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Canada Immigration

How Much Finance Do You Need to Immigrate to Canada?

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How Much Finance Do You Need to Immigrate to Canada? – Immigrating to Canada would be a very great decision that you wouldn’t regret and this is because Canada is one of the best countries to immigrate to in recent years; the testimonies of some immigrants will make you concur with this. Canada has seen an influx of immigrants from different parts of the world and this is because it offers a lot of benefits like better job opportunities, better standard of living and other wonderful benefits.

READ ALSO: How to Find a Home in Canada as an Immigrant

The major problem aspiring immigrants face in immigrating to Canada is lack of information or not getting the right information and this has made a lot of them lose hope and give up on their dream of immigrating to Canada.

In this article you are reading now, we are going to show you the cost of immigrating to Canada as this is a major requirement in many Canadian immigration programs and it is also a major factor that will determine how you fast and well you would settle in Canada.

Before we proceed, here is a list of what we have to discussing in this article.

Table of content

  • What you need to know about proof of funds
  • Who needs proof of funds?
  • Who doesn’t need proof of funds?
  • What is accepted as Proof of Funds?
  • What Are The Documents Needed To Process The Proof Of Funds?
  • Processing Fees and Settlement Funds for Provincial Nomination Program Candidates
  • Final note

Anyways, you shouldn’t worry too much about the cost of immigrating to Canada as it is lesser compared to some other countries of the world like UK and Australia.

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As you must know, you will be required to show a proof of funds as this proof shows that you have sufficient funds to take care of yourself while you stay in Canada and that you wouldn’t be a financial burden to the Canadian government in any way. Even if you are immigrating to Canada to work, you will still need to have sufficient funds to sustain yourself at least till you get your first pay. Remember you will have to pay for accommodation, transportation, utilities and groceries.

So the Canadian government has made it a requirement that you have sufficient fund to sustain you in Canada at least till you get your first pay as this will help you settle in Canada as a newcomer.

What You Need To Know About Proof Of Funds

The proof of funds is a financial bank statement you are expected to submit during your immigration process and this proof is needed to convince the immigration officer that you will be able to take care of yourself comfortably and also any family member that will be staying with you in Canada.

Like we have mentioned earlier that the document is a very essential requirement as it will show the immigration officer that you won’t be a financial burden to the Canadian government in any way.

The amount of money you need will depend on the immigration program you will be going through and also how many family members will be coming with you to Canada. This fund includes settlement funds, processing fees, translation fee for necessary documents and other expenses.

You should know that the Immigration, Refugees and Citizenship Canada (IRCC) settlement funds changes every year so you will have to get updated on that.

Who needs Proof of Funds?

Like we mentioned earlier that some immigration programs in Canada have made having proof of funds a major requirement to qualify for the programs and some of the major programs where proof of funds is needed are:

  • Federal Skilled Worker Program
  • Federal Skilled Trades Program

These two programs are federal stream under one of the most popular immigration programs in Canada which is the Express Entry System and so if you are going through any of those programs, you will need proof of funds.

Who does not need Proof of Funds?

If you are applying through the Canadian Experience Class, you won’t need to show proof of funds and this program is also under the Express Entry System just like the other two we mentioned above.

Also, if you are authorized to work in Canada and have a valid job offer from an employer in Canada, you wouldn’t need to show proof of funds even if you apply under the Federal Skilled Worker Program or the Federal Skilled Trades Program.

What is accepted as Proof of Funds?

You will need to have funds available to show as proof of funds and so you cannot use the equity on real property as a proof of funds. The money you use as proof of funds must be money you can have access to at any time that you need it; you can’t use borrowed money as proof of funds. The money must be in your name even if it is a joint account with you and your spouse.

The money must be available when you apply for permanent resident visa and also when you are issued it as the immigration officer will want to be sure you can access the money even when you arrive Canada.

What Are The Documents Needed To Process The Proof Of Funds?

You must get official letters from any bank or financial institution where you are keeping your money and this could serve as proof of funds. The letter(s) must:

  • Include your name
  • Include the financial institution’s contact information like address, phone number and email address
  • Be printed on the financial institution’s letterhead
  • Include account number(s) and date account(s) was opened
  • The current balance of account(s)
  • The average account balance for the past 6 months
  • List of outstanding debts (if any)

In addition to the amount you are required to hold by the immigration officer, there might be a need to hold additional cash as you don’t know when it can come in handy. There are also some factors that may require you to hold additional funds and they include:

  • The province or city you want to live in
  • Family size
  • Immigration program

You should know that the amount you will need moving alone will be different from the amount you will need moving as a couple or as a large family. You should also try to research about the cost of living in the province want to live in so as to prepare yourself properly before moving to Canada so as not to get stranded.

Processing Fees and Settlement Funds for Provincial Nomination Program Candidates

The Provincial Nomination Program is an immigration program designed by the provinces in Canada in partnership with the Immigration, Refugees and Citizenship Canada (IRCC) to nominate immigrants that would get permanent residency in Canada. A nomination from a province in Canada will increase your chances of successfully immigrating to Canada.

You will need to meet the requirement for settlement funds of the PNP for you to qualify for a nomination.

Each province are in charge of their own provincial nomination and so they determine their processing fees as they are added to the federal immigration fees that candidates nominated by a province pay to apply for permanent residence.

Let’s look at the cost of the PNP application for the whole family:

  • Alberta (AINP) – CAD$ 500
  • British Columbia (BC PNP) – CAD$ 1,150
  • Manitoba (MPNP) – CAD$ 500
  • New Brunswick (MBPNP) – CAD$ 250
  • Newfoundland and Labrador (NLPNP) – CAD$ 250
  • Nova Scotia (NSNP) – CAD$ 0
  • Ontario (OINP) – CAD$ 1,500 – CAD$ 2,000
  • Prince Edward Island (PEI PNP) – CAD$ 300
  • Saskatchewan (SINP) – CAD$ 350

Final Note

The permanent residency fee costs around $500 per adult applicant and this fee can be paid at the same time with your application fees as this will help reduce delays during processing of your application.

You should know that if your application is not approved, you will be refunded and if you application was successful; you will officially be a permanent resident of Canada.

It is important that you know the immigration cost to Canada and other additional financial cost as it will help you prepare and get ready for anything that comes with moving and settling in Canada.

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