each current banking and investment account you have with them
- account numbers
- date each account was opened
- current account balances
- average balance over the past 6 months
Accessing your funds
According to the Canadian government, you must be able to prove you can legally access the money upon arrival in Canada
For example,
- you can't use equity on real property as proof of settlement funds
- you can’t borrow this money from another person
You must be able to use this money to pay for your family’s costs of living (even if they aren’t coming with you).
- If your spouse is coming with you, you can count money you have together in a joint account.
- You may be able to count money in an account under your spouse’s name only, but you must prove you have access to the money.
- Do you need Canadian immigration assistance? Contact the Contact Cohen Immigration Law firm by completing our form
- Send us your feedback or your non-legal assistance questions by emailing us at media@canadavisa.com
