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Standard Expenditure for Immigrating To Canada and Proof of Funds

Standard Expenditure for Immigrating To Canada and Proof of Funds

Canada Immigration proof of funds highlights that there should be documentary evidence available which will validate that you will be able to take care of your needs and your family’s after immigration as you financially competent.

Key Highlights: Canada Immigration Proof of Funds

  • Express Entry Processing Fee – Primary Candidate – CAD 14,690
  • Provincial Nomination Processing Fee – Primary Candidate – CAD 13,310
  • Quebec Region Processing Fee – Primary Candidate – CAD 950
  • Additional Expenditure –
    • Medical
    • Language Test
    • Educational Credential Assessment (ECA)
    • Travelling Expenditure
    • Police Verification
    • Minimum funds required – CAD 27,297 (for a family of four members)

Standard Expenditure for Immigrating To Canada and Proof of Funds

One of the initial steps for immigration to another country is financial security. If you are planning to immigrate to Canada, then make sure you have enough funds available to help you relocate without any hassles. Further, apart from the ability to be able to pay adequate fees, the candidate should also be able to provide the evidence of being financially sound and capable of immigration. No country would want immigrants who would later become a burden on their economy. Hence, you need to assure them of your capabilities, skills and financial astuteness. Having competence can act as evidence that you will be able to settle well in Canada after relocation and it is as important as proof of funds for Canada PR.

The funds should be available with the candidate when he / she applies for the Permanent Residency (PR) status. Through this article, let us look at some of the basic Canada immigration fee structure and also the necessary requirements for proof of funds for Canada PR.

For immigration, the total cost of expenses will include a lot of factors like Canada immigration processing fees, Educational Credential Assessment (ECA), documentation, medical expenses, Language proficiency test results, and traveling expenses. The expenditure to a major extent will also depend on the number of people immigrating and also the type of program through which one will apply for the Permanent Residency status in Canada for the year 2024.

Canada Immigration Proof Of Funds

For immigration to Canada, one of the pre-requisite document which cannot be ignored is the proof of Funds. To document will be submitted in your file and you will have to prove that you have money in your bank for this your bank statements of the past six months will be analysed. The detailed information is provided in the below sections of the article.

Processing fee for Permanent Residency Status of Canada when Immigrating through Express Entry Program

The cost of immigrating to Canada through Express Entry amounts to $2,300 CAD for a single applicant and around $4,500 CAD for two persons.

Processing fees

  • Primary Candidate - $2,300 CAD
  • Secondary Candidate (spouse / Common-law partner) under Family Sponsorship Programme - $1,525 CAD
  • Children (IRCC considers Children under 22 years of Age to be dependents) - $260 CAD per child under Family Sponsorship Programme

For the province of Quebec, the fee structure for Regular Skilled Worker Program is mentioned below -

  • Primary Candidate - $844 CAD
  • Secondary Candidate (spouse / Common-law partner) - $181 CAD
  • Children (IRCC considers Children under 22 years of Age to be dependents) - $181 CAD per child

Apart from the above-mentioned processing fees for Canada immigration, there is also another fee called Right of Permanent Residency Fee which needs to be paid by the candidate soon after landing in Canada and charge of this fee is $575 CAD per person.

The above-mentioned amount is just the fees apart from this there are other expenditures also which are required during the processing of the visa application. The comprehensive expected total is provided below with the help of a table.

Funds required as per Express Entry Program

Number of People Immigrating Funds required (Amount in Canadian Dollars)
1 $ 14,690
2 $ 18,288
3 $ 22,483
4 $ 27,297
5 $ 30,690
6 $ 34,917
7 $ 38,875
Each additional family member $ 3,985

Processing fee for Permanent Residency Status of Canada when immigrating through Provincial Nominee Program (PNP)

This will include the mandatory fee that needs to be paid to the Canadian authorities for immigration to Canada and the amount provided below is just a general outline of the expenditure.

Processing fees

The overall cost of Provincial Nominee Program (PNP) immigration amounts from $2,300 to $3,800 CAD, depending on the program selected by eligible candidates. It is important to note that some Canadian provinces do not charge processing fees, whereas other provinces like Ontario levies processing fees that amounts to $1,500 CAD. For Candidates immigrating through Saskatchewan, the payable amount is $350 CAD. Similarly, other provinces also have a chargeable amount like $500 CAD for candidates immigrating to Manitoba through Skilled Workers Stream.

An applicant has to pay for these heads under PNP -

  1. Language tests: Average cost - $300 CAD
  2. Educational Credential Assessment (ECA) (if applicable): Average cost - $200 CAD
  3. Biometrics: $85 CAD per person
  4. Government fees: $1,325 CAD per adult and $225 CAD per child
  5. Medical examination fees: average cost – $450 CAD per adult and $250 CAD per child
  6. Police clearance certificates: $100 CAD (depending on the country of residence)
  7. Provincial Nominee Program processing fees: Around $1500 CAD

Total cost: From $2,300 CAD to $3,800 CAD

Mandatory miscellaneous expenditures related to immigration to Canada

👉 Language proficiency test – IELTS, CLB or CELPIP

The candidate should be adept in one of the official languages of Canada – French or English. The candidate needs to appear in the language proficiency test of either of the two languages. Remember, for this, the scheduled test should be approved by the IRCC, and one should pay the cost of the test. If one appears in an IELTS exam, then the average price of undertaking the test is Rs. 17,000. The fee for the CELPIP – General LS test is Rs. 12,500 + taxes.

