There is a minimum financial need for many immigration options to Canada.
These finances, which change according on the pathway, serve as evidence to Immigration, Refugees and Citizenship Canada (IRCC) that you possess sufficient cash to sustain yourself for the first few months of your visit. It is also going to simpler to pay living expenses while looking for a job and long-term housing thanks to this. Continue reading to find out the minimal funding criteria for a few well-known economic immigration programs in Canada.
The Express Entry program requires settlement funds under
Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program (FSTP)
If you plan to move to Canada under the FSWP, or the FSTP, then you will need proof of funds to meet the minimum requirements.
The table below shows the funds required based on the size of your family, the minimum funds required change every year.
Size of your family | Funds you need (in Canadian dollars) |
1 | $14,690 |
2 | $18,288 |
3 | $22,483 |
4 | $27,297 |
5 | $30,690 |
6 | $34,917 |
7 | $38,875 |
If more than 7 people, for each additional family member, add | $3,958 |
You can calculate the size of your family by including
yourself
your spouse or common-law partner
your dependent children
your spouse or common-law partner’s dependent children
You must include your spouse or common-law partner and all dependent children, even if they’re
Canadian citizens or permanent residents
not coming to Canada with you
The minimum funds required for entry change every year, based on 50% of the low-income cut-off (LICO) threshold.
Atlantic Immigration Program (AIP)
Like the FSTP and FSWP, the AIP requires you to show proof of funds.
The table below shows the minimum funds required based on the number of people in your family accompanying you to Canada
Number of family members | Funds needed (in Canadian Dollars) |
1 | $3,672 |
2 | $4,572 |
3 | $5,260 |
4 | $6,824 |
5 | $7,740 |
You calculate the size of your family in the same way as the FSTP and FSWP programs.
Provincial Nominee Programs (PNPs)
PNP applicants will also typically have to meet a minimum funds requirement. The amount varies depending on the province, and the stream you are applying for. IRCC recommends checking with the provincial immigration authority for your desired Provincial Nominee Program for more details.
The department also recommends researching the cost of living in the province you are applying to to ensure you can demonstrate you have enough money to support yourself and your family.
What evidence of funding may I present?
When you apply and when your application is accepted, you must be able to demonstrate that you are lawfully entitled to the cash, according to the IRCC.
When you get to Canada, you also need to be able to demonstrate that you have access to the funds.
You will need to get an official letter from the bank or other financial organization that oversees your account to demonstrate that you are the rightful owner of the funds.
The letter must be printed on the financial institution's letterhead and contain the following, per the IRCC.
the address, phone number, and email address of the bank or other organization
your name your current debts (loans and credit card debt, for example)
You must also include the following details for each current banking and investment account you have with them
account numbers
date each account was opened
current account balances
average balance over the past 6 months
Accessing your funds
According to the Canadian government, you must be able to prove you can legally access the money upon arrival in Canada
For example,
you can't use equity on real property as proof of settlement funds
you can’t borrow this money from another person
You must be able to use this money to pay for your family’s costs of living (even if they aren’t coming with you).
If your spouse is coming with you, you can count the money you have together in a joint account.
You may be able to count money in an account under your spouse’s name only, but you must prove you have access to the money.
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