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Written By
rdsouza
Jun 12, 2024
•Financial First Steps
by | Oct 10, 2024
[/et_pb_text][et_pb_image src=”https://www.prepareforcanada.com/wp-content/uploads/Canadian_money_proof_of_funds.jpg” alt=”Canadian money showing proof of funds” title_text=”Canadian_money_proof_of_funds” force_fullwidth=”on” _builder_version=”4.26.1″ _module_preset=”default” max_height=”442px” border_radii=”on|10px|10px|10px|10px” global_colors_info=”{}” theme_builder_area=”post_content”][/et_pb_image][et_pb_text _builder_version=”4.26.1″ _module_preset=”default” text_font=”Heebo||||||||” text_text_color=”#7c7c7c” text_font_size=”18px” text_line_height=”27px” global_colors_info=”{}” theme_builder_area=”post_content”]How much money will I need to move to Canada? The answer depends on the size of your family. Applying to become a permanent resident (PR) in Canada can be a long process, including showing proof of funds to the Canadian visa office in your home country. Proof of funds shows that you have the minimum amount of settlement funds to move to Canada and support your family when you arrive. It’s also helpful to research the cost of living in the city where you plan to settle to understand living costs. Discover how you can meet proof of funds requirements for Express Entry, minimum amounts, and documents (i.e. proof of funds letter) you’ll need.
Researching the cost of living in the city where you plan to settle is also helpful in understanding the average costs of renting or buying housing, transportation, food, childcare, etc. This will help you budget for expenses after your arrival.
[/et_pb_text][et_pb_image src=”https://www.prepareforcanada.com/wp-content/uploads/How-Much-Money-Will-I-need-to-Move-to-Canada-Image-2.png” title_text=”How-Much-Money-Will-I-need-to-Move-to-Canada-Image-2″ force_fullwidth=”on” _builder_version=”4.26.1″ _module_preset=”default” max_height=”442px” custom_margin=”50px||||false|false” border_radii=”on|10px|10px|10px|10px” global_colors_info=”{}” theme_builder_area=”post_content”][/et_pb_image][et_pb_heading title=”Steps to show proof of funds in express entry” _builder_version=”4.26.1″ _module_preset=”default” title_level=”h3″ title_font=”Poppins|700|||||||” title_text_color=”#b8322f” title_font_size=”36px” title_line_height=”43.2px” custom_margin=”||-6px|||” custom_padding=”||10px||false|false” global_colors_info=”{}” theme_builder_area=”post_content”][/et_pb_heading][et_pb_heading title=”One: Determine the minimum amount you acquire to show proof of funds for PR in Canada” _builder_version=”4.26.1″ _module_preset=”default” title_level=”h4″ title_font=”Poppins|700|||||||” title_text_color=”#282c2f” title_font_size=”24px” title_line_height=”28.8px” custom_margin=”||-6px|||” custom_padding=”||10px||false|false” global_colors_info=”{}” theme_builder_area=”post_content”][/et_pb_heading][et_pb_text _builder_version=”4.26.1″ _module_preset=”default” text_font=”Heebo||||||||” text_text_color=”#7c7c7c” text_font_size=”18px” text_line_height=”27px” global_colors_info=”{}” theme_builder_area=”post_content”]You must show that you have enough money to settle in Canada and to cover living expenses such as housing, food, transit, and other costs. Living in Canada can be expensive depending on which city you settle in. For example, Vancouver is Canada’s most expensive city and Toronto is the fifth most expensive. When calculating how much money you will need to move to Canada, remember to include Canada Permanent Resident Immigration Fees. To reduce financial pressure, ideally, you should have enough money to cover expenses until you land a job in Canada.
[/et_pb_text][et_pb_heading title=”Two: Assess your financial situation” _builder_version=”4.26.1″ _module_preset=”default” title_level=”h4″ title_font=”Poppins|700|||||||” title_text_color=”#282c2f” title_font_size=”24px” title_line_height=”28.8px” custom_margin=”||-6px|||” custom_padding=”||10px||false|false” global_colors_info=”{}” theme_builder_area=”post_content”][/et_pb_heading][et_pb_text _builder_version=”4.26.1″ _module_preset=”default” text_font=”Heebo||||||||” text_text_color=”#7c7c7c” text_font_size=”18px” text_line_height=”27px” global_colors_info=”{}” theme_builder_area=”post_content”]Once you know the minimum settlement funds required, assess your financial situation. Consider how much money you have in savings, investments, cash, etc. You may discover that you need to improve your financial situation to show that you meet the minimum requirements. Or, you may find that you have a suitable amount of settlement funds for your new start in Canada!
