The amount of savings you will need when you move to Canada as an immigrant will depend on a range of factors, including your personal circumstances, the location where you plan to live, and the type of support you will have when you arrive in Canada.
Here are a few things to consider when estimating the amount of savings you will need when you move to Canada:
Living expenses: You will need to have enough money to cover your living expenses, such as housing, food, transportation, and other necessities. The cost of living in Canada can vary depending on the location and the type of accommodation you choose. It may be helpful to research the cost of living in the specific city or region where you plan to live in order to get a better idea of the expenses you will need to cover.
Travel costs: You will need to budget for the cost of travel to Canada, including airfare, visas, and other related expenses.
Settlement costs: You may have additional costs when you first arrive in Canada, such as the cost of setting up a new home, purchasing household goods and furniture, and registering for health care and other services.
Other expenses: You may have other expenses that are specific to your personal circumstances, such as the cost of education or training, or the cost of caring for family members.
It's important to note that the amount of savings you will need when you move to Canada may be influenced by a wide range of factors, and it is ultimately up to you to determine the amount of savings that you feel comfortable with based on your own personal circumstances and goals.
What is the amount save each month?
It is difficult to provide a specific amount of savings that will be sufficient for all immigrants moving to Canada, as the amount you will need will depend on a range of factors, including your personal circumstances, the location where you plan to live, and the type of support you will have when you arrive in Canada.
Here are a few things to consider when estimating the amount of savings you will need when you move to Canada:
Living expenses: You will need to have enough money to cover your living expenses, such as housing, food, transportation, and other necessities. The cost of living in Canada can vary depending on the location and the type of accommodation you choose. According to Numbeo, a website that provides cost of living data for cities around the world, the average monthly living expenses for a single person in Canada range from around CAD 1,500 in smaller cities to around CAD 2,500 in larger cities. These figures are just estimates and may not be representative of the actual cost of living in all locations.
Travel costs: You will need to budget for the cost of travel to Canada, including airfare, visas, and other related expenses. The cost of travel to Canada will depend on your location and the time of year you plan to travel.
Settlement costs: You may have additional costs when you first arrive in Canada, such as the cost of setting up a new home, purchasing household goods and furniture, and registering for health care and other services. These costs can vary depending on the location and your personal circumstances.
Other expenses: You may have other expenses that are specific to your personal circumstances, such as the cost of education or training, or the cost of caring for family members.
Again, it is difficult to provide a specific amount of savings that will be sufficient for all immigrants moving to Canada. It is ultimately up to you to determine the amount of savings that you feel comfortable with but it can range from $3000 to $7000+ depending on your family size and your living style.
How long it takes to find a job in Canada as a new immigrant
The findings in the WES report were drawn from a 2018 survey of 6,402 permanent residents who applied for an Education Credential Assessment (ECA) between 2013 and 2015.
WES Report: Important Findings
In conclusion, you will need at least, 6 months of savings to survive as a new immigrant in Canada.
