How much money is needed for immigrating to Canada?

According to Citizenship and Immigration Canada, you will have to prove to have settlement funds of minimum $10,000 CAD per individual. Additional $ 2,000 CAD will be required for each dependent accompanying the immigrant to Canada. The exception for this is if you have a pre-arranged job offer in Canada.

It must be noted here that the threshold settlement funds required can vary. This is depending upon the location in Canada and is based on the size of the family.

Whereas, the needs of every family are diverse and diverse cost of living can be found in different regions in Canada. The below basic guidelines can be followed to determine the budget of a newcomer to Canada excluding airfares and moving costs:

• 1 Adult immigrating individually: $ 25,000 CAD
• 1 Couple moving together: $ 30,000 CAD
• 1 Couple with 1 kid below 10 years: $ 33,000 CAD
• 1 Couple with 1 kid above 10 years: $ 35,000 CAD
• For each extra kid below 10 years: add $ 1,000
• For each extra kid above 10 years: add $ 2,000

Essentially, the above-explained sum of cash will offer you adequate breathing space to settle in a new nation. This is prior to getting a job and starting to earn an income. It must suffice for basic living expenses for 4 to 6 months depending on how well you budget. Any amount lesser than this will make it really tough.

The amount of money you need to support your family depends on the size of your family. To calculate the size of your family you must include

• yourself
• your spouse or partner
• your dependent children and
• your spouse’s dependent children

Include your spouse or dependent children even if they’re

• permanent residents or Canadian citizens
• not coming to Canada with you

This table shows the minimum amount you need to immigrate to Canada as of June 9, 2022. If you have more money, you should list the full amount in your profile or application.