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Canada Express Entry Draw announced on 1st May 2019 with the CRS cut off of 450 points Master Graduate Stream reopened by Ontario , Saskatchewan has invited 202 applicants in seven occupations, The Parent and Grandparent program has completed issuing invitations.

Standard Expenditure for Immigrating To Canada and Proof of Funds

Standard Expenditure for Immigrating To Canada and Proof of Funds

Page Highlights

  • Express Entry Processing fee – Primary candidate – CAD 550
  • Provincial Nomination Processing fee – Primary Candidate – CAD 550
  • Quebec Region Processing fee – Primary candidate – CAD 785
  • Additional Expenditure –
  • Medical 
  • language Test
  • Educational Credential Assessment (ECA)
  • Travelling expenditure
  • Police Verification
  • Minimum funds required – CAD 10,000 (Per family)

Standard Expenditure for Immigrating To Canada and Proof of Funds

Check Your Canada PR Visa Eligibility

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.

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

For immigration to Canada, the total cost of expenses will include a lot of factors like 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 2019.

Processing fee for Permanent Residency Status of Canada when immigrating through Express Entry program

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

•    Primary Candidate – 550$ CAD

•    Secondary Candidate (spouse / Common-law partner) – 550 $ CAD

•    Children (IRCC considers Children under 22 years of Age to be dependents) – 150 $ each.

For the province of Quebec, there is a different fee structure

•    Primary Candidate – 785 $ CAD

•    Secondary Candidate (spouse / Common-law partner) – 168 $CAD

•   Children (IRCC considers Children under 22 years of Age to be dependents) –  168 $CAD

Apart from the above-mentioned processing fees 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 490 $ 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.

Check Your Canada PR Visa Eligibility

Funds required as per Express Entry Program

Number of people Immigrating

 

Funds required (Amount in Canadian Dollars)

 

 

Funds required (Amount in Indian rupees)

 

1

$ 12,474

INR 6,58,680

2

$ 15,530

INR 8,20,037

3

$ 19,092

INR 10,08,110

4

$23,180

INR 12,23,957

 

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

•    Primary Candidate – 550$ CAD

•    Secondary Candidate (spouse / Common-law partner) – 550 $ CAD

•    Children (IRCC considers Children under 22 years of Age to be dependents) – 150 $ each.

Some provinces will have their own fee structure which needs to be met for immigration to those provinces. When immigrating through Ontario Immigration Nominee Program (OINP), the candidate needs to pay 1500 $ CAD to the Ontario province, and for Candidates immigrating through Saskatchewan, the payable amount is 300 $ CAD. Similarly, other provinces also have a chargeable amount like 500 $ CAD for candidates immigrating to Manitoba through Skilled Workers Stream.

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 language 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. 12,000. The fee for the CELPIP – General LS test is Rs. 9870.

👉 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 $275-$305.

👉 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 be around Rs. 6000.

👉 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 ranges from Rs.1000 to 2000.

👉 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 more than 10,000 $ per family, 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 lands in Canada.  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. 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?

•    While undertaking the calculations for Canada immigration, 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.

•    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 at Signature visas, you can contact us at info@signaturevisas.com or call us at +91-11-40109888 Office Mobile: 991185 9888

 

Check your eligibility for any of the Canada Immigration Programs offering PR Visa, you may click on the “Check Your Canada PR Visa Eligibility”

Check Your Canada PR Visa Eligibility



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