How much do I need to move to Canada? Explained - THE MIGRATION HQ

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Thursday, 16 April 2020

How much do I need to move to Canada? Explained

Canada is a country that is found in the Northern part of North America. The country has provinces and territories which cut across to different oceans.

They have a big landmass area, and this makes them the second biggest country in the entire world. In the South, it shares boundary with the United States of America. There are three metropolitan cities where economic activities occur, and they are Montreal, Toronto, and Vancouver. The country is bilingual in the sense they do speak two different languages such as French and English.


Most times people get confused on how much they will need to migrate to Canada. Sometimes, they budget their money for traveling, still, they discover the budgeted funds are not enough. For instance, imagine someone being in a scenario where he or she has to travel to Canada. On getting there, he finds out that he doesn't have adequate money to pay for accommodation. This kind of situation can make someone feel so disappointed. In this article, more lights regarding this topic will be seen.


How much money do you need to migrate to Canada?

settlement funds canada

There are minimum funds that a traveler needs for him or her to travel to Canada successfully without any hindrances.

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People travel to Canada for different reasons such as permanent residence, jobs, education, business, tourism, etc. All of this comes with its own fees that have been stipulated for it. Before migrating to Canada, one should be able to have his or her settlement fee ready. This settlement fee should be at least $12,669 CAD for a single person with an extra fee of $3,414 for an extra person.

The money one has to travel along to Canada has their different rates and this is based on some factors such as place of settlement, the number of family, the family needs, etc. These are factors that determine the amount one has to carry along to Canada, but there is a least settlement fee that is expected of anyone. Every province or territory in Canada has its cost of living, and this makes them different from each other in their standard of living. The following is a budgeted list for someone who wants to travel to Canada, and here they are:

  • A single adult traveling alone - $25,000 CDN
  • For a single couple traveling to Canada - $30,000 CAD
  • A couple with their child below 10 years - $33,000 CAD
  • A couple with their child above 10 years - $35,000 CAD
  • An additional child of below 10 years - extra $1,000
  • An additional child of above 10 years - extra $2,000

This budget list is enough for anyone who wants to move to Canada before they get a job and start earning some income for themselves. It is advisable for one to prepare his or her budget in order to keep them for at least 4 to 6 months. The prices of basic commodities from one province or territory differ from another.

Can you migrate to Canada without Money or Proof of Funds?


Money or proof of funds either of the two is essential for you to move to Canada. There's no way a person will be allowed to get into Canada without showing Canadian embassy his or her financial history.
Even in other embassies, this documents "proof of funds' is important for any migrants to have with them. They should be available on time in order not to act as an obstacle to anyone who wants to move to Canada.

During Canadian express entry, the applicant or candidate will be asked to enter the amount that they have with them. The major reason is to show the applicant is capable of fending for themselves including their family.

Canada settlement fund requirements

Applicants must meet the settlement fund requirement before they are eligible for a successful migration to Canada. This proof of funds or bank statement is being gotten from the bank in the applicant's country of residence, and it must have these two things inside: loans, credit card debts, investment accounts, etc.


But How Do I Migrate to Canada Without Proof of Funds?


There are People Who Don't Need Minimum Funds Requirements

For Canada immigration proof of funds, there is a minimum funds requirement that comes with it. There are some reasons this won't be required for anyone who wants to move to Canada, and here they are:
  1. Applying through the Canadian Experience Class
  2. Authorized to work as an employee in Canada

1. Applying Through the Canadian Experience Class:

The Canadian experience class is an immigration program for individuals who have been employed in Canada for a period of 12 months to leave there permanently. When once you are talented and skillful, the Canadian government uses this program to make such migrants become permanent citizens.
Basic Steps for Canadian Experience Class

The following are the required steps for this program:
  1. Getting a Canadian work permit
  2. Working a full year in Canada
  3.  Meet other criteria
  4.  Create a profile on express entry
  5.  Enhance the created profile using CRS
  6.  Submit an application
  7.  Submit a medical history
  8.  Confirmation of permanent resident
  9.  Obtain the PR card

2. Authorized to Work as an Employee in Canada:

There are people who are lucky enough to be employed in Canada based on their profession, skill, experience, etc. Two documents which are important to have are letter of contract from the Canadian employer, and also a work permit. There are two types of work permit, and here they are:
  • Open work permit
  • Employers-specific work permit

Open Work Permit:

This permit gives an employee the opportunity to work for different employers in Canada. There are still employers they won't be able to work for, and a good example is an eligible employer who is not keeping to the necessary conditions or employers who are involved in other illegal business.

Employers-specific Work Permit:


This allows employees to be employed based on the work permit conditions such as the employer's name, duration of the work, location of the job, etc. This can be obtained by applying online which makes the processing of the work permit to be done on time. Your passport photographs should be ready because they are going to ask for it.

Conclusion:

For any individual who wants to move to Canada, should have the right sum of money with them. This can help the person to avoid being stranded on his or her journey to Canada. Money is an important key factor in moving to Canada based on different payments to be done.                          

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