Budgeting for your move to Canada is essential, as many Canadian immigration pathways require proof of minimum funds. These financial requirements are different for each immigration program, but they are essential to prove to IRCC that you will have the funds to maintain yourself in Canada after you arrive. Fulfilling this prerequisite guarantees that you have enough money to support your living expenses while you look for work and long-term housing.

Certain minimum fund thresholds apply to well-known economic immigration programs such as Provincial Nominee Programs, Express Entry, and others. Sufficient money not only satisfies the requirements of the IRCC but also facilitates the transfer by guaranteeing that you can pay for necessities like groceries, rent, and transportation. Making a thorough financial plan will help your move to Canada go more smoothly and manageably.

Required funds for settlement under Express Entry programs 

Required Funds for FSWP and FSTP

In order to meet the minimum requirements, you must provide proof of money if you plan to move to Canada under the Federal Skilled Worker Program (FSWP) or the Federal Skilled Trades Program (FSTP).

The following list outlines the funds needed based on your family size; please note that the minimum required funds may change annually.

Source: Canada.ca

  • For a family of one, the required funds amount to $14,690.
  • A family of two needs $18,288.
  • For three family members, the necessary funds total $22,483.
  • A family of four requires $27,297.
  • If there are five family members, the amount needed is $30,690.
  • For a family of six, the funds required are $34,917.
  • For seven family members, you will need $38,875.
  • If your family consists of more than seven people, you should add $3,958 for each additional family member.

For immigration purposes, your family size can be calculated by taking into account your dependent children, your spouse or common-law partner’s dependent children, and yourself. It’s crucial to remember that you have to include your common-law spouse or spouse and all dependent children, even if they are permanent residents or citizens of Canada and won’t be travelling with you.

The minimal amount of money needed to apply is determined by taking 50% of the Low Income Cut-Off (LICO) threshold and is adjusted every year. Statistics Canada determines these updates by utilizing information from many sources, including the Canadian Income Survey and the Consumer Price Index (CPI).

Canadian Experience Class (CEC)

The Canadian Experience Class (CEC) does not ask you to submit proof of funding with your application.

Options other than settlement funds for Express Entry programs

If you are eligible to work in Canada and have a legitimate job offer, you can apply under the Federal Skilled Worker Program (FSWP) or the Federal Skilled Trades Program (FSTP) and fully avoid the proof of funding requirement.

Alternative programs

AIP Programs

The Atlantic Immigration Program requires you to submit proof of finances, same like the FSTP and FSWP. Depending on how many family members are travelling with you to Canada, the table below shows the minimal amount of money needed.

Source: Canada.ca

  • For a family of one, the required funds are $3,672.
  • A family of two needs $4,572.
  • For three family members, the necessary funds total $5,260.
  • A family of four requires $6,824.
  • If there are five family members, the amount needed is $7,740.

You determine your family size in the same manner as for the FSTP and FSWP programs. This amount is also based on the LICO threshold, but it is set at 12.5% instead of 50%.

Provincial Nominee Programs

Generally speaking, PNP applicants must fulfill a minimum funding requirement that differs depending on the province and the particular stream they are applying to. For comprehensive information about your selected PNP, the IRCC suggests contacting the provincial immigration office. In order to make sure you can demonstrate that you have enough money to maintain your family and yourself, the department also advises you to look up the cost of living in the province in which you intend to apply.

Acceptable Forms of Proof of Funds

The IRCC states that you have to show that, both at the time of application and after it is authorized, you are able to lawfully access your funds. When you arrive in Canada, you also need to demonstrate that you have access to these monies.

You must receive an official letter from the bank or financial organization that is in charge of your account in order to prove that you have access to it. According to the IRCC, this letter needs to be written on the organization’s letterhead and contain the following details:

  • The bank or institution’s contact information, including its address, phone number, and email address
  • Name
  • Your outstanding debts, including loans and credit card balances

Additionally, you want to furnish them with the following information regarding each of your existing investment and banking accounts:

  • Current account balances
  • Average balance over the past six months
  • The date each account was opened
  • Account numbers

Retrieving your funds

The Canadian government states that as soon as you arrive in Canada, you will need to provide proof that you can lawfully access your money. For example:

  • Real estate equity cannot be used as evidence of settlement monies.
  • Money cannot be borrowed from another person.
  • Even in the event that your family is not traveling with you, you still need to prepare enough money to meet their living costs.

You can use funds from a joint account if your spouse is traveling with you. Money in an account that is just in your spouse’s name may also be taken into consideration, but you will need to show proof that you are able to access the money.