As per Citizenship and Immigration Canada, unless you have pre-arranged employment in Canada, you must prove you have settlement funds of at least $10,000 CDN per person, plus an additional $2,000 for each dependant who will immigrate with you. Note that the minimum amount of settlement funds may vary according to where you want to move to Canada and is determined by family size.
While every family’s needs are different, and every region of Canada has a different cost of living, I suggest the following basic guidelines for a newcomer’s budget (excluding moving costs and airfares):
- One adult moving alone: $25,000 CDN
- A couple moving together: $30,000
- 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, this sum of money will provide you with enough breathing room to settle in to a new country before you find a job and start making an income. Depending on how well you budget, it should cover basic living expenses for four to six months. Anything less than this will make it extremely difficult.