Over time, a lot of aspiring Nigerian candidates who have the interest of relocating to Canada have battled with what the total cost of the entire process would be as a majority of them would prefer to have an estimated statistics of finances needed to procure the entire visa process in order to prevent the surprise of unbudgeted bills arising on the long run.

The Immigration, Refugees and Citizenship Canada initiated the incentive of providing a detailed scheme of the proof of sufficient settlement funds needed to be provided by immigrants under skilled immigration to Canada, through the various immigration pathways: Federal Skilled Worker Class, Federal Skilled Trade and the Provincial Nominee routes.

Settlement funds are required to portray that immigration candidates have the means to cater for themselves and their family in Canada and pay for initial costs, such as accommodation. The principal applicant may submit proof of funds for his or her accompanying spouse/common-law partner, provided that these funds are available to the applicant.

The currency Canada uses is known as Canadian Dollars (CAD).  The Naira equivalent of 1 Canadian Dollar as at November 19, 2019, is Two Hundred and Seventy-Four Naira Forty Kobo (N274.40).

Below is a chart of the Naira equivalences per family size:

Family Size / Canadian Dollars

Family Size / Naira Equivalence

1-      12,669 CAD

1-      3. 475, 000

 (THREE MILLION, FOUR HUNDRED AND SEVENTY-FIVE THOUSAND)

2-      15,772 CAD

2,    4. 326, 000

(FOUR MILLION, THREE HUNDRED AND TWENTY-SIX THOUSAND)

3-      19,390 CAD

3,    5. 327,000

FIVE MILLION, THREE HUNDRED AND TWENTY-SEVEN THOUSAND)

4-      23, 542 CAD

4,    6. 555,000

SIX MILLION, FIVE HUNDRED AND FIFTY-FIVE THOUSAND)

5-      26, 701 CAD

5,     7. 323, 000

SEVEN MILLION, THREE HUNDRED AND TWENTY- THREE THOUSAND)

6-      30, 114 CAD

6,    8, 259,000

EIGHT MILLION, TWO HUNDRED AND FIFTY NINE THOUSAND)

The determinant of the stipulated funds to be provided is based on the applicant’s family size and each family member attracts a total of about N 929,000.

Please Note; This conversion is just a rough estimate of what the monies would amount to after the figures have been summed to a round figure.

This serves as a financial blueprint which candidates from Nigeria can use to gather all necessary funds needed to cover the expenses of themselves ( if traveling alone) or for any additional family member.