Your life in Canada will be different than in your home country. You may have to take a job with lower pay while you upgrade your skills or get experience working here. That means your financial status could change. Even if you earn a higher salary in Canada than you were earning in your home country, the cost of living here may be higher than you are used to.
Determine how much it costs to live where you are planning to settle in Canada. The cost of living will vary depending on where you decide to settle but some costs will be typical for items and services across Canada.
Check with your banker, lawyer, or financial adviser to find out if your home country has a limit on how much money can be removed. Find out more about bringing money with you to Canada and items you can import duty free and tax free on the Canada Border Services Agency website (www.cbsa.gc.ca).
If you will be immigrating to Canada as a skilled worker, investor, and entrepreneur or as a self-employed person you will have to provide proof that you have sufficient funds to support yourself and your family after you arrive in Canada. You will need to provide proof of your funds to the Canadian visa office in your home country when you submit your application for immigration.
It is important to plan your budget based on your take-home pay, not your pay before taxes and deductions. Your take-home pay is what you keep after you have paid such things as income taxes, pension contributions, employment insurance and union dues. Most employers make deductions from your pay to cover these items. Depending on how much you earn, this could reduce your pay by as much as 25 to 35 percent.
If you are self-employed, you are required to set aside about 30 percent of your income in a separate account. You must give this money to the government for taxes, employment insurance and pension contributions. You can find out more about what you have to do if you are self-employed by reading the Guide for Small Canadian Businesses.
Source: Citizenship and Immigration Canada