FUNDS REQUIRED TO MOVE TO CANADA

Immigration law

If you intend to relocate to Canada through the Federal Skilled Worker Program (FSWP) or the Federal Skilled Trades Program (FSTP), it’s essential to demonstrate that you have sufficient financial resources. This proof of funds is necessary to ensure you can support yourself and your family upon arrival, particularly before you secure employment.

The specific amount required varies based on the size of your family, and it’s important to have these funds readily available in a bank account or other liquid assets. Having this financial evidence is a key part of your application process and helps facilitate a smooth transition to life in Canada.

Think of it as your passport to a stress-free start because while Canadians are known for their politeness, showing up with empty pockets won’t win you any extra maple syrup on your pancakes. So, make sure your bank account is as ready as your sense of adventure….

Having these funds readily available not only meets immigration criteria but also paves the way for a smoother transition, allowing newcomers to focus on building their future instead of worrying about finances.

When determining the size of your family for immigration purposes, it's essential to consider a few key categories.

First, you should include yourself as the primary applicant.
Next, if you have a spouse or common-law partner, they must be counted as well. This includes anyone with whom you share a committed relationship and cohabitate, regardless of whether you are legally married.
You must also account for your dependent children. This encompasses biological children, adopted children, and any stepchildren who rely on you for financial support. Importantly, you should also include any dependent children of your spouse or common-law partner, even if they are not your own.

It’s crucial to note that all of these individuals must be counted, even if they are Canadian citizens or permanent residents or if they won’t be accompanying you to Canada. This requirement ensures that the immigration process accurately reflects your family unit, which is a vital factor in determining your financial needs and support systems upon arrival.

Including everyone in your calculations helps the Canadian government assess your application comprehensively, ensuring you have the necessary resources to establish your family’s new life in Canada.

Think of it this way: they want to make sure you can afford not just the essentials, but also that endless supply of Tim Hortons coffee! After all, they don’t want you showing up with a great resume but no cash for your caffeine fix. So, remember to count every member of your crew, even that dog who thinks he’s the real head of the household.

The table below displays the required funds according to your family size, and these minimum amounts are adjusted annually.

Size of your family Funds you need (in Canadian dollars)

1 Member $14,690

2 Members $18,288

3 Members $22,483

4 Members $27,297

5 Members $30,690

6 Members $34,917

7 Members $38,875

Note: If more than 7 people, for each additional family member, add $3,958.

The minimum funds required for immigration to Canada are adjusted each year and are based on 50% of the Low Income Cut Off (LICO) threshold. This means that as the cost-of-living changes, so too does the amount you need to demonstrate for your application. The yearly updates to the LICO are determined by Statistics Canada, which uses various data sources to assess economic conditions.

Key inputs include the Consumer Price Index (CPI), which tracks changes in the prices of goods and services, reflecting inflation and shifts in living costs. Additionally, the Canadian Income Survey provides insights into income distribution and financial stability among Canadians. By considering these factors, Statistics Canada establishes an accurate and relevant LICO that helps ensure newcomers can support themselves and their families adequately upon arrival.

This dynamic approach allows the minimum funds requirement to align with the current economic landscape, making it a crucial aspect of the immigration process. After all, you don’t want to show up in Canada thinking you can live on last year’s budget unless you’re planning to survive on a diet of Kraft Dinner.

If you’re applying to the Canadian Experience Class (CEC), you’re in luck- you won’t need to provide proof of funds. This program is designed for individuals who have already gained work experience in Canada, so the assumption is that you’re already familiar with the local job market and financial landscape.

Moreover, there are alternatives to the settlement funds requirement for those applying through other Express Entry programs, like the Federal Skilled Worker Program (FSWP) or the Federal Skilled Trades Program (FSTP). If you have authorization to work in Canada and hold a valid job offer from a Canadian employer, you can bypass the proof of funds requirement altogether.

This means that if you’ve managed to land a job before even submitting your application, the government trusts that your employer will help support you financially as you transition into life in Canada. It’s like they’re saying, “Congrats! You’ve got a job, so we’ll let your boss handle the financial side and good luck with the first paycheck, and may it arrive before your fridge is empty.”

So, if you’ve got a job lined up, you can dive headfirst into your Canadian adventure, perhaps just with a little less pressure on your wallet and a lot more emphasis on mastering the art of making poutine.

This flexibility is particularly beneficial for skilled workers and tradespeople who already have job prospects lined up, allowing them to focus on their new roles rather than worrying about their bank balance. It’s a win-win situation: you get to start your Canadian adventure with a job in hand, and the government gets to welcome skilled individuals who are ready to contribute to the economy right away.

OTHER PROGRAMS

Atlantic Immigration Program (AIP)

Similar to the FSTP and FSWP, the AIP also mandates that you provide proof of funds.

The table below outlines the minimum funds needed, depending on the number of family members traveling with you to Canada. Funds needed (in Canadian Dollars)

Size of your family Funds you need (in CDN)

1 member $3,672

2 members $4,572

3 members $5,260

4 members $6,824

5 members $7,740

Provincial Nominee Programs (PNPs)

Applicants for PNPs usually need to meet a minimum funds requirement, which varies based on the province and the specific stream you’re applying to. The IRCC suggests consulting the provincial immigration authority for detailed information about your chosen PNP.

Additionally, it's advisable to research the cost of living in the province where you’re applying to ensure that you can prove you have sufficient financial resources to support yourself and your family.

To verify your access to the funds, you'll need to obtain an official letter from the bank or financial institution that oversees your account. As per IRCC guidelines, you must demonstrate that you can legally access your funds both at the time of your application and upon approval. Additionally, you need to show that you have access to this money when you arrive in Canada.

According to IRCC, the letter must be printed on the financial institution's official letterhead and include the following information:

The contact details of the bank or institution (address, phone number, and email)
Your name
Any outstanding debts you have (such as credit card balances and loans)

You must also provide the following information for each of your current banking and investment accounts with them:

Account numbers
The date each account was opened
Current account balances
The average balance for the past six months

According to the Canadian government, it’s essential to demonstrate that you can legally access your funds as soon as you arrive in Canada. This requirement is in place to ensure that newcomers have the financial resources to support themselves and their families during the initial adjustment period, which can often be challenging.

For instance:

You cannot use equity from real estate as proof of your settlement funds.
You cannot borrow these funds from another individual.
You must have the ability to use this money to cover your family's living expenses, even if they are not accompanying you.

If your spouse is traveling with you, you can include funds from a joint account you share. You may also count funds held solely in your spouse’s name, but you must demonstrate that you have access to that money.

Being able to prove access to your money means having the necessary documentation to show that your funds are available and can be used without delay. This could involve providing bank statements or letters from financial institutions that confirm the amount you have and your ability to withdraw or transfer those funds.

Additionally, it’s wise to consider how you’ll access your money once you’re in Canada. This might involve setting up a Canadian bank account in advance or ensuring that your existing accounts allow for international access. The goal is to make sure you have immediate access to your financial resources, allowing you to cover living expenses such as housing, food, and transportation right from the start.

Being financially prepared can help ease your transition into Canadian life and minimize stress as you settle in. After all, you don’t want to find yourself on a quest for the nearest Tim Hortons, only to realize your wallet is emptier than a Canadian winter street after a snowstorm.

If you are planning to relocate to Canada through the Federal Skilled Worker Program (FSWP) or the Federal Skilled Trades Program (FSTP), please contact RRM Law. Our team is ready to assist you throughout the process.

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FUNDS REQUIRED TO MOVE TO CANADA