How Much Money Will I Need to Move to Canada?

With more than enough money to move to Canada, you’ll be able to settle comfortably and alleviate financial stress. Applying to become a permanent resident (PR) in Canada includes showing proof of funds to the Canadian visa office in your home country. It demonstrates you have the minimum amount of settlement funds to move and support your family. Discover how much money you need to move to Canada for the Express Entry system, the documents you need, and other costs to consider.

How Much Money Will I Need for Proof of Funds?

You must have the minimum funds set by Immigration, Refugees and Citizenship Canada (IRCC). However, having more than the minimum will provide greater ease and comfort.

You’ll require more money if you have more family members. If you have more than the minimum amount, list this in your Express Entry profile.

IRCC updates these figures each year.

How to Show Proof of Funds for Canada Immigration

Canada’s Express Entry system is designed for skilled workers who want to become permanent residents. It is one of the most common and popular ways to immigrate to Canada.

Express Entry includes three federal immigration programs:

You do NOT have to show proof of funds if you:

• Have a job offer in Canada
• Are already working or are authorized to work in Canada, OR
• Are in the Canadian Experience Class.

Proof of funds requirements differ for international students. Discover the minimum proof of funds for international students.

Steps to Show Proof of Funds

1. Determine the minimum amount you require to settle

You must have enough to settle in Canada and cover housing, food, transportation, and household expenses. Some of the most expensive cities to live in Canada in 2025 include Vancouver, Toronto, and Calgary.

Researching the average costs of renting or buying housing, transportation, food, childcare, and other essentials will help you plan a realistic budget.

2. Assess Your Financial Situation

Once you know the minimum settlement funds required, assess your financial situation. Consider how much savings, investments, cash, and other assets you have. You may need to save more money to meet the minimum requirements. Or, you may find that you have a suitable amount of settlement funds for your new start in Canada!

3. Obtain a Proof of Funds Letter

If you are invited to apply for permanent residence, you must show you have readily accessible minimum funds. You can contact your bank to obtain a proof of funds letter. It must include the bank’s letterhead and the following information:

• The bank’s contact information
• Your name
• Outstanding debts, such as credit card debts and loans
• Account number, the date the account was opened, current balance, and average balance for the last six months for each bank and current investment account.

Tips to Obtain and Maintain Proof of Funds for Canada PR

• Update your Express Entry Profile if your money situation changes to maintain your eligibility.
• Avoid unnecessary spending to ensure you have the minimum amount of settlement funds available and can access the funds.
• Maintain a financial buffer for unexpected expenses or fluctuations in the exchange rate. More money = less stress!

How Much Money Can I Bring to Canada?

You must meet the minimum amount of proof of funds. However, you can bring as much money as you wish to make it easier to move and settle comfortably in Canada.

When you enter Canada, you must declare if you’re bringing more than $10,000 (CDN). Declare how much money you are bringing and expect to pay duty (a fee) on the amount greater than $10,000 Canadian. These funds could be cash, stocks, bonds, etc.

Researching the cost of living in the city you plan to live in will help you realistically budget for housing, transportation, food, childcare, and other expenses.

The more research you do, the better prepared you’ll be to achieve financial stability and success!

The additional amount of funds that you require will vary based on:

• The province and city where you choose to live
• Family size.

Consider Your Financial Needs

Consider your family’s unique financial needs. These guidelines will help you determine how much you may need beyond the minimum. More funds will provide breathing room to cover basic living expenses for four to six months while you search for a job. The following guidelines don’t include airfare or moving expenses:

Other Costs to Consider When Immigrating

Travel Medical Health Insurance

Whether you are moving to Canada permanently or temporarily, coming to study, or visiting as a grandparent or parent, travel medical health insurance is vital. It provides coverage for medical emergencies and health care needs until you become eligible for any provincial health care plan.

The cost varies based on your age, health condition, and coverage plan. It’s never too early to begin your research or get a travel medical insurance quote to save you from unexpected medical expenses.

Housing Costs in Canada

Toronto and Vancouver, Canada’s most popular cities for newcomers, are major job hubs, however, housing costs are the highest. If you dream of homeownership, you’ll likely be able to buy a larger home in a suburb or smaller city.

Whether you’re planning to move to Canada or arriving soon, it’s vital to select the best city to meet your needs. The key to choosing a city is researching both the labour and housing markets. Ideally, you want to ensure that your skills and experience match the local labour market, and the housing market is within your financial reach.

Summary

The amount of money you will need to move to Canada is based on family size and is set by IRCC. You’ll also need a proof of funds letter from a bank, and importantly, you must maintain financial stability during your immigration process.

Research cities in Canada and consider where you want to live. Consider the cost of living, and the job and housing markets, so you arrive financially prepared. The more research you do, the better prepared you’ll be for an exciting and successful start in Canada!