How Much Money Do You Need to Move to Canada in 2026?

Moving to Canada can create new opportunities for work, education and family life.

However, newcomers must also prepare for the reality that housing, groceries, transportation and other everyday expenses can be significantly higher than expected.

Recent research into falling birth rates among immigrants and their children has highlighted how affordability affects major life decisions in Canada. Housing costs, employment uncertainty, childcare expenses and the time required to become financially established can all influence when newcomers buy a home, start a family or have additional children.

For anyone planning to immigrate, the important question is therefore not simply whether they meet the minimum financial requirements imposed by Immigration, Refugees and Citizenship Canada, or IRCC.

The more practical question is: How much money will you realistically need to establish yourself in Canada?

The answer depends on your immigration program, family size, destination and housing arrangements.

What Is the Cost of Living in Canada for Newcomers?

Canada does not have one standard cost of living. Expenses can vary considerably between provinces, cities and even neighbourhoods within the same city.

Toronto and Vancouver generally have some of Canada’s highest housing costs. Smaller cities may offer lower rent, but employment opportunities, public transportation and access to settlement services may also differ.

The Government of Canada advises newcomers that housing and utilities can consume approximately 35% to 50% of household income. For many newcomers arriving in Toronto, housing will be the largest part of their monthly budget.

The following table provides an estimated monthly budget for a single adult living in one of Canada’s major cities in 2026.

Estimated Monthly Cost of Living in Major Canadian Cities

The following table compares key monthly expenses for one adult living in Vancouver, Calgary, Toronto or Montréal. Costs are shown in Canadian dollars.

Swipe or scroll sideways to compare all four cities.

Monthly expense	Vancouver British Columbia	Calgary Alberta	Toronto Ontario	Montréal Quebec
Shared accommodation Average asking rent for a room	$1,099	$803	$1,132	$852
Private apartment or condo Average asking rent across available unit types	$2,715	$1,820	$2,537	$1,949
Groceries	$400–$600	$375–$575	$400–$600	$350–$550
Public transportation Regular adult monthly fare	$117–$157 One- or two-zone pass	$126	$156	$110
Mobile phone	$40–$80	$40–$80	$40–$80	$40–$80
Internet and utilities	$80–$160 Shared housing $200–$320 Private apartment	$90–$170 Shared housing $220–$350 Private apartment	$80–$160 Shared housing $200–$330 Private apartment	$80–$150 Shared housing $180–$300 Private apartment
Tenant insurance, household and personal expenses	$180–$350	$180–$350	$180–$350	$180–$350
Estimated total with shared housing	$1,900–$2,450	$1,600–$2,100	$1,990–$2,480	$1,600–$2,100
Estimated total with private apartment	$3,650–$4,225	$2,750–$3,300	$3,500–$4,050	$2,800–$3,350

Housing figures reflect June 2026 asking-rent data for available units. Shared-accommodation rent represents the average asking price for a room. Private apartment and condo rent represents the average across available unit types and is not limited to one-bedroom apartments. Grocery, phone, utility, insurance and personal-expense figures are general planning estimates for one adult. Actual costs will vary by neighbourhood, housing type, household size and lifestyle. Tuition, immigration fees, childcare, vehicle ownership and international travel are not included.

How Much Money Does IRCC Require for Express Entry?

Some applicants applying for permanent residence through Express Entry must demonstrate that they have enough money to establish themselves and their family in Canada.

Proof of funds is generally required for applicants under the Federal Skilled Worker Program and Federal Skilled Trades Program.

As of August 2026, IRCC lists the following minimum settlement-fund amounts:

• One family member: $15,263

• Two family members: $19,001

• Three family members: $23,360

• Four family members: $28,362

• Five family members: $32,168

• Six family members: $36,280

• Seven family members: $40,392

• Each additional family member: $4,112

Applicants must include their spouse or common-law partner and dependent children when calculating family size, even when those family members are not accompanying them to Canada.

