I wanted to share their experience to highlight an important – but sometimes overlooked – part of immigrating: the link between your pathway options and your finances. It’s important because it impacts many people on temporary status in Canada, as well as those outside Canada looking to move to Canada as a permanent resident.  

In this post, I’ll share more about the surprising link between these two topics, plus some pointers for how you can overcome money challenges as you immigrate to Canada.  

Key Takeaways 

• The amount of money you have available to you has a significant impact on which immigration pathways you can choose.  

• Building a savings buffer so you can show your proof of funds can open up pathways you may otherwise lose access to.  

• Small money habits can pay off over time when it comes to building a ‘proof of funds’ savings account.  

The surprising link between immigration and your finances 

Back to the acquaintance I mentioned in the introduction to this article – I’m not surprised that they’re having trouble meeting the funds requirement. They’re here working in a low-wage LMIA position, they’re the sole provider for their family of four and Kelowna rents are expensive. Their spouse can’t work because of changes to the Spousal Open Work Permit eligibility that came into effect in 2025.  

When it comes to their earnings, it’s not that they’re in a poorly paid position. They earn above minimum wage for BC and their wage is a living wage for the area. They just aren’t earning 20% above the high-wage threshold – the requirement for entering the high-wage LMIA stream.  

Plus, they’re supporting a family. Kids can be expensive – in their case it’s two teens – and so can pets.  

All-in-all, it’s not surprising that they haven’t saved additional funds to meet the proof of funds requirement for the Francophone Community Immigration Pilot.  

(If you’re familiar with the program requirements, you might be wondering why they need to meet the funds requirement if they’re working in Canada – that comes down to poor planning. They’d hoped to just get another positive LMIA and temporary work permit, but Kelowna’s unemployment rate is too high. So, their work permit is going to expire before they’ve taken their French test and applied for the FCIP.) 

Your Savings Directly Impacts Your Immigration Options 

I hope this example shows that the amount you have in savings can have a direct impact on the immigration pathways open to you.  

Funds requirements for Canadian immigration are taken very seriously. For the pathways that require it (more on that below), there will be specific instructions about how you can meet the funds requirement for that program.  

Generally, you’ll need to be able to demonstrate that you’ve had the money in your account(s) for some time. If it has been recently deposited, you’ll need strong evidence showing where it came from and why you now have it.  

If you can’t meet this requirement, you risk having your application rejected.  

How much money do you need in your bank account to immigrate to Canada?  

This depends on the program and how many family members (if any) you plan to bring with you. Here’s a list of some programs with a proof of funds requirement that may impact how much money you need in your bank account to immigrate to Canada as a permanent resident:  

Income Requirements for Canadian Immigration 

Another way that your finances may impact your immigration plans is if you need to meet minimum income requirements. There are two ways this may currently impact your immigration plans:  

1. If you (or your partner) need to meet certain income requirements to sponsor family members.  
2. If your immigration pathway includes minimum income requirements as part of eligibility criteria.  

Income requirements for sponsoring family 

There are certain other programs with specific income requirements – such as the Parents and Grandparents Program. For this program, you need to meet a minimum income requirement for the three tax years before the date you apply. These requirements can be pretty high.  

Take a family of four wanting to sponsor two parents to come to Canada in the 2025 intake, for example. The sponsor would need to demonstrate that their income was $90,784 for 2024, $85,020 for 2023, and $82,259 for 2022. This is above median wage in Canada for those periods.  

Income requirements for immigration pathways 

In 2025, BC PNP ran targeted draws for high earners living and working in British Columbia – including in the last round of the year on December 10. In this round, candidates needed to earn $84/hour and $170,000/year as part of the eligibility criteria.  

Impact of your income on your immigration pathways

As you can see, how much you earn each year can also impact which immigration pathways are open to you. You may not be able to sponsor family members to come to Canada through the PGP, and certain PNP programs may not be open to you either if you don’t meet the minimum threshold earnings.  

Tips for Newcomers on Managing Money for Immigration Purposes 

Planning ahead gives you more pathway options – don’t rely on exemptions  

There are plenty of exemptions and exceptions to the proof of funds requirement in Canadian immigration. The most common are for workers who have a current job offer in Canada or apply through certain streams (such as the Canadian Experience Class).  

However, as my example above demonstrates, relying on ‘not needing to show funds’ carries some risk.  

There’s the risk that things won’t go to plan, and you won’t be able to apply in time for your planned program. So, building a savings buffer is a good practice that may open immigration doors you couldn’t have otherwise accessed if things don’t go to plan.  

An above median income is worth working towards

Getting your household income to above the median can serve as a good guide for newcomers to Canada. First, it may put you in a better position to pay down debts and/or save money for future immigration and life goals. Second, it can open access to sponsoring family or accessing certain immigration pathways – such as provincial nominee programs.  

We know this is more easily said than done, however. That’s why Moving2Canada has created resources to help newcomers build their careers in Canada. You could start with our piece covering salary negotiations, or check out our job board for local opportunities.   

• If you’re a construction or engineering professional looking to take the next step in your career, our sister company – Outpost Recruitment – may be of interest here too.  

Next Steps: Build an emergency fund (that can serve as your proof of funds) 

Many financial experts and the Canadian government recommend saving an emergency fund that would cover 3-6 months of your essential expenses. Helpfully, having an emergency fund can also help you show your proof of funds for Canadian immigration. So, building yours can help to solve two problems at once!  

Our actionable tips for building an emergency fund include automating savings, tracking spending, directing windfalls to your fund, and setting and celebrating micro-goals to stay motivated. You can learn more in our deep-dive on emergency funds for newcomers. If you’re having a hard time saving, it may be worthwhile speaking with a financial advisor about your budgeting and spending habits.

We hope this article is helpful for you! If you’re not already part of our community, we recommend joining so you never miss insights like this. You can join us here.