Many Canadian immigration pathways have a minimum funds requirement. These funds vary depending on the path. You must prove to IRCC that you have enough money to support yourself during the first few months of your stay. This will also make it easier to cover living expenses while seeking work and permanent accommodation. Well, here’s how much one needs to save up to move to Canada.

Settlement Funds Needed For Express Entry Program

How much one needs to save up to move to Canada? Below is the amount you need for Express Entry programs. 

Federal Skilled Worker Program and Federal Skilled Trades Program 

If you plan to move to Canada under the Federal Skilled Worker Program (FSWP) or the Federal Skilled Trades Program (FSTP), you will need proof of funds in order to meet the minimum requirements. 

The table below shows the funds needed based on family size. It is vital to note that the minimum required funds change every year. 

Family Size Funds You Require
1$14,690
2$18,288
3$22,483
4$27,297
5$30,690
6$34,917
7$38,875
If more than 7 people, for each additional family member$3,958

You can calculate the family size by including: 

  • Yourself 
  • Your spouse/ common-law partner
  • Your dependent children
  • Your spouse/ common-law partner’s dependent children 

You must include your spouse/ common-law partner and all dependent children, even if they are:

  • Canadian Citizens/ Permanent Residents 
  • Not coming to Canada with you 

The minimum funds required for entry change every year, based on 50% of the low-income cutoff threshold. Statistics Canada decides on the yearly updates to the LICO based on data from sources such as the Customer Price Index (CPI) and the Canadian Income Survey (CIS). 

Canadian Experience Class 

If you are applying to the CEC program, you will not need to show proof of funds.

Alternatives To Settlement Funds For Express Entry Programs 

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

Other Programs 

How much one needs to save up to move to Canada? Below is the information regarding other programs as well. Take a look!

Atlantic Immigration Program 

Like the FSTP and FSWP, the AIP requires you to show proof of funds. 

The table below shows the minimum funds required based on the number of people in your family who will accompany you to Canada. 

Number Of Family Members Funds Required 
1$3,672
2$4,572
3$5,260
4$6,824
5$7,740

You have to calculate the size of the family in the same way as the FSTP and FSWP. 

This figure is also based on the LICO threshold, which is 12.5% instead of 50%. 

Provincial Nominee Programs 

Provincial Nominee Program applicants will also have to meet a minimum funds requirement. The amount varies depending on the province as well as the stream you are applying for. IRCC recommends checking with the provincial immigration authority for your desired PNP for more details. 

The department also recommends researching the cost of living in the province you are applying to and ensuring you can demonstrate that you have sufficient money to support yourself and your family. 

What Can I Use As Proof Of Funds? 

According to IRCC, you must prove you can legally access the funds both when you apply and when your application is approved. 

You should also be able to prove that you have access to the money when you come to Canada.  

In order to prove that you have access to the funds, you will need to request an official letter from the bank/ financial institution that manages your account. 

According to IRCC, the letter should be printed on the financial institution’s letterhead and include the following: 

  • The bank or institution’s contact information 
  • Your name
  • Your outstanding debts 

You must also include the following details for each current banking and investment account you have with them: 

  • Account numbers
  • Current account balances
  • Date each account was opened
  • Average balance over the last six months 

Accessing Your Funds 

In order to know how much one needs to save up to move to Canada, one must also know about assessing their funds. 

According to the Canadian government, one must be able to prove that they can legally access the money upon arrival in Canada. 

For instance, 

  • One can use equity on real property as proof of settlement funds
  • One cannot borrow this money from another person 

You should be able to use this money to pay for the family’s costs of living. 

  • If one’s spouse is coming with them, they can count the money they have together in the joint account. 
  • One might be able to count money in an account under one’s spouse’s name only, but one must prove they have access to the money.  

If you seek information on how to begin your Canada immigration application process, you can talk to our NavaImmigration experts at 1800-918-8490, or you can drop us an email at [email protected].