HOW MUCH DO I NEED TO IMMIGRATE TO CANADA? – PROOF OF FUNDS

“How much do I need to immigrate to Canada?” 

This is one of the most asked questions for those making their plans to move to Canada. The financial proof, or proof of funds, is one of the required documents for most of those who want to study, work or immigrate to Canada.

Why do I need Financial Proof to live in Canada?

For most cases, the Canadian Government requires those who intend to immigrate to Canada proof they have enough money to support themselves for their initial period in the country while they settle in Canada, without counting on additional income or salary.

How much money you will need to prove changes yearly, so don’t wait too long to put your immigration plan in action!

Does everyone need financial proof to live in Canada?

If you plan to live in Canada, either temporarily (to study or work) or permanently, chances are you will need to hand in proof of funds in your visa or permanent residence application. However, there are exceptions, not everyone who intends to immigrate to Canada needs to have this financial proof. 

If you are applying through the Canadian Experience Class program on Express Entry and / or have a VALID job offer, you might not need to present proof of funds. However, you must be aware that this does not just mean having a  guaranteed job in Canada! It needs to fit within some rules, and in most cases, be  supported by an LMIA (Labor Market Impact Assessment). 

WHAT COUNTS AS PROOF OF FUNDS? 

Not everything counts as proof of funds to immigrate or live in Canada. The money for the proof of funds must have liquidity, that is, it must be available to you, so equity or real estate are not eligible! 

If you are coming to Canada to study, you may use the financial support of a third party party like a family member or even a school or institution, but they must provide a financial support letter and statements proving that they have enough money to support you and are willing to do so.

However, for permanent residency processes, the money has to be yours and under your name! 

With your money in account, you need an official letter from your bank or financial  institution, on letterhead, with the following information: 

• include their contact information (address, telephone number and email address) 
• include your name 
• list outstanding debts such as credit card debts and loans 
• account numbers 
• current balance of each account 
• average balance for the past 6 months 

To be sure you have the right documents for your proof of funds, ask your immigration consultant, and they will make sure you are on the right track!

HOW MUCH DO I NEED TO PROVE? 

The amount you must confirm to be able to immigrate to Canada varies depending on the program that you and your educational or immigration consultant have decided is the best strategy according to your profile. 

If you are planning to study in Canada, besides proof that you paid tuition and housing fees, you need a certain amount of money depending on the length of your stay in Canada (in canadian dollars):

If you plan on studying in Quebec, the numbers are a little different:

At the time of this post, for Startup Visa, Federal Skilled Worker and Federal Skilled Trades programs (in canadian dollars)

For the Atlantic Immigration Pilot Program (in canadian dollars)

In the Rural and Northern Pilot Program

And if you want to know more about each of these programs, be sure to follow us on youtube, instagram and facebook for all things Canada!

Are you ready to make Canada your home? Then count on our visa and immigration  specialists and define the ideal strategy for your profile.