How much money do you need to immigrate to Canada?
Updated on January 24, 2025
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Table of Contents
The amount of money needed to immigrate to Canada varies by program. Most economic immigration programs require proof of funds to show you can support yourself and your family after arriving.
The proof of funds needed depends on your family size and the type of immigration program you apply to. The money includes Visa processing fees and the minimum funds required to settle in the country. Canada is a relatively affordable country to move to compared with other popular places like the US, the UK, or Australia.
Am I eligible to immigrate to Canada?
To immigrate to Canada, you must meet certain requirements for your application process and financial outlook. Some of the criteria for Canadian immigration are:
- Be 18 years old or older.
- Be a citizen of a country other than Canada.
- Meet an acceptable level of English or French proficiency (depending on which province you are moving to).
- Meet any applicable requirements under the Visa type you are applying for (e.g., Work Permit, Permanent Residence, Visitor Visa, Spousal Visa, etc.)
- Prove that you possess sufficient money to support yourself and any dependents who come with you.
- Sponsored under family sponsorship programs.
How much does a Canadian Visa application cost?
The cost of a Canadian visa application depends on the type of visa you are applying for. Canadian visas can be broken down into two categories:
- Temporary resident visas
- Permanent resident visas
Temporary Visas in 2025:
Type of Visa (Per person) |
Fee |
Restoration Fee |
Electronic Travel Authorization |
CAD$7.00 |
|
International Experience Canada |
CAD$172.00 |
|
Temporary resident permit |
CAD$229.77 |
|
Study permit (including extensions) |
CAD$150.00 |
CAD$379.00 |
Visitor Visa (including super Visa) |
CAD$100.00 |
CAD$229.00 |
Work permit (including extensions) |
CAD$155.00 |
CAD$384.00 |
Open work permit |
CAD$100.00 |
Visitor Visa also offers a family package, which means one fee per family of five or more people. It costs CAD$500, and you can only avail of this when all family members apply simultaneously and in the same place, and your children qualify as dependants.
Work permits also offer a group package of 3 or more performing artists, which costs CAD$465.00
Permanent residence in 2025:
Kind of Residency |
Fee |
Fee including your spouse or partner |
Business immigration |
CAD$2,385.00 |
CAD$1,525.00 |
Caregivers |
CAD$1,210.00 |
CAD$1,210.00 |
Economic immigration (including Express Entry) |
CAD$1,525.00 |
CAD$1,525.00 |
Humanitarian and compassionate |
CAD$1,210.00 |
CAD$1,210.00 |
It is important to note that fees are not refunded in case your application is rejected.
Our tax experts can assist with your US tax obligations in Canada. Contact us today.
What are settlement funds?
Settlement funds are the money you and your family need to settle and survive in Canada for up to 6 months without an income. These fund requirements vary depending on the permanent residence stream you apply to.
At a federal level, the Immigration, Refugee and Citizenship Canada (IRCC) has specified the following minimum fund requirements:
Number of family members |
Required fund amount |
1 |
CAD$14,690 |
2 |
CAD$18,288 |
3 |
CAD$22,483 |
4 |
CAD$27,297 |
5 |
CAD$30,690 |
6 |
CAD$34,917 |
7 |
CAD$38,875 |
For each additional family member, if exceeding 7 members |
CAD$3,958 |
How do I prepare proof of funds for my Canadian Visa application?
Here are the steps to prepare and present proof of funds effectively:
- Determine the required amount: The amount of funds you need to present depends on your immigration status and family size. Check your program to see the latest proof of funds requirement.
- Ensure liquid funds: Your funds can either be cash or cash equivalents (e.g., savings accounts or fixed deposits), which are readily converted into cash.
- Maintain consistency and stability of funds: To demonstrate financial stability, keep the required funds in your account for at least 3 to 6 months before applying.
- Gather financial documents: You can obtain bank statements and bank letters or certificates from your bank to show your account balances over the last 3 to 6 months.
- Convert foreign currency to Canadian Dollars: If your funds are in a different currency, you’ll need to show the equivalent amount. Include an exchange rate conversion to demonstrate that your funds meet the required amount.
- Submit documentation: Ensure all documents are clear, legible, and in English or French. You’ll need certified translations if your bank statements are in another language.
- Maintain funds until arrival in Canada: The funds you show at the time of application must be available to you upon receipt of permanent residence.
Which stream does not need to prove funds?
These streams usually circle around applicants already established in Canada or have a confirmed job offer. Here are some of the streams that don’t require proof of funds:
- Canadian Experience Class (CEC): This class is for individuals already integrated into Canadian society and the labor market.
- Federal skilled worker program and federal skilled trades program: This should already come with a valid job offer
- Provincial Nominee Program (PNP): This should also be tied with a valid job offer or employer-specific nomination
- Quebec immigration programs: Applicants through Quebec-selected immigration programs with job offers may also be exempt from proof of funds requirements.
These are also different immigration pathways to Canada that don’t require a huge budget as long as you have the right skills, so assessing eligibility for multiple programs is advisable to identify the best fit.
What is Express Entry in immigration?
Express Entry is a system in Canada made to manage the immigration of skilled workers in Canada. Programs under this are the CEC, federal skilled worker program, and federal skilled trades program.
Settlement funds for express entry
Settlement funds are a typical requirement with the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP). However, if you apply to the CEC or have a valid job offer, you are exempt from this.
It is important to note that settlement funds are the actual amount of money required to immigrate, and proof of funds is the evidence provided to prove possession of funds.