How Much Money Is Needed to Immigrate to Canada?
One of the most common questions from aspiring immigrants is:
“How much money do I need to move to Canada?”
The answer depends on several factors:
- The immigration program you’re applying under
- Your family size
- Whether or not you have a valid job offer
- Proof of funds requirements set by IRCC (Immigration, Refugees and Citizenship Canada)
Why Proof of Funds Matters
Canada wants to ensure that newcomers can support themselves (and their families) during the initial settlement period. For this reason, most Express Entry applicants must show that they have enough liquid, accessible savings, officially known as Proof of Funds (PoF).
Minimum Funds Required in 2025
Here’s the official proof of funds requirement as of 2025 (updated annually to match inflation):
| Family Size | Minimum Funds Required (CAD) |
|---|---|
| 1 (single applicant) | $13,757 |
| 2 | $17,127 |
| 3 | $21,055 |
| 4 | $25,564 |
| 5 | $28,994 |
| 6 | $32,700 |
| 7 | $36,407 |
| Each additional person | +$3,706 |
✅ Important: You must maintain this amount in your account for at least 3–6 months before applying.
Who Needs to Show Proof of Funds?
- ✔ Required for:
- Federal Skilled Worker (FSW)
- Federal Skilled Trades (FST)
- ❌ Not required for:
- Canadian Experience Class (CEC)
- Applicants with a valid job offer + work permit
What Counts as Acceptable Proof of Funds?
IRCC requires readily available, liquid assets. These must be easily transferable and accessible:
✅ Acceptable:
- Bank account balances (savings or current accounts)
- Fixed deposits (must be redeemable without notice)
- Mutual funds or liquid investment portfolios
- Provident funds (if access is clearly documented)
❌ Not Acceptable:
- Real estate value
- Gold, jewelry, or luxury assets
- Vehicle value
- Personal loans or credit cards
What Should the Bank Letter Include?
When submitting your Proof of Funds, your bank letter must:
- Be printed on official bank letterhead
- Include:
- Your full name
- Contact info for the bank
- List of all account numbers and types
- Account opening dates
- Current balance
- Average balance over the last 6 months
⚠️ Avoid any sudden large deposits—they can trigger red flags unless supported by payslips or invoices.
Extra Costs Beyond Proof of Funds
Besides PoF, applicants should also budget for immigration-related expenses:
| Expense | Estimated Cost (CAD) |
|---|---|
| IELTS Exam | $300 |
| Educational Credential Assessment | $200–$300 |
| Medical Exam | $150–$250 |
| Police Clearance Certificate | $50–$100 |
| PR Application Fee (Main) | $1,365 |
| Spouse PR Fee | $1,365 |
| Child PR Fee | $230 |
| Flight & Travel Costs | $800–$1,500 |
🧾 Total for a family of 3: Between $25,000–$30,000 CAD
Tips to Prepare Financially
- 💼 Start saving at least 6–12 months before applying
- 🏦 Keep funds in liquid form (e.g. savings account, FDs)
- 🧾 Document salary deposits, business invoices, or other income sources
- 📋 Consult an immigration expert to review your PoF documentation
Conclusion
Proof of funds is one of the most critical steps in your PR application. Planning early and maintaining proper documentation can help you avoid rejection and ensure a smooth application process.
Need Help With Your Financial Documents?
👉 Contact Visa Master Canada for a free consultation and document review by immigration professionals.
