Dreaming of a new life in the land of maple leaves and breathtaking landscapes is a common aspiration for many individuals seeking to immigrate to Canada. However, one of the most pressing questions on the minds of prospective immigrants is: How much money do you really need to turn this dream into a reality? Discover essential Tips For Canadian Immigration as we delve into the financial considerations and shed light on the essential aspects of settlement funds for those aspiring to call Canada home.
In this article, we’ll delve into the financial considerations and shed light on the essential aspects of settlement funds for those aspiring to call Canada home. Moving to a foreign land involves a complex and extended procedure, accompanied by substantial expenses. However, the result is invaluable—a fresh start brimming with improved prospects and a hopeful future for both you and your family. In terms of immigration expenses, Canada, often referred to as the Great Place, remains relatively economical compared to other sought-after immigration destinations like Australia, the UK, and the USA. Discover valuable Tips For Canadian Immigration in this blog article, offering a detailed analysis of the immigration fees in the country and providing you with a comprehensive understanding of the financial requirements for immigration to Canada with your spouse or family.
Tips For Canadian Immigration: Unveiling the True Cost of Immigrating to Canada
If you’re contemplating a move overseas, it’s prudent to start putting money aside. In the absence of a prearranged job in Canada, it’s essential to have sufficient savings to cover the initial three months, allowing you to acclimate to your new environment. Upon your arrival in Canada, you’ll be responsible for covering fundamental expenses like groceries, rent, transportation, and utilities. And, of course, once you develop a taste for Poutine or a Tim Hortons brew, it’s wise to factor those indulgences into your budget, eh? To ensure financial stability until your first paycheck, the Canadian government mandates that all permanent resident applicants maintain a designated amount of savings.
The Express Entry system, established by Immigration, Refugee, and Citizenship Canada (IRCC), stands as the favored immigration route for skilled foreign workers and their immediate family members. The IRCC revises settlement fund requirements annually. For an individual applicant without a spouse or common-law partner and without any dependent children, the minimum savings to qualify for permanent residency is $13,757. For a couple immigrating to Canada, the collective settlement funds must amount to $17,127. It’s important to note that an additional $3,706 in savings is required for each dependent family member, irrespective of whether they relocate to Canada with you.
This table shows the minimum amount you need to immigrate to Canada as of April 25, 2023. If you have more money, you should list the full amount in your profile or application.
Financial Planning Tips For Canadian Immigration And A Successful Landing
Fee Type | Individual | Couple | Couple with one child | Couple with two children |
Language tests (estimated) | 350 | 700 | 600 | 600 |
Educational credential test | 200 | 400 | 400 | 400 |
Biometrics (all family members applying at same time and place) | 85 | 170 | 170 | 170 |
Medical exams (estimated) | 150 | 300 | 450 | 600 |
Application processing fee | 850 | 1,700 | 1,930 | 2,160 |
Right of permanent residence fee | 515 | 1,030 | 1,030 | 1,030 |
Other possible fees, including police certificate, courier and notary (estimated) | 300 | 600 | 700 | 800 |
TOTAL | 2450 | 4900 | 5280 | 5760 |
Express Entry Processing Fees
There is no cost to creating an Express Entry profile. It’s only when you receive an Invitation to Apply (ITA) and submit a complete application that you’ll need to pay certain fees:
Your application processing fees – $1,365
Include your spouse or partner – $1,365
Include a child – 230 per child
Processing Fees and Settlement Funds for PNP Candidates
Provincial Nomination Programs (PNPs) serve as immigration channels created and overseen by the 10 provincial and territorial governments actively participating in the program. Individuals submit applications to a PNP with the goal of securing a nomination, which substantially enhances their prospects of immigrating to Canada.
Fees associated with provincial applications or processing vary and are established by each province and territory. These fees are in addition to the federal immigration charges that successful provincial nominees must pay when applying for permanent residence. The breakdown is as follows:
Your application processing fees – $1,365
Include your spouse or partner – $1,365
Include a dependent child – $230
Those applying through the PNP, are required to pay additional application fees based on the province they are applying to. Here is an overview of the provincial fees:
Last updated on May 4, 2023
PNP Fee (CAD)
Alberta Immigrant Nominee Program (AINP) 500
British Columbia Provincial Nominee Program (BC PNP) 1,150
Manitoba Provincial Nominee Program (MPNP) 500
New Brunswick Provincial Nominee Program (NBPNP) 250
Newfoundland and Labrador Provincial Nominee Program (NLPNP) 250
Nova Scotia Nominee Program (NSNP) 0
Ontario Immigrant Nominee Program (OINP) 1,500 or 2,000
Prince Edward Island Provincial Nominee Program (PEIPNP) 300
Saskatchewan Immigrant Nominee Program (SINP) 350
Financial Planning Tips For Canadian Immigration And A Successful Landing
Notes
Quebec has an independent immigration program for skilled workers.
