Thinking about moving to Canada? It's important to know how much money you'll need to make this dream a reality. This blog post will guide you through the financial requirements for immigrating to Canada, including settlement funds for Express Entry, exemptions, and the actual costs of the process.
Settlement Funds for Express Entry
When you apply for Express Entry to become a permanent resident of Canada, you need to show that you have enough money to support yourself and your family. These are called settlement funds.
How Much Do You Need?
The amount of money you need depends on the size of your family. Here's a quick breakdown:
Exemptions to Settlement Funds
Not everyone needs to show settlement funds. If you’re already working in Canada with a valid job offer or you’re applying under the Canadian Experience Class, you are exempt from providing proof of funds.
Costs of the Immigration Process
Moving to Canada involves several additional costs:
Application Fees: The fee for processing your Federal application is $1,610CAD for a single applicant. If you have a spouse or partner, it’s an additional $1,610CAD. Each dependent child costs $260CAD. If you are also applying first to a province, you’ll need to pay their fees which range from $500CAD to $2000CAD. Every type of program has its own costs.
Documents Costs:
Police Clearance Certificates (PCCs): Varies by country, but usually between $20CAD to $100CAD.
Medical Exams: Typically, $200CAD to $300CAD per person.
Legal Fees: Hiring an immigration lawyer or consultant may cost between $2,000CAD to $5,000CAD.
Flights: A one-way flight to Canada can range from $500CAD to $2000CAD, depending on your location and travel season.
Other Costs: Don’t forget about expenses like shipping your belongings, temporary accommodation, and transportation within Canada.
Realistic Budgeting
Settlement funds are meant to last for the first six months in Canada. However, it’s likely that you’ll need to find a job to supplement your savings.
Sample Monthly Budget for one person (in CAD):
Rent: $1,000 to $2,500 (varies by city)
Groceries: $300 to $600
Utilities: $100 to $200
Transportation: $100 to $200
Internet and Phone: $50 to $100
Miscellaneous: $200 to $500
Where you live will significantly affect your costs. Major cities like Toronto and Vancouver tend to be more expensive than smaller cities or rural areas.
Plan Your Move
To get a better idea of how much you'll need, look at sample budgets online. This will help you understand the cost of living in different parts of Canada.
Ready to start your journey to Canada? Book a 1-on-1 call with me to discuss your move and find the best pathway forward. With the right preparation and understanding, you can make Canada your new home. book an online consultation with us here.
Our Services
Calver Immigration Consulting Inc. is rated Canada's number one boutique immigration consultancy. We serve clients across Canada and internationally. Our Registered Canadian Immigration Consultant has over 10 years of experience in Canadian Immigration law serving those in Canada and abroad.
We can assist with applications for both temporary and permanent residency in Canada. We handle applications for study permits, permanent residency, family class sponsorship, visitor visas, work permits, and Canadian citizenship. We also handle criminal inadmissibility cases by developing remedies for refusal.
Moving To Canada - 2024's Guide to Life in Canada.
I’ve written this guide to help you with the big-picture planning, detailing everything you need to know and do before, during and after this amazing process. This is more information than any other consultant is willing to share upfront at such a low rate!
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