How much money will I need to move to Canada? The answer to this important question really depends on the size of your family. To help you calculate the amount of settlement funds you require, Immigration, Refugees, and Citizenship Canada (IRCC) updates the minimum amount of money you need to support you and your family. However, you will only require the minimum amount of settlement funds if you apply through the:
- Federal Skilled Worker Program (FSWP)
- Federal Skilled Trades Program (FSTP).
In some cases, you do not need to prove that you have settlement funds. For example, if you’re applying under the Canadian Experience Class. Or, if you’re authorized to work in Canada and have a valid job offer, even if you apply under the FSWP or FSTP.
How much money will I need?
Before you move to Canada, you need to show that you have the minimum amount of settlement funds set by IRCC. Known as proof of funds, this shows the Canadian government that you have enough money to settle in Canada. Each year, the government updates how much money you will need to bring to Canada. As of June 9, 2022, you must show that you meet the minimum amount of settlement funds:
| Number of Family Members | Funds Required (Canadian Dollars) |
| 1 | $13,310 |
| 2 | $16,570 |
| 3 | $20,371 |
| 4 | $24,733 |
| 5 | $28,052 |
| 6 | $31,638 |
| 7 | $35,224 |
| For each additional family member | $3,586 |
.
Tip:
It’s a good idea to keep your funds up to date in your profile. You may not know which immigration program you’ll be invited to apply under. And, you may be eligible for for than one program.
What do I need to show proof of settlement funds?
If you are invited to apply for permanent residence, you need to provide proof that you have the minimum amount of funds available. These funds must be money that you can readily access.
Your bank or financial institution must provide a letter to show your funds. The letter(s) must be written on the bank’s letterhead and include your:
- Bank’s contact information (address, telephone, and email address)
- Name
- Outstanding debts such as credit card debts and loans
- Account numbers, the date the account was opened, current balance, and average balance for the last six months for each current bank and investment account.
How much money do I need to settle in Canada?
Beyond the minimum funds that you require, it’s helpful if you have more than the minimum. Having more money will help you to settle in Canada with greater financial ease. So, it’s a good idea to research the cost of living in the city where you plan to settle. The additional amount of funds that you require will vary based on:
- The city where you choose to live, and
- Your family size.
Be sure to consider the additional financial needs that you and your family may need. Each family will have different financial needs. Also, it’s a good idea to research how much things cost in the city where you plan to live. Here are some basic guidelines to help you budget how much you may need (costs do not include airfare or moving expenses):
- One adult moving alone: $25,000 CDN
- One couple moving together: $30,000 CDN
- A couple with one child under 10 years: $33,000
- A couple with a child over 10: $35,000
- For each additional child under 10: add $1,000
- For each child additional child over 10: add $2,000
Basically, these guidelines will provide you with enough breathing room to settle in Canada with financial ease. And depending on how well you budget, this should be enough money to cover basic living expenses for four to six months. This will also allow you time to find a job and start to make an income. However, If you have less than these suggested amounts, you may face financial pressure.
Researching the Cost of Living
Canada is a large country with regional, cultural, and economic differences. So, be sure to research and compare the cost of living in different cities to get a rough idea of how much additional money you will need to settle. Also consider that once you arrive, it may take you some time before you find a job.
Settlement and employment experts suggest that it can take up to six months to find employment. In that case, having enough money to cover living expenses for several months can help you avoid financial stress.
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To give you an idea of living costs, here are the average costs for rental housing, utilities, and some basic goods and commodities in Toronto, Vancouver, and Calgary (all prices are in C:
| Housing & Utilities Per Month | Toronto | Vancouver | Calgary |
|---|---|---|---|
| 1 Bedroom apartment in the city centre | $2,155.54 | $2,315.41 | $1,382.53 |
| Basic utilities (electricity, heating, cooling, water) | $165.39 | $113.07 | $233.72 |
| Internet (60 Mbs or more, unlimited data, cable) | $74.94 | $84.37 | $84.21 |
| Transportation | Toronto | Vancouver | Calgary |
|---|---|---|---|
| Public transit (monthly pass) | $156.00 | $120.00 | $112.00 |
| Gasoline (1 litre) | $1.98 | $2.14 | $1.75 |
| Taxi (normal tariff) | $4.44 | $3.75 | $4.00 |
| Food (Restaurants & Market) | Toronto | Vancouver | Calgary |
|---|---|---|---|
| Meal, inexpensive restaurant | $19.76 | $25.00 | $22.00 |
| Meal for 2 people mid-range restaurant | $100.00 | $112.50 | $80.00 |
| Domestic Beer (Restaurant) | $7.15 | $7.00 | $7.00 |
| Milk (1 litre) | $3.25 | $3.14 | $2.23 |
| Rice (1 kg) | $3.76 | $4.55 | $3.18 |
| Chicken fillets (1 kg) | $16.45 | $16.40 | $13.73 |
| Eggs (12) | $3.89 | $4.65 | $3.70 |
| Apples (1 kg) | $4.21 | $4.17 | $5.18 |
Visit Rentals for Newcomers for current rental prices for housing in cities across Canada and search for housing with ease and convenience.
Learn more about financial first steps in Canada by visiting our Banking in Canada resource page. Get essential information to manage your finances in Canada before and after you arrive!