How Much Do You Need to Save Before Moving to Canada?

Moving to Canada involves careful financial planning, especially since many immigration pathways require proof of funds. This requirement ensures that you have enough money to support yourself during your initial months in Canada, covering living expenses while you look for work and secure permanent accommodation. Here's a breakdown of the minimum funds required for some popular Canadian immigration programs.

Settlement Funds for Express Entry Programs

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

If you're applying through the FSWP or FSTP, you must provide proof of funds to meet the minimum requirements. The amount required depends on the size of your family and is updated annually based on 50% of the low-income cut-off (LICO) threshold. Here's a summary of the current requirements:

Calculating Family Size: Include yourself, your spouse or common-law partner, your dependent children, and your spouse or partner’s dependent children, even if they are not coming to Canada or are already Canadian citizens or permanent residents.

Canadian Experience Class (CEC)

If you are applying under the CEC, you do not need to provide proof of funds.

Alternatives to Proof of Funds

You can avoid the proof of funds requirement if you are authorized to work in Canada and have a valid job offer, even under the FSWP or FSTP.

Settlement Funds for Other Programs

Atlantic Immigration Program (AIP)

The AIP also requires proof of funds, but the required amount is lower compared to the FSWP and FSTP, based on 12.5% of the LICO threshold. Here’s the current requirement:

Provincial Nominee Programs (PNPs)

Most PNPs also have minimum funds requirements, which vary by province and stream. It’s important to check with the specific provincial immigration authority for accurate details and to research the cost of living in your intended province to ensure you have sufficient funds to support yourself and your family.

What Counts as Proof of Funds?

To prove you have sufficient funds, you must show that you can legally access your money when you apply, when your application is approved, and when you arrive in Canada. Acceptable proof includes:

• A letter from your bank or financial institution on official letterhead that includes:
• Contact details of the institution (address, phone, email)
• Your name
• Outstanding debts (e.g., credit card balances, loans)
• Account numbers, opening dates, current balances, and average balances over the past six months.
  
  

Important Notes:

• You cannot use equity on real property or borrow funds from another person as proof of settlement funds.
• The funds must be available for your living expenses in Canada, even if your family members are not joining you.
• If you and your spouse have a joint account, you can count those funds. You may also count money in an account under your spouse’s name, but you must prove you have access to it.

Planning ahead and ensuring you meet the financial requirements is key to a successful move to Canada. Understanding these requirements will help you be better prepared for your journey.