How much money do I need to migrate to Canada?
Dear Ms Powell, I AM an insurance executive, and I am interested in Canada for two reasons. First, I would like to visit to see if Canada is somewhere I would like to live. Second, I would like to apply to live there if I find that I like the place. The issue is that I hear that to make any application, I need to show that I have enough money for both the visit and to move there. My question is this. How much money do I need for the visit, and how much money if I were applying to stay there as a self-sponsored person. What documents would they need as proof? Thank you in advance for your time and response. – SA
Dear SA,
If you are planning to visit Canada, you must provide evidence that you can support yourself and the family members who will be travelling with you. There is no fixed amount that you must show when applying for a visitor’s visa. However, you should clearly show that you have the resources for your travel. This includes money for airfare, accommodations, food, transportation, sightseeing and incidentals.
Most importantly, you must have enough money to demonstrate that you will not become bankrupt or be in financial difficulty after the completion of the trip. You must be able to continue to meet your financial obligations while on vacation. This amount will be different for everyone. However, you could use the settlement funds figures below as a guide.
As a visitor, you will not just have to prove that you have money for the trip, but you must show evidence that you have enough money and assets that will motivate you to return to your home country and not stay in Canada illegally. You must clearly demonstrate that you will return to your home country at the end of the time granted for your visit.
DOCUMENTS TO PROVIDE
You should provide as many of documents as you can to demonstrate your resources and intention to return to your home country. This means you should provide documents such as:
1.Bank statements for the past four months to show savings and investments;
2.Job letter and pay stubs;
3.Proof of assets or business;
4.Proof of payment of taxes, tax reports, declarations, or statements;
5.Copy of land/house title;
6.Proof of ownership of major equipment and motor vehicles;
7.Marriage certificate and birth certificates of children;
EXPRESS ENTRY – PERMANENT RESIDENTS
Before applying for permanent residence of Canada, you must ensure that you are able to qualify under one of the existing programmes, such as the Federal Skilled Worker Programme, the Federal Skills Trade Programme, the Canadian Experienced Class Programme or the Provincial Nominee Programme.
Part of the qualifying process is to show that you have enough funds to assist you and your family to come to Canada, settle into a community, and be productive. It could take you some time to find somewhere to live and to find a job, and so you should have the resources to take care of yourself and family until you can find a job. These funds are called ‘settlement funds’. You will not get funding from the government for your basic needs, such as food and accommodation, while you seek a job. Therefore, as an economic or selfsponsored immigrant, you will need to be prepared to cover all the costs associated with starting a new life in Canada.
HOW MUCH MONEY?
The amount of money you need to show as a part of the application process is based on the number of persons in your family, and this changes on an annual basis. For 2022, if you are the only person applying, you will need to show that you have a minimum of approximately CDN$13,400; family of two – CDN$16,600; family of three – CDN$20,400; family of four – CDN$24,800; family of five – CDN$28,100; family of six – CDN $32,000.
When applying, you should strive to exceed the minimum. I recommend that you have approximately $5,000 more than is required. This will provide you with a buffer if the amount increases and to ensure that you have enough funds to also cover other fees and costs associated with your application, such as application fees, medical and police report.
When applying for permanent residence of Canada, you must provide proof of ‘liquid’ funds with your application. You cannot use proof of assets such as house, pension funds, or motor car. You must provide an official letter from your bankers or investment brokers showing that you own stocks, bonds, debentures, Treasury bills or other investments. The letter must be issued by your financial institution, detailing your financial profile. The letter must also list all your chequeing, savings and investment accounts, the account numbers, dates each account was opened, and the balance of each account over the past six months. It should also list all outstanding debts, such as credit cards and loans. Additionally, the letter must be printed on the letterhead of the financial institution and include the contact information of the financial institution.
If you would like assistance with your application or to get more information, I recommend that you schedule a Zoom consultation with me by signing up at www. deidrepowell.com .