How much money should I set aside to relocate to Canada? Man approved 0

Many Canada immigration programs require applicants to meet a minimum funds threshold.

The amount needed varies by program and is meant to demonstrate to Immigration, Refugees, and Citizenship Canada (IRCC) that you have sufficient financial resources to support yourself during the initial months of your stay. This ensures that you can cover living expenses while you search for employment and secure permanent housing. Continue reading to learn about the minimum financial requirements for some of Canada’s most popular economic immigration pathways.

Settlement Funds Required for Express Entry Programs:

Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program (FSTP)

If you’re applying to move to Canada through the FSWP or FSTP, you must provide proof of funds to meet the minimum financial requirements.

The table below outlines the required funds based on your family size. These minimum amounts are updated annually.

Source: Canada.ca

Family size of 1: You need $14,690 CAD
Family size of 2: You need $18,288 CAD
Family size of 3: You need $22,483 CAD
Family size of 4: You need $27,297 CAD
Family size of 5: You need $30,690 CAD
Family size of 6: You need $34,917 CAD
Family size of 7: You need $38,875 CAD
For each additional family member (beyond 7 people), add $3,958 CAD

To determine your family size, include:

Yourself
Your spouse or common-law partner
Your dependent children
Your spouse or common-law partner’s dependent children

You must count your spouse or common-law partner and all dependent children, even if they are…

Canadian citizens or permanent residents

Not accompanying you to Canada

The minimum funds required for entry are updated annually and are based on 50% of the low-income cut-off (LICO) threshold. These updates are determined by Statistics Canada, using data from sources like the Consumer Price Index (CPI) and the Canadian Income Survey.

Canadian Experience Class (CEC)
If you’re applying under the Canadian Experience Class (CEC), proof of funds is not required.

Alternatives to Settlement Funds for Express Entry Programs
You can bypass the proof of funds requirement if you are authorized to work in Canada and have a valid job offer, even when applying under the FSWP or FSTP.

Other Programs
Atlantic Immigration Program (AIP)
Similar to the FSTP and FSWP, the AIP requires applicants to show proof of funds.

The table below outlines the minimum funds needed based on the number of family members accompanying you to Canada.

Source: Canada.ca

1 family member: $3,672 CAD
2 family members: $4,572 CAD
3 family members: $5,260 CAD
4 family members: $6,824 CAD
5 family members: $7,740 CAD

You determine your family size for the Provincial Nominee Programs (PNPs) in the same way as for the FSTP and FSWP programs. The funds required are based on the LICO threshold, but at 12.5% instead of 50%.

Provincial Nominee Programs (PNPs)

PNP applicants generally need to meet a minimum funds requirement, which varies by province and application stream.
It’s advisable to check with the provincial immigration authority for specific details on your chosen PNP.
Research the cost of living in the province to ensure you can demonstrate sufficient funds to support yourself and your family.

What Can I Use as Proof of Funds?

You must prove that you can legally access the funds both at the time of your application and upon approval.
You also need to demonstrate access to the money when you arrive in Canada.
To show access to your funds, request an official letter from your bank or financial institution.

The letter must include:

The bank or institution’s contact information (address, phone number, and email)
Your name
Any outstanding debts (like credit card debt and loans)

For each current banking and investment account, include:

Account numbers
Date each account was opened
Current account balances
Average balance over the past six months

Accessing Your Funds

You must be able to prove legal access to your funds upon arrival in Canada.

For example:

You cannot use equity in real estate as proof of settlement funds.
You cannot borrow this money from someone else.
You must have access to these funds to cover your family’s living expenses, even if they are not accompanying you.

If your spouse is coming with you, you can include money from a joint account. You may also count funds in an account solely in your spouse’s name, but you must demonstrate that you have access to those funds.