[/et_pb_text][et_pb_heading title=”Three: Contact your financial institution to obtain a proof of funds letter and other documents” _builder_version=”4.26.1″ _module_preset=”default” title_level=”h4″ title_font=”Poppins|700|||||||” title_text_color=”#282c2f” title_font_size=”24px” title_line_height=”28.8px” custom_margin=”||-6px|||” custom_padding=”||10px||false|false” global_colors_info=”{}” theme_builder_area=”post_content”][/et_pb_heading][et_pb_text _builder_version=”4.26.1″ _module_preset=”default” text_font=”Heebo||||||||” text_text_color=”#7c7c7c” text_font_size=”18px” text_line_height=”27px” global_colors_info=”{}” theme_builder_area=”post_content”]If you are invited to apply for permanent residence, you must show you have the minimum funds available. These funds must be money that you can readily access. Your bank will provide a proof of funds letter that is written on the bank’s letterhead and includes the following:
Before you move to Canada, you need to show that you have the minimum amount of settlement funds set by IRCC. Known as proof of funds, this shows the Canadian government that you have enough money to settle in Canada and cover living expenses. If you have more than the minimum amount, list the amount in your Express Entry profile.
Immigration, Refugees and Citizenship Canada (IRCC) updates how much you require each year based on family size. These figures are current as of May 2024.
| Number of Family Members | Funds Required (Canadian Dollars) |
|---|---|
| 1 | $14,690 |
| 2 | $18,288 |
| 3 | $22,483 |
| 4 | $27,297 |
| 5 | $30,690 |
| 6 | $34,917 |
| 7 | $38,875 |
| For each additional family member, add | $3,958 |
You must show proof of funds if you are applying using the:
However, you do NOT have to show proof of funds if you:
Building a strong financial foundation is vital to your success. Join this webinar to start your banking journey in Canada on the right foot!
[/et_pb_text][et_pb_button button_url=”https://www.prepareforcanada.com/finance-webinar/” button_text=”Sign up for a FREE webinar” _builder_version=”4.27.0″ _module_preset=”default” custom_button=”on” button_text_size=”16px” button_text_color=”#FFFFFF” button_bg_color=”#be352f” button_border_width=”0px” button_border_color=”RGBA(255,255,255,0)” button_border_radius=”6px” button_font=”Heebo|800|||||||” button_icon=”5||divi||400″ button_icon_color=”#FFFFFF” global_colors_info=”{}” theme_builder_area=”post_content”][/et_pb_button][/et_pb_column][et_pb_column type=”1_2″ specialty_columns=”2″ _builder_version=”4.16″ _module_preset=”default” custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||” theme_builder_area=”post_content”][et_pb_row_inner use_custom_gutter=”on” gutter_width=”1″ _builder_version=”4.20.0″ _module_preset=”default” locked=”off” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_column_inner saved_specialty_column_type=”1_2″ _builder_version=”4.20.0″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_image src=”https://www.prepareforcanada.com/wp-content/uploads/shaking-hands.png” title_text=”shaking-hands” _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][/et_pb_image][/et_pb_column_inner][/et_pb_row_inner][/et_pb_column][/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Our Team” _builder_version=”4.25.1″ _module_preset=”default” background_color=”#FFFFFF” da_disable_devices=”off|off|off” collapsed=”on” global_colors_info=”{}” theme_builder_area=”post_content” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row column_structure=”3_4,1_4″ _builder_version=”4.26.1″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_column type=”3_4″ _builder_version=”4.26.1″ _module_preset=”default” custom_padding=”|20px|||false|false” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_heading title=”Tips to obtain and maintain proof of funds for Canada PR” _builder_version=”4.26.1″ _module_preset=”default” title_level=”h3″ title_font=”Poppins|700|||||||” title_text_color=”#b8322f” title_font_size=”36px” title_line_height=”43.2px” custom_margin=”||-6px|||” custom_padding=”||10px||false|false” global_colors_info=”{}” theme_builder_area=”post_content”][/et_pb_heading][et_pb_text _builder_version=”4.26.1″ _module_preset=”default” text_font=”Heebo||||||||” text_text_color=”#7c7c7c” text_font_size=”18px” text_line_height=”27px” global_colors_info=”{}” theme_builder_area=”post_content”]While you must meet the minimum amount of proof of funds, you can bring as much money as you wish to make it easier to move to Canada and find a home.
