Thinking about moving to Canada in 2024? That’s an exciting journey! But before packing your bags, it’s important to understand the financial side of things. Relocating to a new country involves more than just securing a visa—it also means being prepared with the right amount of money to support yourself and your family during those early months.
So, how much money do you really need to move to Canada? Let’s break it down step by step to help you plan your move with confidence.
Why You Need to Show Proof of Funds
When you apply to immigrate to Canada through the Express Entry program—one of the most popular pathways—you’ll typically need to provide proof that you have enough funds to support yourself and any family members coming with you. This is known as “settlement funds.”
Why is this important? Well, even though Canada offers many opportunities, it can take time to find a job. The government wants to make sure newcomers can cover their basic expenses while getting settled. It’s a safety net for both you and Canada.
How Much Money Do You Need in 2024?
The amount of money you need depends on how many people are in your family. For 2024, Immigration, Refugees and Citizenship Canada (IRCC) set the following minimum fund requirements:
- 1 person: $13,757 CAD
- 2 people: $17,127 CAD
- 3 people: $21,055 CAD
- 4 people: $25,564 CAD
- 5 people: $28,994 CAD
- 6 people: $32,700 CAD
- 7 people: $36,407 CAD
- More than 7 people: Add $3,706 for each additional family member
These figures are updated yearly, so always check the latest numbers on the IRCC website before applying.
Understanding Who Counts as a Family Member
To be clear, your family size includes:
- Yourself
- Your spouse or common-law partner
- Your dependent children
- Your spouse’s or partner’s dependent children
Even if your spouse or kids aren’t moving to Canada with you, they’re still included in the calculation. This can surprise some people, so it’s worth double-checking before submitting your application.
What Counts as Proof of Funds?
Not all money in your possession can be used as proof of funds. The Canadian government has specific requirements. You’ll need to provide official letters from your financial institutions, and these must include:
- Bank or financial institution name and contact details
- Your name
- All account numbers
- Date each account was opened
- Current balances of each account
- Average balance over the past six months
Cash, assets like property, or borrowed money don’t count. The funds must be readily available and liquid—meaning they should be in your name and accessible for use in Canada.
Different Rules for the Canadian Experience Class
What if you’re already in Canada as a temporary worker or student? If you’re applying under the Canadian Experience Class (CEC), you don’t need to show proof of settlement funds. That’s because you’re already part of the Canadian workforce and likely earning income.
This exception is good news for many applicants, but be sure to confirm your eligibility under CEC before assuming these rules apply to you.
Budgeting Tips for Your First Few Months in Canada
Even if you meet the minimum fund requirements, it’s smart to plan for more, just in case. Remember, those early months can bring surprise costs—from renting an apartment to buying winter clothes to enrolling your kids in school.
Here are a few budgeting tips to help you get started:
- Research city-specific costs: Toronto, Vancouver, and Calgary have very different living prices. Knowing what to expect in your destination city can help you plan better.
- Factor in housing deposits: Most landlords will ask for first and last month’s rent upfront.
- Don’t forget transportation and groceries: Something as simple as a monthly transit pass can cost around $150, depending on the city.
- Plan for health insurance: While provincial coverage kicks in a few months after you arrive, you may need private insurance in the beginning.
Think of your settlement funds as a cushion. It gives you time to settle in, adapt to a new environment, and look for a job without being under financial stress.
What Happens if You Don’t Meet the Settlement Fund Requirement?
If you fall short of the required funds, you could be deemed ineligible for immigration under Express Entry. That’s why it’s crucial to make sure your finances are aligned with the current guidelines before you apply.
Keep in mind, too, that your application needs to match exactly what you report. If there’s a sudden drop in your bank balance or funds that can’t be explained, it may raise questions during the review process.
Tips for Saving and Planning Your Move
Not sure how to come up with the necessary money? Here are a few ideas that might help:
- Start a dedicated savings plan: Set up a separate account just for your move.
- Cut unnecessary expenses: Skip that extra subscription or dining out and put the savings toward your relocation fund.
- Sell unused items: Use platforms like Facebook Marketplace or eBay to turn clutter into cash.
- Look for sign-up bonuses: Some banks offer rewards for opening new accounts. Every little bit helps!
Saving takes time and discipline, but having a clear goal in mind—starting a new life in Canada—can keep you motivated.
Final Thoughts: Plan Smart, Move Smooth
Immigrating to Canada is a big step, both emotionally and financially. While the paperwork and rules can seem overwhelming, understanding how much money you’ll need is one of the most important first steps.
By estimating your total costs and staying informed about the latest government requirements, you’ll be better prepared to make your Canadian dream a reality. Think of it like building a strong foundation—once the groundwork is in place, everything else becomes easier.
Have you started budgeting for your move? What city are you planning to settle in? Share your thoughts and experiences in the comments below—we’d love to hear from you!