The exact amount of money you need to move to Canada primarily depends on the immigration program you choose and your family size, with mandatory settlement funds required for many economic immigration pathways like the Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program (FSTP).
Understanding Settlement Funds for Canada Immigration
Settlement funds are the money you must have available to support yourself and your family after you arrive in Canada. These funds ensure that you can cover initial costs such as accommodation, food, transportation, and other personal expenses while you look for employment and settle into your new life. These are minimum requirements set by the Canadian government.
Required Settlement Funds for FSWP and FSTP
For applicants under programs such as the Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program (FSTP), the minimum amount of money you need is determined by the size of your family. These figures are in Canadian dollars (CAD).
| Size of your family | Funds you need (in Canadian dollars) |
|---|---|
| 1 | $14,690 |
| 2 | $18,288 |
| 3 | $22,483 |
| 4 | $27,297 |
| 5 | $30,943 |
| 6 | $34,920 |
| 7 | $38,898 |
| For each additional member | $3,978 |
Note: These amounts are updated annually by Immigration, Refugees and Citizenship Canada (IRCC). Always refer to the official IRCC website for the most current figures.
Beyond Settlement Funds: Other Essential Moving Costs
While settlement funds cover your initial living expenses, it's crucial to budget for several other significant costs associated with moving to Canada. Having additional funds beyond the minimum requirement is always recommended for a smoother transition.
Here are some other common expenses to consider:
- Immigration Application Fees: These include processing fees for your permanent residency application, right of permanent residence fee, and potentially biometrics fees.
- Educational Credential Assessment (ECA): If required for your immigration stream, you'll need to pay for an assessment to verify that your foreign education is equivalent to Canadian standards.
- Language Test Fees: Costs associated with taking approved language tests (e.g., IELTS, CELPIP, TEF, TCF) to prove your proficiency in English or French.
- Travel Costs: Airfare for yourself and your family to Canada.
- Initial Accommodation: Costs for temporary housing (e.g., Airbnb, hotel) upon arrival, before securing a long-term rental.
- Shipping Costs: If you plan to ship your belongings from your home country.
- Insurance: Travel insurance for your journey and initial health insurance until you qualify for provincial health care.
- Licensing and Certification: If your profession is regulated in Canada, you may need to pay for assessments, exams, or licensing fees to practice.
- Miscellaneous Expenses: Costs for setting up utilities, purchasing household items, transportation within Canada, and other unforeseen expenses.
How to Prove Your Funds
When you apply for permanent residence under programs that require settlement funds, you will need to provide official letters from financial institutions that demonstrate you have the required money. This proof must show that the funds are readily available and unencumbered.
Important Considerations
- Minimum vs. Recommended: The figures provided are minimum requirements. It is always wise to have more money saved than the bare minimum to account for unexpected costs or delays in finding employment.
- Program Specificity: Not all immigration programs require settlement funds. For example, if you already have a valid job offer in Canada, you might be exempt from this requirement under certain Express Entry streams. Provincial Nominee Programs (PNPs) may also have their own specific financial requirements.
- Living Costs Vary: The cost of living varies significantly across Canadian cities and provinces. Research the average expenses in your intended destination to tailor your budget effectively.
Understanding these financial requirements is a crucial step in planning your move to Canada.
