People relocating is no longer news. As a company, we’ve had colleagues who have left to start new lives in another country. Instead of pretending that this phenomenon does not exist, we’ve decided to create a finance guide that can help our users who are relocating to Canada from Nigeria.
In this article, we will share how much you need to relocate to Canada from Nigeria as a permanent resident (PR) and if you read to the end, you will get the step-by-step process you can use to show your Cowrywise funds as proof of funds.
Note: This article was written to show an overview of the cost. We are not immigration agents at Cowrywise.
Steps involved in relocating to Canada from Nigeria
- Open an Express Entry account with the Canadian government
With this, you can relocate as a skilled worker with at least 3 years of working experience. There are other paths such as schooling as well. Please do some more research on the various paths available.
- Open an account with World Education Services (WES)
Get your school to send your transcript to WES, then they will evaluate your transcript and compare your level of education to a BSc or Master’s in Canada. Some schools can send your transcript electronically while some can’t. In the latter case, you will need to send it through a courier service or the mailing system of your country.
- Write IELTS general testing exam
- Submit your credentials
Submit your WES evaluation, IELTS results and other career/personal information in your profile. Once this is done, you will enter the “pool” of thousands of candidates waiting to be sent an Invitation to Apply (ITA) by the Canadian government.
- Ensure you have your proof of funds ($13,000+ Canadian Dollars)
There is a simple way to show your proof of funds using Cowrywise. This step is only necessary if you are sent an Invitation to Apply (ITA) for permanent residency. You need to begin saving your funds in time in order not to run into problems if you are sent an ITA.
These are the basic steps of being a possible Canadian immigration candidate. Each of them has things you need to note, so ensure you do your proper research.
For example, there are two organizations that allow to you write IELTS in Nigeria. Find out which one is best for you when you begin your application. Also, if you will rather relocate from Nigeria to Canada as a student, then the process is different.
Now that you have an idea of how to relocate to Canada from Nigeria as a permanent resident, let’s get into the cost because, without funds, it is nearly impossible to relocate. If relocation will make you happy, then the people who said money cannot buy happiness might have lied.
Cost of relocating to Canada from Nigeria
- Opening an immigration account – FREE, except you decide to use an agent for the process.
- Getting your school to send your transcript via courier can cost as little as N15,000 to as much as you can imagine – if you’re calculating the stress that usually comes with getting transcripts from certain Universities in Nigeria. So, apart from money here, you may also need a lot of luck.
- Getting WES to transcribe your transcript.
There is a different fee you pay for WES to actually transcribe the transcript your school sends to them. This currently costs $227 (CAD). Depending on the exchange rate, this costs about N179,000 now. However, it may cost more if you request for WES to send you a hardcopy version of their evaluation. - Registration fees for IELTS – N107,500
- The amount you need to show for proof of funds (POF) depends on how many people are relocating to Canada with you. See the table below for a breakdown…
If you’re relocating to Canada alone, your proof of funds should be about N10,500,000 or more.
Although you’re not necessarily “spending” your proof of funds to relocate to Canada, you simply need to show it as proof that you have enough to cover your cost of living for at least 6 months when you arrive in Canada.
Total spent (without POF) = N301,500+
Total funds needed (including POF) = N10,801,500+
Are these the only costs needed to relocate to Canada?
Actually, no.
Remember we mentioned earlier that you only need to show proof of funds if you are sent an Invitation to Apply (ITA) for permanent residence.
There are other things you need to show if you’re sent an ITA and those things cost money.
- Police report – N5,000 upwards
- Medical report – N10,000 upwards (Depending on which hospital you’re using)
- Biometrics – $85 CAD / about N67,000
- Visa application – $850 CAD / about N670,000
- Right of permanent residence fee – $515 CAD / about N405,000
Total = N1,157,000+
Of course, chances are that it will cost you more than the estimates shared above. Foodstuff and other essentials are not included in these costs so there is a need to plan for miscellaneous expenses.
How do I use Cowrywise to show my Proof of Funds?
It’s easy!
- Log into your app
- Tap on “Portfolio” above your “Total Balance” card on your homepage
- Scroll down to “Get Investment Letter”
- Complete the process and submit to get your investment letter in your email (Check your spam if you don’t get it within 10 minutes)
The process is seamless and you can show your Cowrywise investment letter as your proof of funds when relocating to Canada or any other country.
Remember that as a Nigerian in Diaspora, you can continue using Cowrywise to build wealth that lasts, the only requirement is to have a Nigerian bank account.
We hope you found this helpful and wish you the best of luck with your Japa process.
If you’ve not started saving and investing with Cowrywise, you should start now.
Get started.
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