How Much Money Is Necessary for Immigrating to Canada?
Applicants who require PR status in Canada are confused regarding the fund requirements that will help them qualify for the visa, that includes proof of funds, PR visa fee, and so on.
The fund requirement necessary for Canada Immigration can be categorised in two separate parts.
- The funds required for creating an EE profile through the Express Entry or other PR Programs of Canada, and
- The funds needed after the submission of the PR application for Canada has been completed (after the applicant receives an Invitation to Apply).
The table below will mention that charges applicable for immigrating to Canada:
|Charges||Amount (INR)||Amount (CAD$)||Amount (AUD$)|
|ECA (including delivery charges)||16,500||285||335|
|Right of PR||25,000||490||507|
The charges mentioned in the table are broken down and explained in the below segment.
Fund Requirement – Online Profile Creation
The applicant will need two main documents for creating an express entry profile, i.e. Educational Credential Assessment (ECA) and IELTS Test Result. Both the documents have some applicable fees.
- IELTS Test – Around INR 12,650
- ECA – Approximately CAD $285
Fund Requirement – PR Visa Application Submission
The applicant has to pay the PR fees for the primary applicant, secondary applicant and other dependent applications.
The breakup of charges is:
- Primary Applicant – Visa Fee (CAD 550) + Right of PR Fee (CAD 490)
- Secondary Applicant – Visa Fee (CAD 550) + Right to PR Fee ($490)
- Child (below age 22 years) – CAD 150
Fund Requirement – Medical and PPC
There are two primary documents necessary for the visa application of Canada –
- Medical Exam
- Police Clearance Certificate (PCC)
Both of the documents may cost somewhere around INR 5000-8000
Fund Requirement – Proof of Funds
In order to immigrate to Canada with a PR status, the applicant has to show a proof of funds that can convince the immigration authorities that he/she will be able to support his/her stay along with other family members in the initial period, until receiving the first income in Canada.
How Can the Applicant Show Proof of Funds?
For showing Proof of Funds, the applicant must have an adequate amount of money in a particular bank account, as per the Canadian government. The evidence of proof will be submitted in the form of official letters from financial institutions or banks when the money is present.
Updated Requirements of Proof of Funds from IRCC for Canada Immigration
|Family Members (in number)||Fund Requirement (in CAD$)|
|Every additional family member||$3,361|
The applicant has to bring as many funds as he/she has in order to move and find a home in Canada. Canada customs regulations require applicants to show that he/she is at least bringing CAD$10,000 when migrating to Canada. If the applicant cannot display the amount, the funds may be seized, or the applicant may be fined. The proof of funds can be in the form of:
- Documents that show capital or property payable to the applicant like – treasury bills, debentures, bonds, and stocks.
- Documents that show the guarantee payment of a specific amount of money to the applicant – cheques, money orders, travellers’ cheques, bank drafts
In the case of the Provincial Nominee Program, the proof of funds will be according to the respective provinces mentioned in the programs.
If you want further details about Canada PR fund requirement, you can contact a certified Canada immigration expert at Nile Migration.