Will applying through the Express Entry program in Canada break the bank? This depends on your current financial situation and which city end up moving to, but can be a good financial decision in the long run. Let’s take a look at all the costs associated with applying through Express Entry.
The most important fees to consider for Express Entry are the government filing fees (the fees you must pay to Immigration Canada to have them process your application), and the proof of funds (that we describe later in this article).
The government filing fees for Express Entry include the following:
You should also keep in mind that you will incur additional fees for other services throughout your application, such as:
The prices of each depend on the country you are residing in and your country of citizenship, but you should budget at least a few hundreds dollars CAD to cover them.
One of the main requirements for applications under the Express Entry Program is to demonstrate that applicants have enough money to support both themselves and their families after arriving in Canada. This is called Proof of Funds.
The only exceptions to this rule are if a) an applicant is currently working and authorized to work in Canada, or b) they have received a valid job offer from a Canadian employer.
It is important to note that the amount of funds needed varies based on the size of the family, and that these numbers are updated yearly. The table below is the most recent iteration of funds required in Canadian dollars:
Source: Government of Canada
It is also important to research the cost of living of where you will be planning to settle in Canada. Toronto and Vancouver, for example, have a lot of potential job opportunities, but have the highest costs of living. A 1-bedroom apartment in Toronto can be anywhere from $1,000 – 2,500 CAD/month depending on where in the city you live.
That also doesn’t include transportation and other costs like internet, food, and utilities. Applicants should consider this when budgeting for their move.
We hope this has shed some light on whether Express Entry is a good option for you financially. If you’d like to find out if you’re eligible for Visto’s free Express Entry platform, get started here!
This post was initially prepared by a group of graduate students / recent graduates that are exploring issues related to the Canadian immigration programs for skilled workers. Their project is powered by Visto!