When you cross the border and enter Canada, Canadian customs regulations require you to declare if you bring more than C$10,000 into Canada. You may be fined or imprisoned if you do not tell them. To avoid this, declare how much money you are bringing and expect to pay duty (a fee) on the amount greater than $10,000 Canadian. These funds could be in the form of:
Beyond the minimum funds you require, exceeding the minimum is helpful. Additional money will help you to settle in Canada easily and reduce financial pressure. It’s smart to research the cost of living in the city where you plan to settle. The additional amount of funds that you require will vary based on:
Consider any additional financial needs that you and your family may have. Each family will have different financial needs. Also, it’s a good idea to research how much things cost in the city where you plan to live. Here are some guidelines to help you assess how much you may need (costs do not include airfare or moving expenses):
These guidelines will provide you with breathing room to settle in Canada with financial ease. Depending on your budget, this should cover basic living expenses for four to six months while searching for a job.
Canada is a large country with regional, cultural, and economic differences. So, be sure to research and compare the cost of living in cities and factor in inflation in Canada. It may take some time to find a job that matches your skills and experience once you arrive.
Settlement and employment experts suggest it can take up to six months to find employment. In that case, having enough money to cover living expenses for several months can reduce financial stress.
To give you an idea of living costs, here are the average costs for rental housing, utilities, and some basic goods and commodities in Toronto, Vancouver, and Calgary (all prices are in Canadian dollars and are current as of May 2024: Source: Numbeo.
[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row column_structure=”2_5,3_5″ _builder_version=”4.26.1″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_column type=”2_5″ _builder_version=”4.26.1″ _module_preset=”default” vertical_offset=”26px” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_heading title=”Housing and utility costs” _builder_version=”4.26.1″ _module_preset=”default” title_level=”h4″ title_font=”Poppins|700|||||||” title_text_align=”left” title_text_color=”#282c2f” title_font_size=”24px” title_line_height=”28.8px” custom_margin=”||||false|false” custom_padding=”||||false|false” global_colors_info=”{}” theme_builder_area=”post_content”][/et_pb_heading][/et_pb_column][et_pb_column type=”3_5″ _builder_version=”4.25.2″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.25.2″ _module_preset=”default” custom_padding=”1px|||||” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_column type=”4_4″ _builder_version=”4.25.2″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_image src=”https://www.prepareforcanada.com/wp-content/uploads/e16a9ce4e933aca0bb32a5b0cdcfd775.jpg” alt=”Skyline of the City of Calgary along the Bow River and Peace Bridge. Many newcomers choose to settle in Calgary, Alberta” title_text=”https://unsplash.com/photos/JN63Y9blm2Q” force_fullwidth=”on” _builder_version=”4.26.1″ _module_preset=”default” max_height=”442px” custom_margin=”||||false|false” border_radii=”on|10px|10px|10px|10px” global_colors_info=”{}” theme_builder_area=”post_content”][/et_pb_image][et_pb_code _builder_version=”4.25.2″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”]| COSTS PER MONTH | VANCOUVER (RANGE) | TORONTO (RANGE) | CALGARY (RANGE) |
|---|---|---|---|
| 1 Bedroom apartment in the city centre (rent/month) | $2,790.76 ($2,400 – $3,200) | $2,535.11 ($2,200 – $3,000) | $2.036.57 ($1,700.00 – $2,500.00) |
| Buy apartment (price/square metre) | $15,664.14 ($11,840.30 – $21,527.82) | $13,914.01 ($10,763.91 – $18,298.65) | $4,152.73 ($3,336.81 – $5,600.00) |
| Basic utilities (electricity, heating, cooling, water) | $147.45 ($91.54 – $238.00) | $159.67 ($100 – $300) | $296.51 ($200.00 – $425.00) |
