How Much Money Do You Need to Immigrate to Canada?
When it comes to immigration costs, Canada is still fairly affordable compared to other popular immigration destinations such as Australia, the UK, and the USA. A family of four immigrating to Canada is looking at paying approximately CAD $11, 000 less than a family of four immigrating to Australia. That’s a significant amount saved!
Immigrating to a new country is an intricate and lengthy process that comes with a hefty price tag but the outcome is surely worth it: a brand new life filled with better opportunities and a promising future for you and your loved ones.
The amount of money you need to immigrate to Canada depends on the size of your family, and the type of immigration program you apply for. It further involves settlement funds, visa processing fees, the collection of required documents and even bringing your pet over.
Take a look below for a breakdown of Canada’s immigration fees.
If you’re thinking about moving abroad, you should start to save save save. Whether you have a job lined up in Canada or not, you’ll need an adequate amount of savings to get you through the first three months while you settle into your new life.
As soon as you arrive in Canada, you’ll need to pay for basic necessities like groceries, rent, transportation, and utilities. (Once you get a taste for Poutine, it’ll be your new weekly treat.)
To ensure that you don’t run out of money before you’ve received your first paycheck, the Canadian government requires that all permanent resident applicants have an adequate amount of savings as indicated in the infographic above.
IRCC Settlement Funds for Canadian Immigrants
Immigration, Refugee, and Citizenship Canada (IRCC) created the Express Entry system which is the most popular immigration pathway to Canada for skilled foreign workers and their close family members. The IRCC settlement funds change every year. In 2020, a single applicant without a spouse or common-law partner and any dependent children must have a minimum of CAD $12, 960 in savings to qualify for permanent residency.
A couple who are immigrating to Canada must have a combined sum of CAD $16, 135 in settlement funds. Basically, you must add an additional CAD $3, 492 in savings for every additional household member who moves to Canada with you.
It’s important to note that the number of family members includes both accompanying and non-accompanying dependents. That means even if your spouse or children don’t immigrate to Canada with you, your savings must still reflect their share.
Express Entry Processing Fees
There is no cost to creating an Express Entry profile. It’s only when you receive an ITA and submit a complete application that you’ll need to pay an $825 visa processing fee. This fee includes your spouse or common-law partner. However, you’ll need to pay an additional $225 per dependent child accompanying you to Canada.
Settlement Funds for PNP Candidates
Provincial Nomination Programs (PNPs) are immigration pathways designed and managed by the 11 participating provincial governments. Candidates apply to a PNP in hopes of achieving a nomination that significantly enhances their final application for permanent residency to the IRCC.
Initially, you must meet the settlement funds of the PNP to qualify for a nomination. The settlement funds required may vary from province to province and are dependent on the cost of living for that region. However, as soon as you have achieved a nomination, you need to meet the IRCC (see above) settlement funds which are only slightly different from the PNPs.