How much money do You need to Save Up to Move to Canada?

Planning to move to Canada? One of the key steps is to ensure you have enough funds to support yourself and your family during the initial months of your stay. Depending on the immigration pathway you choose, there are specific financial requirements that you must meet. These funds help demonstrate to Immigration, Refugees, and Citizenship Canada (IRCC) that you can handle your living expenses while settling in. This guide will provide you with all the essential details about the minimum funds required for various Canadian immigration programs.

Settlement Funds for Canadian Immigration

When applying for Canadian immigration, most pathways, such as Express Entry programs, the Provincial Nominee Program (PNP), and the Atlantic Immigration Program (AIP), require proof that you have sufficient funds to support yourself and your family. These funds are crucial in the first few months of your stay when you might still be searching for employment or permanent housing. This blog explains how much money is needed based on different immigration programs and how you can provide proof of your funds.

Check your eligibility to Migrate to Canada for free instantly through the Visa Solutions 4u Canada PR Points Calculator.

Minimum Settlement Funds for Express Entry Programs

If you're applying through the Federal Skilled Worker Program (FSWP) or the Federal Skilled Trades Program (FSTP), you must show proof of funds that meet specific requirements. The amount depends on the size of your family, and it changes every year. Here’s a table outlining the funds required for 2024 based on family size:

Family Size	Funds Required (in Canadian dollars)
1	$14,690
2	$18,288
3	$22,483
4	$27,297
5	$30,690
6	$34,917
7	$38,875
Each additional family member	Add $3,958

Important Points to Remember:

• Family size includes yourself, your spouse or common-law partner, and any dependent children (even if they aren’t coming to Canada).
• The required funds are adjusted annually, and these figures are based on 50% of the low-income cut-off (LICO) threshold, calculated by Statistics Canada.

Read more: How to Get PR in Canada from India?

Canadian Experience Class (CEC) Applicants

If you're applying through the Canadian Experience Class (CEC), you don’t need to provide proof of settlement funds. This is because CEC applicants are typically already in Canada and have Canadian work experience.

Alternatives to Settlement Funds for Express Entry Applicants

You may be exempt from showing proof of funds if you:

• Are authorized to work in Canada and have a valid job offer, even if you're applying through the FSWP or FSTP.
• Are applying through the Canadian Experience Class (CEC).

Settlement Funds for the Atlantic Immigration Program (AIP)

Similar to the Express Entry programs, the Atlantic Immigration Program (AIP) also requires proof of funds. The required amount is lower than that for Express Entry because it’s based on a smaller percentage of the LICO threshold. Here’s what you’ll need depending on family size:

Family Size	Funds Required (in Canadian dollars)
1	$3,672
2	$4,572
3	$5,260
4	$6,824
5	$7,740

These figures are based on 12.5% of the LICO threshold.

Read more: Canada PR Visa Processing Time from India

Settlement Funds for Provincial Nominee Programs (PNPs)

Each province in Canada has its own Provincial Nominee Program (PNP), and the minimum settlement funds required will vary based on the province you apply to. For example, provinces with higher costs of living, such as British Columbia and Ontario, may require higher amounts. Always check with the provincial immigration authority for updated details.

What Counts as Proof of Funds?

When proving your settlement funds, showing that the money is available and that you can legally access it when you arrive in Canada is essential. Here’s what you’ll need to do:

Request a letter from your financial institution: This letter should be printed on the bank's official letterhead and include the following information:

• Contact information of the bank (address, telephone number, and email).
• Your name.
• Your outstanding debts (such as credit cards and loans).
• Account numbers.
• Date each account was opened.
• Current balances.
• Average balance for the past six months.

Accessing the funds:

• You must prove you can access the money when you arrive in Canada.
• The funds should not be borrowed or tied up in assets like real estate.
• If your spouse is accompanying you, money in a joint account can be included. If the funds are in your spouse’s account alone, you’ll need to show proof of access to that money.

Read more: Canada PR Visa Fees In Indian Rupees

Using Joint Accounts or Spousal Funds

You can combine your funds if you're moving to Canada with your spouse or common-law partner. You’ll need to show that the money is in a joint account, or if it’s in your spouse’s account, that you have access to it. However, it’s essential to note that any borrowed money or real estate equity cannot be counted as part of your settlement funds.

Living Costs to Consider When Moving to Canada

Besides showing settlement funds, you should also be prepared for the cost of living in Canada. The living expenses vary across provinces, with cities like Toronto and Vancouver being more expensive than others. It’s a good idea to research the cost of housing, utilities, food, transportation, and healthcare in the area where you plan to live.

Here are a few examples of monthly living costs in major Canadian cities:

City	Average Monthly Rent (1-bedroom)	Transportation (monthly pass)	Groceries (monthly)
Toronto	$2,000	$156	$300
Vancouver	$2,200	$120	$320
Calgary	$1,300	$109	$290
Montreal	$1,400	$90	$270

Read More: How much bank balance is required for Canada PR visa?

Conclusion: How Visa Solutions 4u Can Help

Immigrating to Canada requires meticulous financial planning, and ensuring you meet the settlement fund requirements is a crucial part of your application. At Visa Solutions 4u, we specialize in guiding applicants through every step of the Canadian immigration process. Whether you're applying through Express Entry, the Provincial Nominee Program (PNP), or the Atlantic Immigration Program (AIP), we can help you understand the financial requirements and gather the necessary documentation. Our experts ensure that your settlement fund proofs are accurate and meet the guidelines set by IRCC.

We provide tailored advice on different immigration programs, and help you choose the best pathway based on your qualifications, financial situation, and long-term goals. With Visa Solutions 4u by your side, moving to Canada becomes a seamless and stress-free experience.

Source URL: https://www.visasolutions4u.com/news/how-much-money-do-you-need-to-save-up-to-move-to-canada