How much money do I need to immigrate?

How much money do I need to immigrate?

To be become a Canadian Permanent Resident on a Skilled Worker Visa, you will need to prove that you have enough money to support yourself when you arrive in Canada.

If any of your family are applying to immigrate with you, you will need to prove that you have enough money to support yourself, your partner or spouse, and any dependant children. This amount of money is called your settlement funds.

Settlement funds are in addition to your visa application fee and Right of Permanent Residence fee.

If you already have a job set up in  anywhere else in Canada, you will not need to prove that you have any funds. CIC assumes that your employment income will be enough to cover the costs of settlement for you and your family in it.

Here is how much you need:

Number of people on your application Minimum Settlement Funds
1 person $10,168
2 people $12,659
3 people $15,563
4 people $18,895
5 people $21,431
6 people $24,170
7 people or more $26,910

How can I prove how much money I have?

CIC needs to see that your funds are unencumbered and readily transferable. This means that you need to be able to show that you can access the money easily and bring it to Canada without any problems.

Your settlement funds can be in the form of a gift from another person, but they cannot be borrowed. Your settlement funds must be your own to dispose of as you wish.

You must have your settlement funds in your possession when you land in Canada, or have them already transferred to Canada before you arrive.

Here is how you can prove your funds if they have already been transferred to Canada ahead of time:

Evidence of a savings balance, in the form of an official bank statement on bank letterhead, not printed from a bank website. OR
A current bank certification letter from the bank that holds your funds. OR
A fixed or timed deposit statement from your bank, on bank letterhead.

Carrying more than $10,000
When some people enter Canada for the first time, they choose to carry a large portion of their savings with them in person. This often includes:

securities in bearer form (such as stocks or bonds)
any negotiable instruments in bearer form (such as money orders or travelers cheques)
If you arrive in Canada with more than $10,000 CAD, you must tell a customs officer when you enter. You will also have to declare this amount of your landing card. Bringing over $10,000 into Canada without informing the authorities can be punished with a prison term.

If you transfer money to Canada ahead of time, your bank should ask you to fill out paperwork to declare that you are moving a large sum of money across the border.

How long does it take to process a Skilled Worker Visa application?

The processing time for a Skilled Worker Visa depends on which country you apply from.

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