The minimum amount of settlement funds you need
Before you move to Canada, you need to show that you have a minimum amount of settlement funds. You’ll require the following funds plus an additional amount for each dependent who is immigrating with you:
- Funds required per person: at least $12,960 (CDN)
- Funds required for each additional dependent: $3,492 (CDN)
These amounts are set by Immigration, Refugees and Citizenship Canada (IRCC).
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:
- the bank’s contact information (address, telephone, and email address)
- your name
- all outstanding debts such as credit card debts and loans
- account number, date account was opened, current balance, and average balance for the last six months for each bank and current investment account.
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How much money do I need to settle in Canada?
Also, it will be helpful if you have additional money beyond the minimum funds that IRCC requires. Additional money will help you to settle in Canada with greater financial ease. The additional amount of funds that you require will vary based on:
- Where you plan to live in Canada, 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 costs 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 experience financial pressure.
To give you an idea of living costs, here is the average cost for basic goods and commodities in Toronto, Vancouver, and Calgary: