by Prepare For Canada | Oct 10, 2024

How much money will I need to move to Canada? The answer depends on the size of your family. Applying to become a permanent resident (PR) in Canada can be a long process, including showing proof of funds to the Canadian visa office in your home country. Proof of funds shows that you have the minimum amount of settlement funds to move to Canada and support your family when you arrive. It’s also helpful to research the cost of living in the city where you plan to settle to understand living costs. Discover how you can meet proof of funds requirements for Express Entry, minimum amounts, and documents (i.e. proof of funds letter) you’ll need.

Researching the cost of living in the city where you plan to settle is also helpful in understanding the average costs of renting or buying housing, transportation, food, childcare, etc. This will help you budget for expenses after your arrival.

You must show that you have enough money to settle in Canada and to cover living expenses such as housing, food, transit, and other costs. Living in Canada can be expensive depending on which city you settle in. For example, Vancouver is Canada’s most expensive city and Toronto is the fifth most expensive. When calculating how much money you will need to move to Canada, remember to include Canada Permanent Resident Immigration Fees. To reduce financial pressure, ideally, you should have enough money to cover expenses until you land a job in Canada.

Once you know the minimum settlement funds required, assess your financial situation. Consider how much money you have in savings, investments, cash, etc. You may discover that you need to improve your financial situation to show that you meet the minimum requirements. Or, you may find that you have a suitable amount of settlement funds for your new start in Canada!

If you are invited to apply for permanent residence, you must show you have the minimum funds available. These funds must be money that you can readily access. Your bank will provide a proof of funds letter that is written on the bank’s letterhead and includes the following:

• The bank’s contact information
• Your name
• Outstanding debts such as credit card debts and loans
• Account number, the date the account was opened, current balance, and average balance for the last six months for each bank and current investment account.

Before you move to Canada, you need to show that you have the minimum amount of settlement funds set by IRCC. Known as proof of funds, this shows the Canadian government that you have enough money to settle in Canada and cover living expenses. If you have more than the minimum amount, list the amount in your Express Entry profile.

Immigration, Refugees and Citizenship Canada (IRCC) updates how much you require each year based on family size. These figures are current as of May 2024.

You must show proof of funds if you are applying using the:

• Federal Skilled Worker Program
• Federal Skilled Trades Program

However, you do NOT have to show proof of funds if you:

• Have a valid job offer in Canada
• Are currently working or authorized to work in Canada, OR
• Have been invied to apply for the Canadian Experience Class.

• Update your Express Entry Profile if there is a change in your settlement funds. You need to update your profile to maintain your eligibility.
• Avoid unnecessary spending to ensure you have the minimum amount of settlement funds available and can access the funds.
• Maintain a financial buffer to meet any unexpected expenses or fluctuations in the exchange rate.

While you must meet the minimum amount of proof of funds, you can bring as much money as you wish to make it easier to move to Canada and find a home.

When you cross the border and enter Canada, Canadian customs regulations require you to declare if you bring more than C$10,000 into Canada. You may be fined or imprisoned if you do not tell them. To avoid this, declare how much money you are bringing and expect to pay duty (a fee) on the amount greater than $10,000 Canadian. These funds could be in the form of:

• Cash
• Stocks, bonds, debentures, treasury bills, etc., or
• Bankers’ drafts, cheques, travellers’ cheques, or money orders.

Beyond the minimum funds you require, exceeding the minimum is helpful. Additional money will help you to settle in Canada easily and reduce financial pressure. It’s smart to research the cost of living in the city where you plan to settle. The additional amount of funds that you require will vary based on:

• Location and city where choose to live, and
• Family size.

Consider any additional financial needs that you and your family may have. Each family will have different financial needs. Also, it’s a good idea to research how much things cost in the city where you plan to live. Here are some guidelines to help you assess 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

These guidelines will provide you with breathing room to settle in Canada with financial ease. Depending on your budget, this should cover basic living expenses for four to six months while searching for a job.

Canada is a large country with regional, cultural, and economic differences. So, be sure to research and compare the cost of living in cities and factor in inflation in Canada. It may take some time to find a job that matches your skills and experience once you arrive.

Settlement and employment experts suggest it can take up to six months to find employment. In that case, having enough money to cover living expenses for several months can reduce financial stress.