How much money will you need to immigrate to Canada?
As of February 2018, the amount of money required to settle in Canada has changed. Previously, settlement funds for one applicant were $12,300. Now, a person will have to show a minimum of $12,475. This amount increases by $3,361 with each additional family member. It is important to note that proof of funds must be available both at the time of application and at the time of issuing a permanent resident visa.
Family Members Funds Required
1 ______________________________ $12,475
2 ______________________________ $15,531
3 ______________________________ $19,093
4 ______________________________ $23,181
5 ______________________________ $26,292
6 ______________________________ $29,652
7 ______________________________ $33,014
What is accepted as proof of funds?
Proof must be in the form of official letters from a bank or financial institution where your money is kept. A letter must:
- Be printed on the financial institution’s letterhead
- Include their contact information (address, telephone number and email address)
- Include your name
- List outstanding debts such as credit card debts and loans
- Include, for each current bank and investment accounts
- Account numbers
- The date each account was opened
- The current balance of each account
- The average balance for the past six months
How do I know if this affects me?
This update affects those who have applied for entrance via the Federal Skilled Worker Program or the Federal Skilled Trades Program. Please note that this update does not impact those in the Canadian Experience Class program.
For more information, please visit: https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/become-candidate/eligibility/proof-funds.html
Contact us today for more information on how we can assist you with the immigration process.
Calver and Associates Immigration Services
21 Simcoe St S Suite 110, Oshawa, ON L1H 4G1