| Internet (60 Mbs or more, unlimited data, cable) | $78.79 ($50 – $110) | $72.65 ($55 – $110) | $92.52 ($75.00 – $135.00) |
| COSTS | VANCOUVER | TORONTO | CALGARY |
|---|---|---|---|
| Public transit (monthly pass) | $140.00 | $156.00 | $115.00 |
| Gasoline (1 litre) | $1.97 ($1.70 – $2.15) | $1.62 ($1.40 – $1.80) | $1.45 ($1.24 – $1.62) |
| Taxi (normal tariff) | $3.88 ($2.03 – $2.50) | $5.00 ($4.00 – $8.00) | $1.92 ($1.85 – $5.00) |
| COSTS (Restaurants & Market) | VANCOUVER | TORONTO | CALGARY |
|---|---|---|---|
| Meal, inexpensive restaurant | $25.00 ($18.00 – $40.00) | $25.00 ($18.00 – $45.00) | $28.00 ($15.00 – $50.00) |
| Meal for 2 people mid-range restaurant | $120.00 ($80.00 – $200.00) | $120.00 ($80.00 – $200.00) | $100.00 ($75.00 – $200.00) |
| Domestic Beer (Restaurant) | $8.00 ($6.00 – $11.00) | $8.00 ($5.00 – $11.00) | $7.75 ($5.00 -$10.00) |
| Milk (1 litre) | $3.07 ($1.59 – $5.00) | $4.17 ($1.95 – $6.00) | $2.57 ($1.53 – $4.69) |
| Rice (1 kg) | $5.94 ($2.49 – $10.00) | $4.63 ($2.20 – $10.00) | $5.07 ($3.00 – $11.00) |
| Chicken fillets (1 kg) | $21.19 ($10.00 $30.86) | $16.82 ($8.80 – $25.00) | $17.93 ($10.00- $30.00) |
| Eggs (12) | $5.60 ($3.00 – $8.00) | $4.80 ($3.12 – $7.00) | $5.46 $3.97 -$8.00) |
| Apples (1 kg) | $6.17 ($2.00 – $8.82) | $5.18 ($2.50 – $7.00) | $5.82 ($2.99 – $8.00) |
| COST | VANCOUVER | TORONTO | CALGARY |
|---|---|---|---|
| Preschool (or Kindergarten), Full Day, Private, Monthly for 1 Child | $1,500.00 ($700 – $2,500) | $1,526.92 ($800 – $2,000) | $1,124.57 ($650.00 – $2,000) |
| SALARIES & FINANCING | VANCOUVER | TORONTO | CALGARY |
|---|---|---|---|
| Average Monthly Net Salary (After Tax) | $4,396.75 | $4,752.90 | $4,909.14 |
| Mortgage Interest Rate Yearly for 20 Years Fixed Rate | 6.54% | 6.50% | 6.46% |
For current rental prices in cities across Canada visit Rentals for Newcomers.
Showing proof of funds for PR in Canada is vital to the immigration process. Ensure you know how much money you will need to move to Canada to make your application process easier and reduce financial pressures.
Learn more about financial first steps in Canada by visiting our Banking in Canada resource page. Get essential information to manage your finances in Canada before and after you arrive!
[/et_pb_text][et_pb_button button_url=”https://info.prepareforcanada.com/arrive-in-canada-financially-prepared?hsCtaTracking=00c53fec-f455-46e2-9453-35797ce867a8%7Cec0a448f-9e8a-4531-864f-ab86c85bf022&_gl=1*x20t7b*_gcl_au*MzgzNjY1MDgyLjE3MTA5NjE3NzY.*_ga*MTQwMDg2MjYwOC4xNzEwOTYxNzc2*_ga_RNB99VQ2J4*MTcxNjk5NTMxOC4xOS4xLjE3MTY5OTcyOTMuMjguMC4xMDkyNzIzODc0″ button_text=”Attend a Free Webinar About Arriving in Canada” _builder_version=”4.26.1″ _module_preset=”default” custom_button=”on” button_text_size=”16px” button_text_color=”#666666″ button_bg_color=”#f4f4f4″ button_border_width=”1px” button_border_radius=”6px” button_font=”Heebo|800|||||||” button_icon=”5||divi||400″ button_icon_color=”#FFFFFF” global_colors_info=”{}” theme_builder_area=”post_content”][/et_pb_button][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Section” _builder_version=”4.27.0″ _module_preset=”default” background_color=”#f4f4f4″ width=”100%” da_disable_devices=”off|off|off” collapsed=”off” global_colors_info=”{}” theme_builder_area=”post_content” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_column type=”4_4″ _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_heading title=”Related articles” _builder_version=”4.26.1″ _module_preset=”default” title_level=”h3″ title_font=”Poppins|700|||||||” title_text_color=”#b8322f” title_font_size=”36px” title_line_height=”43.2px” custom_margin=”||-6px|||” custom_padding=”||10px||false|false” global_colors_info=”{}” theme_builder_area=”post_content”][/et_pb_heading][et_pb_text _builder_version=”4.27.0″ _module_preset=”default” text_font=”Heebo||||||||” text_text_color=”#767676″ text_font_size=”18px” global_colors_info=”{}” theme_builder_area=”post_content”]Read more about your financial first steps in Canada.
