How Much Money do You Need to Immigrate to Canada?

Immigrating to a new country is an intricate and lengthy process with a hefty price tag. But the outcome is worth it - a brand new life filled with better opportunities and a promising future for you and your loved ones. When it comes to immigration costs, the Great White North is still fairly affordable compared to other popular immigration destinations such as Australia, the UK, and the USA. In this blog, we give you a comprehensive breakdown of the country's immigration fees to give you an idea of how much money you will need to immigrate to Canada with your spouse or family.

The amount of money you need to immigrate to Canada depends on the size of your family and the type of immigration program you apply for. It further involves settlement funds, visa processing fees, the collection of required documents and even bringing your pet over. In this blog, we give you a comprehensive breakdown of Canada's immigration fees to give you an idea of how much money you will need to move here with your spouse or family.

What Are Settlement Funds For Canada?

Settlement funds are the amount of money you will need to support yourself and any dependents once you settle in Canada. You will need to provide proof of these funds to demonstrate that you can live independently without government assistance. Proof of funds is not specific to the Express Entry system. For Example, the Atlantic Immigration Program (AIP), Start-up Visa Program and Investor Visa Programs require it, too. To show that you have sufficient settlement funds, you must obtain official statements from your bank. This statement will have to be in an official letter format and will need to:

• Be printed on your bank’s letterhead
• Include all your bank's details, from address and telephone number and email details
• State your full name
• Include your financial history and status
• Include your bank account details

How Much Money Do You Need to Immigrate to Canada?

If you're considering moving abroad, you should start saving. If you don't already have a job lined up in Canada, you'll need adequate savings to get you through the first three months, while you settle into your new life. As soon as you arrive in Canada, you will have to pay for basic necessities like groceries, rent, transportation, and utilities. And once you get hooked on Poutine or a brew from Tim Hortons, you'll need to budget for that too, eh? To ensure that you don't run out of money before you've received your first paycheck, the Canadian government requires that all permanent resident applicants have an adequate amount of savings.

Immigration, Refugee, and Citizenship Canada (IRCC) created the Express Entry system, which is the most popular immigration pathway to Canada for skilled foreign workers and their close family members. The IRCC settlement funds change every year. A single applicant without a spouse or common-law partner and any dependent children must have a minimum of $13,757 in savings to qualify for permanent residency. A couple immigrating to Canada must have a combined sum of $17,127 in settlement funds. Basically, you must add an additional $3,706 in savings for every other dependent family member, even if they don't move to Canada with you.

Take a look at at our breakdown to get a better idea of the funds you'll need.

Canadian Immigration and Visa Fees

Express Entry Processing Fees

There is no cost to creating an Express Entry profile. It's only when you receive an Invitation to Apply (ITA) and submit a complete application that you'll need to pay certain fees:

• Your application processing fees - $1,365
• Include your spouse or partner - $1,365
• Include a child - 230 per child

Processing Fees and Settlement Funds for PNP Candidates

Provincial Nomination Programs (PNPs) are immigration pathways designed and managed by the 11 participating provincial and territorial governments. Candidates apply to a PNP in hopes of achieving a nomination that significantly increases their chances of immigrating to Canada.

Provincial application or processing fees are determined by each province and territory. They are added to the federal immigration fees that successful provincial nominees pay to apply for permanent residence. They are as follows:

• Your application processing fees - $1,365
• Include your spouse or partner - $1,365
• Include a dependent child - $230

Initially, you must meet the settlement funds of the PNP to qualify for a nomination. The settlement funds required may vary from province to province and depend on that region's cost of living. However, as soon as you have achieved a nomination, you need to meet the IRCC (see above) settlement funds which are only slightly different from the PNPs.

Right of Permanent Residence Visa Fee (RPRF)

Your right of permanent resident fee costs $515 per adult applicant. The fee can be paid at the same time as your application fees to help reduce delays during processing. If your application is not approved, you will be refunded. However, when you pay the fees and your application is successful, you are officially a Canadian permanent resident.

Note: The RPRF won’t apply to:

• Your dependent children
• Sponsorship applications for children who have been adopted
• Sponsorship applications for siblings, nieces, nephews or grandchildren who have been orphaned
• Individuals who are under protection, including convention refugees

Temporary Visas and Immigration Documents Costs

If you want to get a feel for life in the Great White North before taking the leap, you'll want to apply for a temporary visa, like a visitor visa or a work permit. The great thing about having Canadian work experience and/or a Canadian qualification is that it significantly increases your chances of immigration success.

If you are ready to commit to life in this incredible country, you'll need to collect a few documents for your immigration application, such as language test results and a medical examination. You'll have to budget for the fees involved with each, so take a look at the various costs below.

Get Ready to Embark on Your New Chapter in Canada

Now that you have an idea of some of the costs involved with a move to Canada, you can start planning to make your Canadian dream a reality. If it all sounds a bit daunting, fret not. Our Regulated Canadian Immigration Consultants are here to guide you through each step of the process.

Still unsure which Canadian immigration program or visa to apply for? Then take an eligibility evaluation today.

FAQS

What Are Settlement Fund Updates Based on?

The IRCC updates settlement funds from time to time. This usually increases by 12.5% of the low-income cut-off totals.

Will I be Required to Bring the Total Amount of Settlement Funds?

No, you won't need to bring the entire amount when you enter Canada. That said, you'll have to carry a current bank statement to serve as proof of funds in case immigration officers require it.

What Kinds of Funds Are Recognized?

Recognized funds may include:

• Cash
• Stock
• Debentures
• Cheques
• Banker's drafts
• Money orders
• Bonds
• Traveller's cheques