When applying for a Canada student visa, one of the most important requirements is proving that you have enough funds to support yourself during your stay in the country.
This proof of funds must cover not only your tuition fees but also extends to your living expenses.
If your proof of funds doesn’t match or exceed the required amount as set by IRCC, there is no need to submit your visa application.
I can assure you that IRCC will reject your application if your funds fall short, no matter how strong the other parts of your application may be.
Therefore, to increase your chances of getting your Canada student visa approved, present clear and accurate financial proof that meets the amount below.
Minimum bank balance for a Canada student visa
Starting from January 1, 2024, the minimum bank balance required for a Canada student visa is CAD 20,635 per person, up from the previous CAD 10,000. This amount is intended to cover your living expenses for one year and is in addition to your tuition fees and travel costs.
This means that; the CAD 20,635 alone won’t get you a student visa if you apply today.
In general, the total amount you need for your Canada student visa is your tuition fees, plus CAD 20,635 for living expenses per year.
Read also: Disadvantages of studying in Canada for international students
If you have a spouse or a family member accompanying you, you need an additional CAD 5,559, and for each dependent child or person, an extra CAD 3,000.
This amount is for students studying outside Quebec, if you’re coming to study in Quebec, you have a different case to attend to.
The proof of funds you’ll submit must reflect the whole amount and be backed with evidence.
Previously, the minimum bank balance required for a Canada student visa was:
Required minimum bank balance for a Canada student visa before January 1, 2024
| Number of persons Coming to Canada | Minimum bank balance per year (without tuition fee) |
|---|---|
| Only the student | CAD 10,000 |
| The student plus 1 family member | CAD 14,000 (CAD 10,000 for the student plus CAD 4,000 for 1 family member) |
| Any additional family member | CAD 3,000 |
Source of data: canada.ca
The amount above no longer applies since the change that took effect on January 1, 2024.
Read also: My Canadian student visa expired, what should I do?
The current amount is higher and the conditions for a student visa in Canada are tougher as well.
Current minimum bank balance for Canada student visa (Outside Quebec)
For students studying outside the province of Quebec, the current minimum bank balance is:
| Number of persons | Minimum bank balance per year (Excluding tuition fees) |
|---|---|
| Only the student | CAD 20,635 |
| The student + 1 Family member | CAD 25,690 |
| The student + 2 Family members | CAD 31,583 |
| The student + 3 Family members | CAD 38,346 |
| The student + 4 Family members | CAD 43,492 |
| The student + 5 Family members | CAD 49,051 |
| The student + 6 Family members | CAD 54,611 |
| For each additional family member | CAD 5,559 |
Source of data: canada.ca
From the chart, the more family members you bring with you, the higher your required bank balance.
For example, if your tuition is CAD 20,000 and you are the only person applying, you’ll need at least CAD CAD 20,000 + CAD 20,635 in available funds (CAD 20,000 for tuition + CAD 20,635 for living expenses).
If your spouse is joining you, the total amount you need will increase (CAD 20,000 for tuition + CAD 20,635 for your living expenses + CAD 4,000 for your spouse).
Minimum bank balance for a Canada student visa (Inside Quebec)
If you’re planning to study in Quebec, the amount is slightly different.
Here’s what you need:
| The Student + accompanying family members | Minimum bank balance per year (Excluding tuition fees) |
|---|---|
| 1 Person under 18 | CAD 7,541 |
| 1 Person aged 18 and over | CAD 15,078 |
| 2 Persons aged 18 and over | CAD 22,115 |
| 2 Persons aged 18 and over + 1 Person under 18 | CAD 24,773 |
| 2 Persons aged 18 and over + 2 People under 18 | CAD 26,737 |
Data from: Quebec.ca
Other required funds include insurance and settlement fees.
The insurance requirement doesn’t apply if you already have valid health insurance in Quebec or if your country has a social security agreement with Quebec.
If your country doesn’t have such an agreement, you’ll need to enrol in Quebec’s health insurance plan.
Read also: How long you can stay in the UK after your student visa expires?
Additionally, you’ll pay a settlement fee for your first year, which is currently CAD 500.
You can show that you have these amounts through any of the following ways.
