How much money do I need to have before moving to Canada
The Immigration Refugee and Citizenship Canada require any individual applying for Immigration to Canada to have specific amounts of funds in their bank account. These funds are expected to help the Immigrant settle and get proper accommodation until finding a job to work in Canada. We’ll explain the minimum funds required for some Immigration Programs and answer the common question: How much money do I need to have before moving to Canada?
How much savings should I have to move to Canada?
How much savings should you have to move smoothly to Canada varies depending on the program you are applying for and the number of family members arriving in Canada.
There is a main requirement in the application form called ” Proof of Funds” which is simply a way to prove you have enough money to settle in Canada. So, who needs proof of funds and who doesn’t need it?
Find out if you are eligible to get in Canada →
Who needs proof of Funds to move to Canada?
Proof of funds is a minimum requirement for the following Express Entry Immigration Programs:
Who doesn’t need proof of funds to move to Canada?
You don’t need to provide proof of funds in your application if:
- You are applying for Canadian Experience Class CEC.
- Or, if you have a valid job offer.
However, you must keep in mind that you can be chosen for more than one program, so proof of funds will never hurt if you have it.
How much money do I need to move to Canada?
The required amount of funds depends mostly on the size of your family. How can I calculate the amount based on the size of my family? Let’s break it down together, you need to count:
- Yourself
- Spouse of common-low partner
- Dependent children and
- Spouse or common-law partner’s dependent children.
According to the IRCC, This table shows a simple clarification of the required proof of funds for the Federal Skilled Worker Program and Federal Skilled Trades Program based on the number of family members:
Proof of funds for FSWP and FSTP
| Number of Family Members | Required Proof of Funds (CAD) |
| 1 | $14,690 |
| 2 | $18,288 |
| 3 | $22,483 |
| 4 | $27,297 |
| 5 | $30,690 |
| 6 | $34,917 |
| 7 | $38,875 |
| Each additional family member ( if the family is more than 7 members) you need to add | $3,958 |
Canadian Experience Class CEC
Canadian Experience Class Program does not require proof of funds.
Avoid providing proof of funds to apply for Immigration
There are two ways that enable you to avoid providing proof of funds, these include:
- If you are applying for Canadian Experience Class CEC.
- Or if you have a valid job offer and you are authorized to work in Canada; even though you have applied through FSWP or FSTP.
How can I provide proof of funds?
You must have an official letter from your bank or the financial institution, and the letter must be printed with the official letterhead of the bank. This letter must include the following info:
- the bank or institution’s contact information (address, telephone number and email address)
- your name
- your outstanding debts (such as credit card debts and loans)
- these details for each current banking and investment account you have with them
- account numbers
- date each account was opened
- current account balances
- average balance for the past 6 months
Prove access to your settlement funds
When you arrive in Canada, the Canadian government requires proof that you can legally access your settlement funds. Here’s what you need to know:
- You cannot use property equity as proof of funds.
- The money cannot be borrowed from someone else.
- You must be able to use these funds to cover your family’s living expenses, even if they aren’t joining you.
If your spouse is coming with you, you can include money from a joint account. You may also be able to count money in your spouse’s account, but you’ll need to show proof that you can access it.
Can I move to Canada without a job?
Yes, you can move to Canada without having a job offer in your application. Many Immigration programs are offered without requiring a job offer, these programs include:
- Express Entry Programs EE.
- Atlantic Immigration Programs AIP.
- Provincial Nomination Programs PNP.
However, having a valid job offer will always increase your chances of being chosen and accepted for Immigration by the Canadian government.
In conclusion, Canada mostly requires valid proof of funds in order to make sure the Immigrant has the necessary funds to afford the living expenses and accommodation until they find a proper job and start their life in Canada. It’s also solid proof of the credibility and transparency of the Canadian government in the immigration process.
