Immigrating to Canada is a long game so to speak.
You can’t just wake up one fine morning and decide to apply and submit your application by the end of the week.
Whichever way you look at it or approach it, there is going to be a significant amount of money involved.
The larger the family, the more money you will have to spend before the process is complete and you receive your PR.
By the way, this is money you need to start putting together long before you submit your application unless of course, you’re a millionaire with gargantuan amounts of money in savings.
Personally, I started setting aside money for the immigration process including settlement funds at least 18 months before I submitted my application.
I’m an avid DIY person so I compiled everything myself. It’s not rocket science and CIC provides more than enough information to complete the application.
Unless you have an issue with completing forms in English or French, you don’t really need an immigration consultant.
If you choose to use an immigration consultant, it will cost you even more money.
By the way, using an immigration consultant will not move your application forward any faster than anybody else’s.
I will share tips on how to complete the application forms yourself in another article shortly.
How Much Money Do You Need to Immigrate to Canada?
Below is a breakdown of how much it cost me from start to finish applying under the Federal Self-Employment Category:-
This is how much I spent as of November 2018 when I received my PR. The costs will vary depending on your location and the services you require. I’m a single applicant so these are expenses for 1 person only.
My flight ticket isn’t included because the cost of that will go under my settlement budget when I move to Canada.
You will be required to pay for the principal applicant, spouse, and kids if any. You can check out the cost for each person HERE. Just click the permanent residence tab and you’ll be taken to the relevant info.
If you’re moving to Quebec, there are also additional costs involved so this will need to be included in your budget as well.
How Much Money Should You Bring to Canada?
This is aka proof of funds, which is part of what you need to include in your application. Below is the latest info from CIC regarding how much you should have:-
Even though the amount required for me to show as 1 person was only CAD 12,475 (at the time I applied), I showed more than that, which included:-
- Investment accounts
- Other savings accounts
- Fixed deposit account
I wanted to show that I had my financial life all the way together in general and not just for the immigration process.
If you’re planning to immigrate to Canada then I highly recommend you start saving for it today.
It’s not an expense you want to jump into without proper financial planning especially if you have a family.
If you require assistance with putting together a thorough application that represents all your experience and future intention, have a look at my consulting and coaching page HERE.