How much money do you need to immigrate to Canada?

How much money do you need to immigrate to Canada

Immigration is a lengthy process. In order to get a Canada PR visa, you must also show that you have sufficient funds to settle and live in Canada.

You need these funds to pay the cost of living for you and your family in the transition period before you get a job. If your spouse is accompanying you, then you can determine the sum of money in your joint account. Also, you will need to prove you have access to your liquid money whenever needed.

If you have received an invitation to apply, then you must provide a written proof that you have this money.

Also note, you need to provide this proof of funds if you are currently authorized to work in Canada and have a valid job offer.

Always keep your funds up-to-date in your profile.

How much money will you need?

The amount which you need to support yourself and your family is set on the basis of the size of your family. Your family includes:

  • Yourself;
  • Your spouse or partner;
  • Your dependent children;
  • Your spouse’s dependent children.

The table below shows the amount you would need. But if you have more money then you must show the full amount in your Express Entry Profile.

No. of Family Members Funds Needed (In Canadian Dollars)
1 $12,475
2 $15,531
3 $19,093
4 $23,181
5 $26,292
6 $29,652
7 $33,014
For each additional member $3,361

What does the Canadian Government accept as a proof of Funds?

Your funds must be easily available for you. You must be able to prove to the immigration officer that you could legally access them to use to settle when you arrive in Canada.

Proofs that are required by the Canadian Immigration officer. You must get official letters from your Banks or financial institutions who are handling your money. The letters should:

  • Be printed on the bank’s letterhead;
  • Include their information like their address, Telephone number, and email address;
  • Have your name;
  • Have a list of your credit cards, loans, and other debts;
  • Include, current bank and investment accounts;
  • Have all the account numbers, the date every account was opened, the balance in each account, and the average balance for the past 6 months.

Leave a Reply

Your email address will not be published. Required fields are marked *

Search

Subscribe to our Newsletter