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Immigration Library™

APPENDIX 2: Settlement Funds

APPENDIX 2 Settlement Funds
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SUMMARY

Proof of funds is to prove that you have enough money to settle in Canada. You need settlement funds to meet the minimum requirements of many of Canada’s economic immigration programs and it is calculated based on Statistics Canada’s Low Income Cut-Off (LICO) table.
The following table from statistics Canada shows LICO (➨immilib.com/LICO) for the year 2021. The low income cut-offs are income thresholds below which a family will likely devote a larger share of its income on the necessities of food, shelter and clothing than the average family.

Based on the size of your family unit and the immigration program you are applying under, the LICO determines the minimum required funds to settle in Canada.

For settlement funds under Quebec Skilled Worker program, you must complete a contract, by which you agree to provide for your needs and those of the members of your family accompanying you for at least the first three (3) months following your arrival in Québec.

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Low Income Cut-Off Table (2021)

Size of Family Unit

LICO

Urban Areas

LICO

Rural Areas

1 person $27,514 $18,941
2 persons $34,254 $23,580
3 persons $42,111 $28,988
4 persons $51,128 $35,196
5 persons $57,989 $39,918
6 persons $65,401 $45,022
7 persons $72,814 $50,125
If more than 7 persons, for each additional person, add $7,412 $5,096

Most Immigration Programs that Require Settlement Funds

For many federal and provincial permanent residence programs, the required minimum settlement funds are based on %50  of the LICO for urban areas (➨immilib.com/Funds).

Size of Family Unit

%50 of LICO for Urban Areas

Required Settlement

Funds for most

immigration programs

1 person $13,757
2 persons $17,127
3 persons $21,055
4 persons $25,564
5 persons $28,994
6 persons $32,700
7 persons $36,407
If more than 7 persons, for each additional person, add $3,706

Rural and Northern Immigration Pilot (RNIP)

For RNIP, the required minimum settlement funds are based on %12.5  of the LICO for rural areas (➨immilib.com/Funds-RNIP).

Size of Family Unit

%12.5 of LICO for Rural

Required Settlement

Funds for RNIP

1 person $2,367
2 persons $2,947
3 persons $3,623
4 persons $4,399
5 persons $4,989
6 persons $5,627
7 persons $6,265
If more than 7 persons, for each additional person, add $637

Atlantic Immigration Program (AIP)

For AIP, the required minimum settlement funds are based on %12.5  of the LICO for urban areas (➨immilib.com/Funds-AIP)

Size of Family Unit

%12.5 of LICO for Urban Areas

Required Settlement

Funds for AIP

1 person $3,439
2 persons $4,281
3 persons $5,263
4 persons $6,391
5 persons $7,248
6 persons $8,175
7 persons $9,101
If more than 7 persons, for each additional person, add $926

Alberta Rural Renewal Stream (ARR)

For ARR, the required minimum settlement funds are based on %50  of the LICO for rural areas (➨immilib.com/Funds-ARR)

Size of Family Unit

Required Settlement

Funds – Rural areas

with population of

less than 1,000

Required Settlement

Funds – Rural areas

with population of

1,000 to 30,000

Required Settlement

Funds – Rural areas

with population of

30,000 to 99,999

1 person $8,922 $10,151 $11,093
2 persons $11,107 $12,636 $13,810
3 persons $13,655 $15,534 $16,977
4 persons $16,579 $18,861 $20,613
5 persons $18,803 $21,392 $23,379
6 persons $21,208 $24,127 $26,367
7 persons $23,611 $26,861 $29,356
If more than 7 persons, for each additional person, add $2,404 $2,735 $2,986

Quebec Skilled Work Program (QSW)

For QSW, the required settlement funds are based on the basic needs of a family unit for the three-month period covered by a financial self-sufficiency contractsufficiency contract (➨immilib.com/Funds-QC).

Number of adults

(parents)

Number of children

under 18

Required Settlement

Funds

1 adult No Children $3,770
1 adult 1 child $5,066
1 adult 2 children $5,719
1 adult 3 children $6,371
1 adult More than 3 children $652 per child
2 adult No Children $5,529
2 adult 1 child $6,193
2 adult 2 children $6,684
2 adult 3 children $7,176
2 adult More than 3 children $491 per child
  Children 18 and over $1,758 per child

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