Proof of funds is generally not required if a person is applying under the Canadian Experience Class. It may also not be required when an applicant is authorized to work in Canada and has a qualifying valid job offer.

An experienced Express Entry Immigration Lawyer can help determine which program applies, whether proof of funds is required and what financial documents should be submitted.

What Counts as Proof of Funds?

IRCC generally requires official letters from the banks or financial institutions where the applicant holds money.

The letters should include information such as:

• The applicant’s name

• Account numbers

• The date each account was opened

• Current account balances

• Average balances for the previous six months

• Outstanding debts, including loans and credit-card debt

• The financial institution’s contact information

The funds must be legally available to the applicant when the application is submitted and when permanent residence is approved.

Applicants generally cannot use borrowed money or the equity in real estate as settlement funds.

How Much Money Does an International Student Need?

International students are subject to separate financial-support requirements.

For study-permit applications submitted on or after September 1, 2025, a single applicant studying outside Quebec must show at least $22,895 for first-year living expenses. This amount does not include:

• First-year tuition

• Travel to and from Canada

• Additional costs for accompanying family members

• Health insurance

• School supplies

• Computers and technology

• Initial housing expenses

The current annual living-expense requirements outside Quebec are:

• One family member: $22,895

• Two family members: $28,502

• Three family members: $35,040

• Four family members: $42,543

• Five family members: $48,252

• Six family members: $54,420

• Seven family members: $60,589

• Each additional family member: $6,170

Quebec has separate financial-support requirements for students applying for a Quebec Acceptance Certificate. Students must demonstrate that they can cover their expenses without relying on employment in Canada.

For programs lasting longer than one year, applicants must also explain how they intend to finance the remainder of their studies. Financial documentation may include:

• Bank statements

• Proof of tuition payments

• A Canadian bank account

• A qualifying Guaranteed Investment Certificate

• An education loan

• Scholarship evidence

• A letter from a person providing financial support

• Evidence of the supporter’s income and available funds

The source, history and availability of the money can be as important as the account balance. Large recent deposits that are not adequately explained may raise concerns about whether the funds are genuinely available.

Ayodele Law assists international students with initial applications, extensions and refusals. Learn more about working with a study permit lawyer in Canada.

Do Work-Permit Applicants Need Settlement Funds?

There is no single settlement-fund amount that applies to every work-permit application. The financial evidence required will depend on factors such as:

• The type of work permit

• Whether the applicant has a Canadian job offer

• When employment will begin

• The applicant’s expected salary

• Accompanying family members

• Housing arrangements

• The location where the person intends to live

• Whether the application is submitted inside or outside Canada

A person arriving with a confirmed job may still need enough money to pay for temporary accommodations, transportation, food and other expenses before receiving their first paycheque.

Applicants can learn more about employer-specific permits, open work permits, post-graduation work permits and extensions on Ayodele Law’s Canadian Work Permit Page.

How Much Money Should a Newcomer Bring to Canada?

There is no amount that will be appropriate for every newcomer.

As a practical starting point, a person should calculate:

1. Expected monthly living expenses

2. Initial housing and moving costs

3. Immigration and travel expenses

4. The time it may take to begin earning income

5. Costs for accompanying family members

6. An emergency fund

Plan Your Immigration and Finances Together

A successful immigration plan should consider more than forms and document checklists.

Applicants should understand:

• Which immigration pathway is appropriate

• What financial evidence IRCC requires

• Whether the money is properly documented

• How much it will realistically cost to establish a life in Canada

• Whether their intended destination fits their employment and family needs

Ayodele Law assists individuals and families with Express Entry, study permits, work permits, family sponsorship and Provincial Nominee Program applications.

Book your immigration consultation with Ayodele Law to discuss your eligibility, documentation and immigration strategy.

This article provides general information and does not constitute legal or financial advice. Immigration requirements and living costs can change. Applicants should confirm current requirements and obtain advice based on their individual circumstances.