How Much Money Will I Need to Immigrate to Canada? A Detailed Guide

June 6, 2024
8:56 pm

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Canada is undoubtedly the most coveted choice for immigration and settlement. Many individuals wish to immigrate to Canada and start a new life, enjoying its robust economy, diverse culture, world-class education, and healthcare, to name a few. However, one question often haunts potential immigrants before making the big move: “How much money will I need to immigrate to Canada?” To help navigate this situation, we have curated this comprehensive guide to assist you in making the necessary financial plans.

Canadian Immigration Pathways

Canadian permanent residency can be attained through various immigration pathways such as Express Entry, Provincial Nominee Programs (PNPs), Family Sponsorship, and Business Immigration. Each route has its own set of eligibility criteria, processes, and costs.

To answer the question, “How much money will I need to immigrate to Canada?”, one needs to choose the immigration pathway that closely matches their profile. Many Express Entry system candidates choose the Federal Skilled Worker Program (FSWP) for a Canadian PR, although this can vary from case to case. Moreover, applicants are required to exhibit the minimum settlement funds before immigrating to Canada. Let’s discuss what this entails and how it works.

Proof of Funds for Canadian Immigration

On May 28, 2024, Immigration, Refugees, and Citizenship Canada (IRCC) has announced new proof of funds requirements for Express Entry applicants. This latest update will impact the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP) candidates. Proof of funds is essential as it demonstrates that the applicant have enough funds to support themselves and their dependents upon arrival in Canada. However, if you have a valid job offer and work permit for Canada, you are exempt from this requirement. Additionally, applicants in the Express Entry Canadian Experience Class (CEC) do not need to provide proof of funds.

Applicants in the Express Entry pool are required to update their respective profiles with the new proof of funds by May 27, 2024. IRCC has assured that updating profiles will not impact their rank in the pool or change the original date and time of profile submission.

Here is the Updated Settlement Funds Requirements Effective May 28, 2024

For a single applicant, the required amount is CAD 14,690
For a family of two, the requirement is CAD 18,288
For a family of three, the new amount is CAD 22,483
For a family of four, the requirement is CAD 27,297
For a family of five, it’s CAD 30,690
For a family of six, it’s CAD 34,917
For a family of seven, the new amount is CAD 38,875
For families with more than seven members, each additional member requires CAD 3,958

Family Sponsorship

The costs for permanent residents who seek to sponsor their family’s immigration to Canada are as follows:

Sponsor your spouse or partner- Sponsorship fee (CAD85), principal applicant processing fee (CAD545) and right of permanent residence fee (CAD575)
Sponsor your spouse or partner without right of permanent residence fee- Sponsorship fee (CAD85) and principal applicant processing fee (CAD545)
Include any dependent child on an application with your spouse or partner (CAD175)
Independently sponsor a dependent child- Sponsorship fee (CAD85) and processing fee (CAD85)

For sponsoring your parents and grandparents, the total cost is as follows:

Sponsor your parent or grandparent – Sponsorship fee (CAD85), principal applicant processing fee (CAD545) and right of permanent residence fee (CAD575)
Sponsor your parent or grandparent (without the right of permanent residence fee)- Sponsorship fee (CAD85) and principal applicant processing fee (CAD545)
Include the spouse or partner of your parent or grandparent- Processing fee (CAD635) and right of permanent residence fee (CAD575)
Include the spouse or partner of your parent or grandparent (without the right of permanent residence fee)- Processing fee (CAD635)
Include a dependent child of your parent or grandparent CAD 175 per child

Business Immigration

The following processing costs are incurred while immigrating to Canada through Quebec business immigration, Self-employed people, and the Start-up visa:

Your application Processing fee (CAD1810) and right of permanent residence fee (CAD575)
Your application (without right of permanent residence fee) CAD 1,810
Include your spouse or partner processing fee (CAD950) and right of permanent residence fee (CAD575)
Include your spouse or partner (without right of permanent residence fee) CAD 950
Include a dependent child CAD 260 per child

Miscellaneous Fees

If you’re still wondering, “How much money will I need to immigrate to Canada?”, here we highlight the miscellaneous fees that incur at each step of the application process, in addition to the permanent resident charge.

1. Educational Credential Assessment (ECA)

Each designated organization sets its own cost for an Educational Credential Assessment (ECA). For most people, the cost is about CAN 200 plus the cost to have it delivered.

2. Language Proficiency Exam

One is required to submit your language exam results from a recognized organization to immigrate to Canada. Pearson English Test (PTE), IELTS, and CELPIP are the only tests you can submit to prove your English proficiency. Each test cost depends upon the country you’re applying from.

3. Biometric fees

CAD 85 per person

4. Police Clearance Certificate Fees

The consular fee for Police Clearance Certificate is CAD 34

5. Medical Examination Fees

The overall cost of the immigration medical exam will be in the range of CAD 140 to CAD 160

Consultation Fees

If you’re planning to immigrate to Canada, hiring an immigration consultant or Regulated Canadian Immigration Consultant (RCIC) can be incredibly helpful. An RCIC can thoroughly guide you through the complexities of the Canadian immigration process, help you choose the right pathway, and assist with paperwork and any questions you may have, including how much money will I need to immigrate to Canada.

The fees for immigration consultants vary based on the services you need. To get a clear understanding of the application process and the associated costs for Canadian immigration, we recommend contacting our team for detailed information.