How to show proof of funds for a Canada student visa
IRCC accepts different forms of proof of funds. You can submit:
- A Canadian bank account: You can use a Canadian bank account in your name as proof of funds – with money in it.
- Your bank statements: Your bank statement is an acceptable proof of funds. It must show your current account balance and your name as the account holder.Â
- A sponsorship letter: If someone else, like your parent or relative, is sponsoring you, provide their financial details and a signed letter from them stating that the money is available to you for your education.
- A scholarship or grant letter: If you’ve received scholarships, grants, or financial aid, provide an official letter from the awarding institution as proof of funds.
- Affidavit of support: This is a legal document where someone, like a family member, promises to financially support you during your studies.
- A loan approval letter: If you’re taking a loan to cover your expenses, provide the loan approval letter from the lending institution.
- Pay slips: Provide the recent one.
- Proof of funding paid from within Canada.
- Income tax notice of assessment: It must be a recent one showing your annual income.
- Government sponsorship letter: If your government is sponsoring your studies, provide official letters from your government confirming the sponsorship.
- A bank draft that you can convert to Canadian dollars.
- A Guaranteed Investment Certificate from a participating Canadian financial institution.
Why is proof of funds important?
Your proof of funds is important because the government of Canada needs assurance that you can support yourself financially during your stay.
As much as they appreciate you coming into the country, they also don’t want you coming to depend on social services.
Read also: Why do you want to study in Australia?
Your proof of funds is your way of saying to them “I can handle my expenses if you allow me into your country”.
FAQs
Is 3 months’ bank statement enough for a Canada student visa?
No, 3 months’ bank statement is not enough for a Canada student visa, it must be at least 6 months and must show the name of the account holder and the current account balance
What happens if I cannot show the minimum bank balance required for a Canada student visa?Â
If you cannot show the minimum bank balance required for a visa, your Canada student visa application will be rejected, and you’ll be asked to apply when you have enough money to sponsor yourself or when you get a sponsor.
Before applying, ensure you have the needed funds and can prove it.
Can I use my family’s bank account for financial proof?
Yes, you can use a family member’s account, but you must provide an affidavit of support stating they’ll sponsor you and that the funds are available to you when you need them.
Can I apply for a Canada student visa without a bank account?
You can apply for a Canadian student visa without a bank account if you have a sponsor funding your education.
However, you need an account even if you have a sponsor.
If you don’t have a sponsor, you cannot apply for a Canada student visa without a bank account in your name.
Is 2 months’ bank statement enough for a Canada student visa?
No, just like 3-month bank statements, a 2-month bank statement is not enough for a Canada student visa.
The best option is to provide a 6 months bank statement showing your name and current account balance.
Can a friend sponsor me to Canada?
Yes, a friend can sponsor you, however, family members are more commonly accepted as sponsors for student visas.
Friends can be accepted as sponsors if they are close relatives or meet sponsorship requirements according to the immigration authorities.
Can I study in Canada without tuition fees?
You can study in Canada without tuition fees if you are on a scholarship or grant. In this case, the scholarship board will handle your fees.
Do I have to pay tuition fees before getting a study visa in Canada?
No, you mustn’t pay your tuition fees before getting a study visa in Canada, however, you must provide proof that you have your tuition fee and living cost before getting your student visa.
Paying your tuition fee is not always required before getting a student visa except if your school has it as their specific rule.
Can I show my property as proof of funds for a Canadian student visa?
Yes, you can show your property as proof of funds if it can be easily converted into cash. However, a bank account with the required amount in your name is better than using a property.
What if I can’t show enough money? Can I still get a visa?
If you can’t show enough money, you can’t get a visa. Having enough money to support yourself while in Canada is important.
To increase your chances of getting a Canadian student visa, show that you’ve enough funds.
Before you submit your Canada student visa application, ensure your proof of funds includes not just tuition fees but other fees.
Read also: Universities that Accept 2.5 GPA for Masters in Canada
Besides tuition, you’ll need to show at least CAD 20,635 per year for living expenses, or more if you’re studying in Quebec.
If you’re bringing family members, you’ll need an extra CAD 4,000 for your spouse and CAD 3,000 for each child.
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