What are settlement funds?
Settlement funds show that you and your family can cover your initial living costs after arriving in Canada. The money must belong to you, be freely available and not be borrowed.
Amounts (from July 2025)
- Single applicant: CAD 15,263
- Family of four: CAD 28,362
The larger the family, the higher the amount. IRCC updates the amounts every July, and the figures published at the time of application apply.
How to prove them
Usually with an official bank letter showing account details, the account opening date, the current balance and the average balance over the past six months.
Separate from business funds
Settlement funds are for personal living costs and are counted separately from money invested in the business.
SUV at a glance
| Item | Details |
|---|---|
| Investment | No investment requirement |
| Previously, PR in | About 18 months |
| Language | IELTS 5 |
| Status | Paused; new pilot to be announced |
SUV application process and timing
- Assessment and business direction (1–2 weeks): We choose a business direction that suits your background.
- Business plan and prototype (1–3 months): We write the business plan and pitch deck, and our in-house developers build a website or app prototype.
- Incubator and letter of support (Per the incubator’s timeline): Join a designated incubator and obtain the letter of support — with a full refund if it cannot be obtained.
- Permanent residence application (Previously about 18 months): File the permanent residence application with the letter of support; applicants already in Canada on an SUV work permit are now processed first.
Main SUV requirements
- A qualifying new business
- A letter of support from a Canadian government-designated incubator
- Language at IELTS 5
- Sufficient settlement funds: CAD 15,263 for a single applicant, CAD 28,362 for a family of four (based on family size)
- A police certificate and medical examination before immigrating
How to start
We suggest booking a free consultation first: a consultant will understand your family situation, funds and preferred timing, then recommend the most suitable programme and application timeline.
Learn more: Canada Federal Start-up Visa (SUV)