Skilled worker applications: How much money to I need to settle in Canada?

By Michael Niren December 20, 2019 0 min. read

Q. I have been approved as a Skilled Worker but need to know how much funds I need to settle in Canada?

________

A.

Under the Skilled Worker category of Immigration, the Canada Immigration Officer assessing an application must be satisfied that you have enough funds for settlement in Canada. The funds must be transferable and must the net amount minus your debts or other financial obligations. The requirement for settlement funds is waived if you have Arranged Employment in Canada.

The required settlement funds must be equal to or greater than the sums listed below for each family size. A current bank statement usually suffices to proof your settlement funds. The bank statement should not be just a print out of your financial transactions but should have your name, name of the bank and your account number to prove it is yours.

Below is a chart* for the settlement fund you would require for a Skilled Worker depending on your family size

Number of family membersFunds required
111,115
213,837
317,011
420,654
523,425
626,419
7 or more29,414

Of course you have to meet the required points under the Skilled Worker category to be approved in the first place.

* This chart is valid as of 2012