So before I even begin to apply I will need a certain amount of money in the bank based on this chart below:
(in Canadian dollars)
|For each additional family member||$3,314|
The funds must be available both when you APPLY and when/if they issue a permanent resident visa. I am only a family of three so 18,825 Canadian dollars is roughly $15,000 USD. Split between my partner and I that’s about $7,500 a piece. I wanted to move by the end of 2018 so I figured I wanted to be able to start the application by June at the absolute latest. That meant I had 6 months to save up an extra $7,500. Now I could penny pinch myself to death and cutback on some things but to be honest that never really works for me. I save better by getting a second job and having that be the sole income source for my Canadian savings.
I am also going to try and cut out unnecessary expenses where I can in addition to finding other ways to get money. I sold one of my businesses last year but that money is tied up in other things. They also don’t want to see a lump sum deposit of $15,000 in your account. They want to see that you’ve had it accumulating over a period of time. If you have a valid Canadian job offer you don’t need the proof of funds but it’s hard to get a job in Canada without already living or working there.
Even though my current job is remote and has an office in Canada I am still not sure if my job qualifies as a valid job that doesn’t require me to have the proof of funds. At any rate, you should never move to another country without savings in the bank anyway so I will be saving up the money regardless. The main issue is that I have to have the money in the account when I apply and I want to apply as soon as I possibly can. So whether it’s another job, Uber, Lyft or coming out of my current paycheck….I will get the funds required.