[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row module_class=”swiper mySwiper” _builder_version=”4.27.0″ _module_preset=”default” width=”90%” max_width=”1440px” module_alignment=”center” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_column type=”4_4″ module_class=”swiper-wrapper” _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_blurb title=” Building Credit History in Canada as a Newcomer” image=”https://www.prepareforcanada.com/wp-content/uploads/Why-Credit-History-is-Important-When-You-Rent-a-Home-1.jpg” module_class=”swiper-slide” _builder_version=”4.27.0″ _module_preset=”default” header_font=”Poppins|700|||||||” header_text_color=”#2a2a2a” header_font_size=”24px” body_font=”Heebo||||||||” body_text_color=”#666666″ body_font_size=”18px” link_option_url=”https://www.prepareforcanada.com/building-credit-history-in-canada-as-a-newcomer” border_radii_image=”on|10px|10px|10px|10px” global_colors_info=”{}” theme_builder_area=”post_content”]
A lesson many newcomers learn when they arrive in Canada is that you need credit to pay for large expenses, buy a car, or purchase a home. However, it’s difficult to borrow without a credit history in Canada.
[/et_pb_blurb][et_pb_blurb title=”Open a Bank Account Before Arriving in Canada” image=”https://www.prepareforcanada.com/wp-content/uploads/Smiling-woman-with-a-blue-ceramic-piggy-money-with-funds-for-her-bank-account-1.png” alt=”Smiling woman with a ceramic piggy bank with funds for her Canadian bank account” module_class=”swiper-slide” _builder_version=”4.27.0″ _module_preset=”default” header_font=”Poppins|700|||||||” header_text_color=”#2a2a2a” header_font_size=”24px” body_font=”Heebo||||||||” body_text_color=”#666666″ body_font_size=”18px” link_option_url=”https://www.prepareforcanada.com/open-a-bank-account-before-arriving-in-canada” border_radii_image=”on|10px|10px|10px|10px” global_colors_info=”{}” theme_builder_area=”post_content”]Opening a bank account before you arrive in Canada offers many benefits including transferring funds before you travel to Canada.
[/et_pb_blurb][et_pb_blurb title=”Inflation in Canada and What it Means for Newcomers” image=”https://www.prepareforcanada.com/wp-content/uploads/Inflation-1.png” alt=”A for rent price sign hangs in front of a rental property. Rental prices are affecting inflation in Canada.” module_class=”swiper-slide” _builder_version=”4.27.0″ _module_preset=”default” header_font=”Poppins|700|||||||” header_text_color=”#2a2a2a” header_font_size=”24px” body_font=”Heebo||||||||” body_text_color=”#666666″ body_font_size=”18px” link_option_url=”https://www.prepareforcanada.com/inflation-in-canada-and-what-it-means-for-newcomers” border_radii_image=”on|10px|10px|10px|10px” global_colors_info=”{}” theme_builder_area=”post_content”]For newcomers and international students arriving in record numbers, it’s helpful to understand how the currect inflation rate in Canada can affect how much you pay for housing, groceries, transportation, and other expenses.
[/et_pb_blurb][et_pb_blurb title=”Insurance in Canada: What Newcomers Need to Know” image=”https://www.prepareforcanada.com/wp-content/uploads/image-20.png” alt=”Insurance in Canada protects your property. Interior of a home with several feet of water.” module_class=”swiper-slide” _builder_version=”4.27.0″ _module_preset=”default” header_font=”Poppins|700|||||||” header_text_color=”#2a2a2a” header_font_size=”24px” body_font=”Heebo||||||||” body_text_color=”#666666″ body_font_size=”18px” link_option_url=”https://www.prepareforcanada.com/insurance-in-canada-what-newcomers-need-to-know” border_radii_image=”on|10px|10px|10px|10px” global_colors_info=”{}” theme_builder_area=”post_content”]Protecting yourself and your family against unexpected danger and risk is what insurance in Canada is all about for newcomers to Canada and international students.
[/et_pb_blurb][et_pb_blurb title=”Do Newcomers Need to File an Income Tax Return?” image=”https://www.prepareforcanada.com/wp-content/uploads/Do-Newcomers-Need-to-File-Income-Tax.png” alt=”Father completing income taxes online with wife and young children in the background.” module_class=”swiper-slide” _builder_version=”4.27.0″ _module_preset=”default” header_font=”Poppins|700|||||||” header_text_color=”#2a2a2a” header_font_size=”24px” body_font=”Heebo||||||||” body_text_color=”#666666″ body_font_size=”18px” link_option_url=”https://www.prepareforcanada.com/do-newcomers-need-to-file-an-income-tax-return” border_radii_image=”on|10px|10px|10px|10px” global_colors_info=”{}” theme_builder_area=”post_content”]If you became a permanent resident and lived in Canada, even for a short period, filing your first income tax return with the Canada Revenue Agency (CRA) can provide financial benefits.
[/et_pb_blurb][/et_pb_column][/et_pb_row][/et_pb_section]WRITTEN BY
rdsouza
© Prepare for Canada 2025
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