👉 Educational Credential Assessment (ECA)

Educational Credential Assessment is an essential aspect of immigration to Canada in which the academic capabilities of the candidate are judged in line with the merits of the Canadian education system. It should be done from an authorized body like WES/ICAS/IQAS/ICES, and the cost of undertaking this procedure is $200 CAD + delivery charges.

👉 Medical Checkup

Canada government wants to ensure that you are not carrying any contagious or epidemic disease it is good to have a medical exam before immigration. Further, a proper medical exam will also help you avail the benefits of health insurance upon immigration to Canada. The cost of a basic test which will include chest X rays, a Blood test for HIV and Syphilis, physical examination and Urine test will vary from Rs 8,600 to 9,800 depending on age and health condition of the applicant.

👉 Travelling Expenditure – Air Tickets etc.

Transportation, initial accommodation and a wide range of travel experiences will require expenditure from the applicant. Hence ensure that you have calculated the number of plane tickets for yourself and your family members in the calculation of the expenditure. The flying cost will depend on your choice of airline and will vary accordingly.

👉 Passport Cost

Your identity will be validated through your passport by the Canadian authorities for this a situational amount needs to be paid which comes around $120 CAD.

👉 Police verification Cost

Sometimes unexpected expenditures can be levied which will totally depend on your case. In certain cases, there is a police verification cost that needs to be tackled by the candidate. Verification for all the candidate immigrating is mandatory which will include spouse and children as well.

How much money am I allowed to bring to Canada?

When you are immigrating to another country, there are a lot of technical frameworks that you need to keep in mind, and one such important criteria is that of the amount of money that is safe to be carried. Money can be brought in Canada through different ways through bank accounts, securities (bonds, debentures, stocks), etc. but whenever the amount is equal or more than $10,000 CAD for a family size of three members, then the Canadian authorities should be intimated immediately. A form with the Cross Border Currency or Monetary Instruments Reports – Individual (E677) needs to be filled out so that the amount becomes declared and valid to enter the threshold of Canada.

What are the documents that are required as proof of funds for immigration?

Upon landing in Canada, the Principal candidate should be able to prove to the immigration officer that he / she has funds at his disposal and will be able to access those funds as soon as he / she lands in Canada. Without the evidence of Canada PR proof of funds the immigration is impossible. For the settlement funds requirement, in case of the married couples, the amount in the joint account can be considered valid and can be used.

The funds that are not considered are –

  • Borrowed funds
  • Real Estate equity
  • Property evaluation
  • Jewelry evaluation
  • Cryptocurrencies
  • Public Provident fund (PPF)

However, the acceptable proof of funds for Canada immigration will include:

  • Bank Statements of the past six months to declare your solvency
  • Fixed deposits and Mutual Investments
  • An official letter from bank officials to declare your solvency: These letters must be printed on the letterhead of the financial institution and should have their contact details. Further, they should carry a detail of your Claim against assets – in terms of property, machines, etc. Also, an account of the outstanding debts and liabilities in terms of credit cards and loans.
  • Your spouse joint account, but you need to prove that you have access to that account.
  • Cheques, bank drafts, Money order and Traveler's cheques payable to you
  • The amount in Cash (remember to declare this amount with the authorities)

In case someone is applying under the Canadian Experience Class (CEC) for Canada immigration then no proof of funds is required under proof of funds Canada Express Entry. Rest, for the other applicants, this is a mandatory category. In your bank account as a candidate, you will need 3 to 6 months’ proof of funds to help the Canadian authorities ensure that soon upon immigration to Canada you will have enough means to sustain yourself and also your family.

What is the fee and cost structure when you are looking to invest in Canada?

As soon as you land in Canada, it is good to start thinking of investment plans for a safe and secure future. Sometimes even if you invest your savings wisely, you can have smooth sailing in the initial months of immigration to a new land.

Remember there is a risk involved when you are looking for investing in another country, but with right mentorship and knowledge, you will be able to find your ground soon in a new country. Some common types of investments that you can undertake in Canada are –

  • Annuity
  • Bond
  • Canada Savings bond(CSB)
  • Exchange Traded Fund (ETF)
  • Guaranteed Investment Certificate (GIC)
  • Mutual Fund
  • Security
  • Segregated Fund
  • Stock
  • Treasury Bill (T-bill)

Also, it is imperative for the candidates to understand that they need to pay taxes on the money that he/she will make from these investments. Apart from this the basic fee of investment will include:

  • Fee for the purchase of investment
  • Fee for selling an investment
  • The managerial charge for investments
  • The charge of the financial advisor
  • The administration fee

What are the factors that should be considered while analyzing the cost of immigration?

Funds required for Canada PR should be inclusive of settlement fee, processing fee etc. all the factors should be adequately considered before a decision is made. Canada Immigration fee is far beyond the application and processing charges and all the hidden expenses are also part of the calculation process.

  • While undertaking the calculations for mmigration, the candidate should consider the currency exchange rate fluctuations and should ensure extra savings to accommodate the increase in rate.
  • It is better to ensure and save money six months before the submission of the visa application.
  • Plans should be made well in advance how you finances will not be disturbed by Canada immigration fee.
  • After visa submission, try to maintain your bank balance and ensure that it doesn’t drop than a standard amount.
  • In case of problems arising with the proof of funds, the candidate can secure a job letter from a Canadian employer and assure the authorities of the secure future in Canada.

Immigration to another country can be a complicated process, but when undertaken under the guidance of mentors who are completely adept in the process you can save yourself from unnecessary hassles. To speak to our experts, call us at +91-9811648116.

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