The territories – Nunavut, Northwest Territories, and Yukon have provincial nominee programs driven by business or employer job offer streams.
At the outset, meeting the settlement funds stipulated by the Provincial Nomination Program (PNP) is essential to qualify for a nomination. The required settlement funds can differ among provinces, contingent on the specific cost of living in each region. However, once you secure a nomination, you are then obligated to fulfill the settlement funds outlined by the Immigration, Refugees and Citizenship Canada (IRCC), as detailed above, which exhibit only minor distinctions from the PNPs.
Right of Permanent Residence Fee (RPRF)
The fee for your right of permanent resident amounts to $515 for each adult applicant. Paying this fee concurrently with your application fees can expedite processing and minimize delays. In the event that your application is not approved, a refund will be issued. Conversely, upon successful application and fee payment, you attain official status as a Canadian permanent resident.
Note: The RPRF (right of permanent resident) won’t apply to:
- Your dependent children
- Sponsorship applications for children who have been adopted
- Sponsorship applications for siblings, nieces, nephews or grandchildren who have been orphaned
- Individuals who are under protection, including convention refugees
In contrast to the Express Entry or PNP processes, determining the overall expenses of applying for a student permit involves a bit more intricacy due to varying application fees imposed by different universities and colleges. It is imperative to secure admission into a Canadian Designated Learning Institution to qualify for a study permit.
Here’s a general overview of the anticipated costs:
Fee Type Cost per individual ($ CAD)
Temporary Visas and Immigration Documents Costs
If you wish to experience life in Canada before making a permanent move, consider applying for a temporary visa, such as a visitor visa or a work permit. A noteworthy advantage is that possessing Canadian work experience and/or qualifications significantly enhances your prospects of a successful immigration process.
For those prepared to fully commit to life in this remarkable country, gathering essential documents for the immigration application is necessary. This includes items such as language test results and a medical examination. It’s important to allocate budgetary considerations for the associated fees, and you can find details on the various costs below.
Financial Planning Tips For Canadian Immigration
These are processing fees charged by the university.
This fee is non-refundable irrespective of whether or not you get accepted.
Note that some colleges don’t charge an application fee.
Ranges between 100 to 500
Individual: 85
2 or more people applying at the same time and place: 170
Average cost: $300
Fee varies by country. Average cost: $100
Average (assumed) cost: $250
Varies by programs/courses and the college or university you enroll at.
Average annual tuition 2023/2024:
Undergraduate program: $7,000 – $31,500
Post-graduate program: $16,000 – $35,000
MBA program: $19,350 – $42,000
$600 to $1,000
In 2024, a single applicant must show that they have $20,635, or 75% of LICO, in addition to their first year of tuition and travel expenses.
More details available on the government of Canada website.
Financial Planning Tips For Canadian Immigration And A Successful Landing
Temporary Visas and Immigration Documents Costs | |
Visa Type or Immigration Documents | Costs in CAD |
Study Permit | $150 |
Permanent Resident Federal Fee | $1,365 |
Work Permit | $155 |
Visitor Visa | $100 |
Visitor Visa (Family) | $500 |
Working Holiday Visa | $153 |
IELTS (English) Language Test | $335 |
TEF (French) Language Test | $440 |
Medical Examination | $250 – $500 |
Police Clearance | $25 on average |
Education Verification | $200 plus delivery costs. |
FAQS
- What is the basis for updates to settlement funds?
Settlement fund updates are typically determined by the IRCC and generally involve an increase of 12.5% in relation to the low-income cut-off totals.
- Is it necessary for me to bring the complete sum of settlement funds?
No, it’s not mandatory to bring the full amount upon entering Canada. However, you should have a recent bank statement as evidence of funds in case immigration officers request it.
- What Kinds of Funds Are Recognized?
Recognized funds may include:
- Cash
- Stock
- Debentures
- Cheques
- Banker’s drafts
- Money orders
- Bonds
- Traveler’s cheques
In the grand tapestry of planning a move to Canada, it’s essential to recognize that professional guidance can make the journey smoother and more manageable. As you navigate the intricate pathways of Canadian immigration, our team at Adventure Immigration, a trusted and reputable Canadian company led by Registered Canadian Immigration Consultants (RCIC), stands ready to assist you. Our commitment extends beyond the complexities of paperwork; it encompasses the realization of your Canadian dream.
Moving to a new country is a transformative venture, and with Adventure Immigration by your side, you gain a partner dedicated to your immigration success. Whether you’re exploring settlement funds, provincial nomination programs, student permits, or any other immigration avenue, our expertise is your assurance of a well-guided and informed process.
As you take the leap towards a life in Canada, consider us your ally in every step of the way. From comprehensive consultations to personalized strategies, Adventure Immigration is here to ensure that your transition to Canada is not just a relocation but a fulfilling adventure.
Welcome to the next chapter of your life, and let us be the bridge that connects you to the possibilities that await in Canada!