How Much Money Do You Need for an IEC Working Holiday in Canada?

Thinking about swapping the UK for a Canadian working holiday? From skiing in British Columbia to exploring the Rockies, working in hospitality or simply experiencing life on the other side of the Atlantic, an IEC Working Holiday in Canada can be an incredible adventure.

But before you plan your first road trip or apply for jobs, you need to answer one important question: how much money do you actually need to get started?

The Canadian government has a minimum funds requirement for IEC participants, but this is just the starting point. Flights, accommodation, food, transport and travel insurance can quickly add up, particularly during your first few weeks before you find work.

So, how much should you budget for your Canadian working holiday?

Your Canada Working Holiday Budget at a Glance

There’s no single figure that will work for everyone. Your budget will depend on where you stay, how quickly you find work and how much travelling you plan to do.

However, this quick checklist gives you an idea of the main costs to consider before you go:

The Canadian government currently asks IEC applicants to show at least CAN$2,500, plus enough for a return ticket or to buy one.

However, think of this as a minimum requirement, not your entire working holiday budget. CAN$2,500 can disappear surprisingly quickly if you’re paying for accommodation and everyday expenses before your first pay cheque arrives.

How Much Does an IEC Working Holiday in Canada Cost?

The good news is you don’t need enough money to fund an entire year in Canada before you leave. The whole point of the Working Holiday category is that you can work while you travel, helping you fund your adventure as you go.

The challenge is having enough money behind you to get established. Your highest initial costs are likely to be:

• Your IEC application and associated fees
• Flights to Canada
• Travel insurance
• Your first few weeks of accommodation
• Food and everyday essentials
• Transport
• A deposit if you rent somewhere longer term
• Money for emergencies

Having a decent financial cushion also gives you more freedom when you arrive. You won’t necessarily have to accept the first job you find or take the cheapest accommodation available if you’ve got enough savings to give yourself some breathing room.

Don’t Forget the IEC Funds Requirement

Before you travel, you’ll need to show you have sufficient funds to support yourself when you arrive. The same applies to those going the other way round the globe and looking to take a working holiday in Australia or New Zealand.

For the current IEC programme, the Canadian government requires CAN$2,500, with proof such as a recent bank statement. You also need to have enough money for your return flight, or the funds to purchase one.

This money isn’t a fee that you hand over to the Canadian government. It’s money you need to have available to show you can support yourself at the start of your stay.

And remember, CAN$2,500 is a minimum. Depending on your destination and plans, having more savings available can make the first few weeks considerably easier.

Flights: One of Your Biggest Upfront Costs

Getting to Canada is likely one of your biggest upfront expenses before your working holiday even begins. Flight prices vary significantly depending on:

• Where you’re flying from in the UK
• Which Canadian city you’re travelling to
• The time of year
• Whether you book a return or onward flight
• How much luggage you’re taking

If you’re heading to Canada for a ski season, for example, you may also need to factor in additional luggage or specialist equipment.

It’s also worth comparing different arrival airports. Toronto and Vancouver are popular starting points, but they aren’t necessarily the best option for every traveller. Your final destination and where you intend to work could make another airport more convenient.

Accommodation: Budget for Your First Few Weeks

Accommodation is another major consideration, particularly in popular cities and ski destinations.

You may not want to commit to a long-term rental before you’ve arrived. Instead, many working holidaymakers start with a hostel, hotel or short-term rental while they look for work and get to know the area.

This means your initial accommodation budget should cover more than just a couple of nights. Consider budgeting for:

• A hostel or budget hotel while you settle in
• Transport to and from your accommodation
• A rental deposit if you find somewhere longer-term
• First month’s rent
• Potential agency or application fees
• Temporary accommodation if your job doesn’t include somewhere to stay

If you’re heading straight to a popular ski resort, accommodation can be particularly competitive. This is one reason it’s worth researching your destination before you fly.

If working in the snow is part of your plan, our guide to the 5 Best Snow Working Holiday Jobs in Canada is a useful place to start.

What About the Cost of Living in Canada?

Your day-to-day spending will depend heavily on where you choose to live.

Canada is a huge country, and the cost of living can vary considerably between cities, rural areas and popular tourist destinations. Accommodation is likely to be one of your biggest ongoing expenses, while groceries, eating out, transport and entertainment will all contribute to your monthly budget.

Before choosing where to go, research the typical costs in your intended destination.

You might find that a job offering slightly lower wages in a smaller town leaves you with more disposable income than a higher-paid role in an expensive city.

