This entry is about the minimum financial requirements for the first months of residence in Canada set for 2023.
Most new permanent residents in the economic immigration categories (skilled workers or business people) must arrive in Canada with certain funds to cover their installation costs. Some exceptions are for people who qualify under the federal Canadian Experience category or under the federal skilled worker category with a validated job offer.
As an example of expenses in the first period of arrival, even if permanent residents benefit from health insurance from the government, in some provinces this benefit only starts after a few months of residence. In addition, a new resident usually needs at least a few weeks to find a job, accommodation, furniture and everything necessary for the new life. Since there are no sources of income at the beginning, the government wants to make sure that the immigration candidates have enough money to support themselves. The sufficient amount varies depending on the number of family members immigrating, the province where they will reside, and the immigration program under which permanent residence was obtained. Each year these amounts vary with inflation and the consumer price index.
If you don’t have an idea of what your costs will be, contact us at firstname.lastname@example.org. Our team of specialists will provide you with a complete and personalized plan for your first year in Canada! Once you arrive in the country, you will have to pay for basic needs such as food, rent, transportation, and utilities.
To ensure basic survival in the first few months, the Canadian government requires that all permanent resident applicants have an adequate amount of savings, as indicated, for example:
Number of family members:
1 – CAD$12,960
2 – CAD$16,135
3 – CAD$19,836
4 – $24,083 CAD
5 – CAD$27,315
6 – CAD$30,806
7 – CAD$34,299
Adding CAD $3,492 additional family members.
Express Entry processing fees
There is no cost to create an Express Entry profile. Only when you receive an Invitation to Apply (ITA) and submit a completed application will you pay a processing fee of CAD $825 per adult. If you have children, you will need to pay CAD $225 for each of your dependent family members who accompany you to Canada.
In addition, the Canadian government will charge CAD $500 to each member of the applying couple for the right of permanent residence. Children do not pay this fee.
This amount does not apply to candidates who are working in Canada with a valid permit.
Processing Fees and Settlement Funds for PNP Candidates
Provincial Nominee Programs (PNPs) are immigration pathways designed and administered by the 11 participating provincial and territorial governments. Candidates apply to a PNP hoping to win a nomination that will significantly increase their chances of immigrating to Canada.
Provincial application or processing fees are determined by each province and territory and are added to federal immigration fees, paid by the successful provincial candidates to apply for permanent residence.
PNP costs are fixed for the whole family:
• Alberta (AINP): 500 CAD
• British Columbia (BC PNP): $1,150 Canadian
• Manitoba (MPNP): CAD 500
• New Brunswick (MBPNP): 250 Canadian dollars
• Newfoundland and Labrador (NLPNP): $250 Canadian
• Nova Scotia (NSNP): 0 CAD
• Ontario (OINP) – CAD $1,500 or CAD $2,000 • Prince Edward Island (PEIPNP): CAD 300 • Saskatchewan (SINP): CAD 350
How to prove income?
There are several ways to prove income to live in Canada. You can present:
> Proof of funds from a Canadian bank account in your name;
> Guaranteed Investment Certificate (GIC) from a Canadian financial institution;
> Proof of a bank student loan;
> Financial statements issued by your bank during the last four months;
> Bank statement that can be converted to Canadian dollars.
> Proof of tuition and lodging payment;
> Sponsorship letter;