How Much Money do You Need to Immigrate to Canada?

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The amount of funds you need to immigrate to Canada varies greatly. Some immigration programs require nothing more than the processing fees for your application. Others require significant investment in Canada. We will break it down by category below.

Economic Immigration: Most economic immigration categories require proof that you can support yourself financially during your resettlement in Canada. Some do not. The economic immigration categories that do not require proof of compensation funds usually require the applicant to have Canadian work experience or a Canadian job offer. The reason for this is that these candidates do not need funds for resettlement in Canada, as they have already integrated into the Canadian workforce.

Business immigration: All forms of business immigration require significant investment in Canada. It may require that the applicant has invested in a Canadian company or require an applicant to make an interest-free loan to the federal or provincial government.

Family sponsorship: In most cases, you do not provide financial information to sponsor a spouse or dependent child. If you sponsor other family members such as a parent or grandparent, there is a financial requirement that must be met in order to be eligible to apply.

Humanitarian support and refugee sponsorship: If you apply under humanitarian and compassionate applications, there are no financial requirements. Financial information under this category of immigration is only required if the refugee is a privately sponsored applicant. In this case, the Canadian group supporting the refugee must demonstrate that they have raised sufficient funds to support the resettlement of the refugee candidate.

 

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