Budget Breakdown: Savings Needed for Relocating to Canada

Are you contemplating relocating to Canada? It’s crucial to grasp the financial prerequisites for various Canadian immigration channels, as mandated by Immigration, Refugees and Citizenship Canada (IRCC). These requirements are in place to affirm your financial stability, ensuring you have sufficient funds to maintain yourself at the beginning of your Canadian journey, helping to smooth your transition while seeking employment and settling into permanent housing. Here’s a breakdown of the essential financial savings for some favoured Canadian immigration programs.

For aspirants who are thinking to relocating to Canada via the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP), having proof of funds that aligns with family size is a pre-condition. These amounts are revised annually and are constructed on half of the Low Income Cut-Off (LICO) as defined by Statistics Canada. Current necessary savings, in Canadian dollars, are as follows:

• Single applicant: $14,690
• Couple: $18,288
• Three-member family: $22,483
• Four-member family: $27,297, with incremental increases for each additional family member.

However, if you’re applying via the Canadian Experience Class (CEC), there’s no need to present proof of funds. Likewise, if you hold a valid Canadian work permit and have secured a job offer, the proof of funds requirement for FSWP or FSTP can be waived.

For those eyeing the Atlantic Immigration Program (AIP), showing financial preparedness is also a requisite, albeit with slightly lower thresholds given its 12.5% LICO-based calculation:

• Single individual: $3,672
• Couple: $4,572
• Three-member family: $5,260, and so on.

Each province under the Provincial Nominee Programs (PNPs) sets its fund requirements for relocating to Canada. Reach out to the respective provincial immigration body for exact figures and to assess whether you can sustain living costs in your chosen destination.

Legitimacy of funds is paramount. To substantiate financial resources, provide an official letter from your financial institution detailing contact info, your name, outstanding debts, and your account details including account numbers, opening dates, current and six-month average balances. Importantly, these funds must be readily accessible upon arrival in Canada — borrowed money or real estate equity will not suffice. Joint accounts with a spouse—or even an account solely in their name—can be accounted for, given you can prove unrestricted access to those funds.

In sum, understanding and preparing the appropriate financial resources is essential for a smooth transition to Canada. Stay abreast with IRCC for any alterations to financial need thresholds and verify the specifics with provincial immigration authorities for PNPs. Planning ahead financially is an indispensable step in realizing your Canadian dream responsibly.

Adequate financial preparation is crucial for those looking to start anew in Canada. By understanding the varying proof of funds requirements for each immigration pathway, you can better plan and save for your move, ensuring your first few months in Canada are as seamless and worry-free as possible. Whether through the FSWP, FSTP, AIP, or PNPs, being aware of these essentials can help instill confidence in both yourself and the IRCC about your transition to life in Canada.

For more information email us at hello@bisonimmigration.com