How much money do you need for IEC Canada?

Getting your International Experience Canada (IEC) working holiday permit approved is exciting — but the costs start before you board the plane. Between application fees, mandatory health insurance, and the proof-of-funds requirement at the border, knowing the real numbers helps you arrive prepared and stress-free.

IEC application fees

Working Holiday participants pay three government fees when applying for the IEC open work permit:

• IEC participation fee: CAD 184.75 (all IEC categories)
• Open work permit holder fee: CAD 100 (Working Holiday only; Young Professionals and Co-op applicants do not pay this)
• Biometrics fee: CAD 85 (first-time applicants; waived if you have given biometrics to Canada in the last ten years)
• Total for most Working Holiday applicants: approximately CAD 370
• Fees are paid online via your IRCC account — check the official IRCC fee page for the latest figures, as fees change periodically

Proof of funds: CAD 2,500 at the border

A border services officer may ask you to show that you can support yourself for the first three months in Canada. The standard amount is CAD 2,500 in accessible liquid funds — cash, savings accounts, bank drafts, certified cheques, or traveller's cheques. Credit cards do not count.

Your bank statement must be dated within one week of your departure. Make sure your name and the effective balance are clearly visible. If you are carrying CAD 10,000 or more in any form, you must declare it at the border.

Health insurance: mandatory for your full stay

This is the requirement many first-timers overlook: you must hold valid health insurance covering your entire time in Canada. A provincial health card is not sufficient. Border officers can — and do — ask for proof of insurance on arrival, and failing to show it can result in being turned back.

Budget realistically. A twelve-month policy from a reputable travel insurer typically costs CAD 600–1,200 depending on your age and coverage level. Buy it before you fly, and carry the policy documents (physical or digital) in your hand luggage.

First-month budget

Your first weeks in Canada are the most expensive. Budget for these before your first paycheque arrives:

• Accommodation: shared rooms in major cities typically run CAD 800–1,400 per month; hostels are cheaper short-term
• Groceries and meals: CAD 300–500 per month for modest home cooking
• Local transport (transit passes, bike share): CAD 100–150 per month in most cities
• SIM card and phone plan: CAD 30–60 per month for a basic data plan
• Miscellaneous setup costs (bedding, towels, kitchen basics if renting a room): CAD 100–200 one-off
• Recommended buffer until your first pay: CAD 1,500–2,500 on top of the border proof-of-funds amount

Buffer until first pay

Most Canadian employers pay bi-weekly. If you start work in your first week, expect three to four weeks before money hits your account. You also need a Social Insurance Number (SIN) and a Canadian bank account before your employer can process payroll — both take a few days to arrange after arrival.

A practical rule: keep at least CAD 2,000–3,000 liquid beyond your proof-of-funds amount to cover living costs from day one until your first pay period clears.

How Tern helps

Tern generates an official, formatted proof-of-funds statement in seconds — showing your balance in both CAD and your home currency with a verification code — so you can satisfy the border officer's request without fumbling for a screenshot. Tern also helps you track your spending during the critical first weeks so you always know how much runway you have before that first paycheque lands.