That’s one advantage of an IEC Working Holiday in Canada. You’re not necessarily tied to one place or one employer. The Working Holiday category provides an open work permit, allowing participants to work for different employers while travelling around Canada.

How Much Emergency Money Should You Have?

It’s tempting to calculate your budget down to the last dollar. But we’d recommend leaving some room for the unexpected.

What happens if your job doesn’t start when you expected? Or you need to stay in a hostel for an extra two weeks? What if your flight is delayed, your phone breaks or you suddenly need to replace an essential piece of equipment?

An emergency fund gives you options.

As a general rule, the more flexibility you have in your budget, the better. You don’t want to arrive in Canada with exactly the minimum funds required and immediately have to worry about finding work before you’ve even adjusted to your new surroundings.

Don’t Forget Travel Insurance

Travel insurance is another essential cost to factor into your IEC Working Holiday budget in Canada.

It’s particularly important because the Canadian government requires IEC participants to have health insurance that covers their entire stay before they arrive. Your policy must include medical care, hospitalisation, and repatriation. If you don’t have sufficient insurance, you could potentially be refused entry or have your work permit limited to the length of your insurance cover.

This is where it’s important not to buy the cheapest travel insurance policy you can find.

If you’re planning to work during your Canadian adventure, make sure your policy covers the type of work you intend to do. If you’re planning to ski, snowboard or take part in other adventure activities, check that these are covered too.

Go Walkabout’s Canada IEC Visa travel insurance is specifically designed for working holidaymakers, with additional cover available for different types of work.

You can also read our existing guide, Experiencing a Canadian Working Holiday Has Just Got Easier, for more information about the IEC programme and what you’ll need to prepare before travelling.

Can You Earn Money While Travelling in Canada?

Yes, you can earn money while travelling in Canada. And this is what makes an IEC Working Holiday so appealing.

Rather than saving enough money to fund an entire year abroad, you can find work once you arrive and use your wages to replenish your travel fund. The Working Holiday category is designed for people who want to combine work and travel, rather than committing to a single employer before they arrive.

Depending on your skills and where you travel, you could find work in areas such as:

• Hospitality and tourism
• Ski resorts
• Retail
• Hospitality management
• Farm and seasonal work
• Tourism and outdoor activities
• Administration
• Customer service

Some jobs may also offer staff accommodation or other benefits, which can make a significant difference to your overall budget.

For inspiration, take a look at our guide to the best snow working holiday jobs in Canada.

How to Make Your Canada Working Holiday Budget Go Further

You don’t have to spend a fortune to have an incredible experience in Canada. A few simple decisions can make your money stretch further:

1. Travel outside the most expensive areas

Canada’s major cities and famous ski resorts can be expensive. Consider spending some of your time in smaller towns or less touristy destinations. Not only will this be cheaper, but you’ll get to experience more of a local scene.

2. Look for jobs with accommodation.

Seasonal employers sometimes offer staff accommodation, which can remove one of the highest costs you’ll face. Sure, the accommodation won’t be the most glamorous. But it will take financial pressure off your shoulders!

3. Cook rather than eat out.

Eating out regularly can quickly eat into your travel budget. If you’re staying somewhere with access to a kitchen, cooking for yourself can make a significant difference. But remember, living off Pot Noodles and beans on toast is not ideal. You need to stay healthy while working abroad!

4. Use your work to fund your travel.

Instead of trying to see everything right away, work for a few months and then use your savings to travel. You never know; you may even land a job that takes you to the places you want to see, like a G Adventures Tour Guide.

5. Take advantage of the Working Holiday lifestyle.

One of the best things about an IEC Working Holiday is the ability to move around. You don’t have to spend your entire stay in one city, so don’t feel pressured to choose your forever destination before you arrive.

So, How Much Should You Save for an IEC Working Holiday in Canada?

The official minimum of CAN$2,500 is a useful starting point, but we’d recommend thinking beyond the minimum.

You’ll want enough money to cover your initial costs, including flights, accommodation, food, transport, insurance and any other expenses before your first wages come in. The more you can save before you leave, the more flexibility you’ll have when you arrive.

An IEC Working Holiday in Canada is ultimately about balancing saving enough to get started with earning enough to keep your adventure going.

Plan your budget carefully, understand the costs involved and make sure you have comprehensive travel insurance for the full length of your stay. Then, once you’ve arrived, you can concentrate on what the experience is really about: working, travelling and making the most of your time in Canada.