What are the minimum bank balance requirements for a Canadian student visa? Till 2023, the minimum bank balance for a Canadian student visa was CAD 10,000 per year. However, from January 1, 2024, this amount has increased to CAD 20,635 per year, excluding the first year’s tuition fee. Applying for a student visa in Canada isn’t as easy as it may seem. Aside from providing proof of English proficiency, applicants also need to meet the financial requirements for a Canada student visa.
Knowing the bank statement requirements can help you prevent your student visa rejection in Canada. Well, here we will provide you with a comprehensive guide to the bank balance requirements for a Canadian student visa. So, if you want to know the exact amount for the proof of funds for a Canada student visa, hopefully, this blog will help you a lot.
Contents
- 1 What is a student visa in Canada?
- 2 How to get a study permit in Canada?
- 3 What are the bank balance requirements for a Canada student visa?
- 4 Minimum financial requirements for a Canada student visa for international students
- 5 How to calculate the proof of funds for a student visa in Canada?
- 6 What kind of funds can you use as your bank balance requirements for a Canadian student visa?
- 7 How can you show your proof of funds for a study permit in Canada?
- 8 Final words
- 9 FAQ
- 9.1 What are the minimum bank balance requirements for a Canadian student visa?
- 9.2 How much money do I need to show in my bank for a student visa in Canada?
- 9.3 How much money is required in the bank to study in Canada?
- 9.4 What is the minimum net worth of a student visa in Canada?
- 9.5 What is proof of funds for a student visa to Canada?
- 9.6 Can I use my father’s bank balance for a Canada visa?
- 9.7 Who can sponsor me in Canada?
What is a student visa in Canada?
A study permit in Canada is an official document issued by the Canadian government that allows international students to study at designated learning institutions (DLIs) in Canada. It is required for every overseas student intending to pursue academic, professional, or vocational courses that last more than six months.
How to get a study permit in Canada?
A student visa in Canada is also known as a study permit in Canada. To obtain a Canadian student visa there are several steps you’ll need to follow:
- Get acceptance from a Designated Learning Institution
- Gather necessary documents
- Apply online or in person
- Pay application fees
- Biometrics
- Attend an interview (if required)
- Wait for processing
- Receive the study permit
What are the bank balance requirements for a Canada student visa?
The bank balance requirements for a Canadian student visa, or study permit; involve proving that you have enough funds to cover tuition fees, living expenses, and return transportation for yourself and any accompanying family members. The required amount of money can vary based on factors like the duration of the program, location of study, and whether or not you have dependents accompanying you.
Minimum financial requirements for a Canada student visa for international students
The minimum bank balance requirements for a Canadian student visa is CAD 10,000. You also need to provide your one-year university tuition fee to study in Canada. The average tuition fee in a Canadian university is CAD 15,000. So, it’s better to show at least CAD 25,000 as your bank statement requirement for a Canadian student visa. You can keep more money to avoid your student visa rejection in Canada.
How to calculate the proof of funds for a student visa in Canada?
To show the exact amount of proof of funds required for a Canada student visa, you need to know how to calculate the funds accurately. The bank balance requirements for a Canadian student visa is the sum of your annual tuition fees and annual living expenses. The minimum tuition fee in Canada is CAD 15,000 (approx). The minimum living expense in Canada is CAD 10,000( by the Canadian government). So, for a Canadian student visa, the minimum financial requirement is ($ 15,000 CAD+ CAD 10,000) = CAD 25,000 approximately.
The bank balance requirements for a Canada student visa in Quebec
Since the living expenses in Quebec are relatively low compared to the rest of Canada, the Bank balance requirements for a Canadian student visa are also low for the students living in Quebec.
| People coming to Canada | Proof of funds (yearly) except Tuition fee | Proof of funds (per month)except Tuition fee |
| 1 person under the age of 18 | CAN$6,569 | CAN$547 |
| 1 person aged 18 or over | CAN$13,134 | CAN$1,095 |
| 2 people aged 18 or over | CAN$19,264 | CAN$1,605 |
| 2 people aged 18 or over and 1 person under the age of 18 | CAN$21,579 | CAN$1,798 |
| 2 people aged 18 or over and 2 people under the age of 18 | CAN$23,290 | CAN$1,941 |
Bank statement requirement for Canada student visa outside of Quebec
Here explore the proof of funds for the students living outside of Quebec.
| Persons coming to Canada | Amount of funds required per year | Amount of funds required per month |
| You | CAN$10,000 | CAN$833 |
| First family member | CAN$4,000 | CAN$333 |
| Every additional accompanying family member | CAN$3,000 | CAN$255 |
What kind of funds can you use as your bank balance requirements for a Canadian student visa?
The amount you need to show as the bank balance requirements for a Canadian student visa must be from the following source:
- Personal income
- Business income
- Personal asset
- Investment Income
How can you show your proof of funds for a study permit in Canada?
As an international student, you’ve to prove your financial requirement for a Canadian study permit. You can prove your financial statement for a Canada student visa with-
- Proof that you have a Canadian bank account in your name
- Guaranteed Investment Certificate from a participating financial institution in Canada
- Proof of a student or education loan from a bank
- Bank statements for the past 4 months
- A bank draft must be converted to Canadian dollars
- Proof you paid tuition and housing fees
- A letter from the person or institution giving you money
- Proof of funding paid from within Canada
Final words
Making sure you have enough money and giving all the right documents is super important when applying for a study permit. Remember, the money you need can change based on where you’re studying, the school, and your situation. In this blog, we’ve done our best to tell you how much money you’ll need for a student visa in Canada.
FAQ
What are the minimum bank balance requirements for a Canadian student visa?
Ans: The minimum study cost in Canada is CAD 15,000. The minimum living expense in Canada is CAD 10,000. So, the minimum bank statement requirement for a Canadian student visa is ($ 15,000 CAD+ CAD 10,000) = CAD 25,000 approximately.
How much money do I need to show in my bank for a student visa in Canada?
Ans: The minimum living expense in Canada is CAD 10,000. You need to add your 1-year tuition fee(minimum CAD15,000) with this amount to calculate the accurate amount of bank balance for a Canada student visa.
How much money is required in the bank to study in Canada?
Ans: Proof of funds inside Quebec is (yearly) CAN$6,569 (except tuition fees) and outside Quebec the amount is CAN$10,000(except tuition fees).
What is the minimum net worth of a student visa in Canada?
Ans: The minimum education fee for a Canadian university is CAD 15,000. The minimum living expense in Canada is approximately $10,000. So, for a Canadian student visa, the minimum bank balance requirements are ($ 15,000 CAD+ $10,000) = $25,000 approximately.
What is proof of funds for a student visa to Canada?
Ans: You’ll need to show proof of funds in the form of official letters from banks where you have money, either in your home country or Canada.
Can I use my father’s bank balance for a Canada visa?
What are the minimum bank balance requirements for a Canadian student visa?
Ans: The minimum study cost in Canada is CAD 15,000. The minimum living expense in Canada is CAD 10,000. So, the minimum bank statement requirement for a Canadian student visa is ($ 15,000 CAD+ CAD 10,000) = CAD 25,000 approximately.
How much money do I need to show in my bank for a student visa in Canada?
Ans: The minimum living expense in Canada is CAD 10,000. You need to add your 1-year tuition fee(minimum CAD15,000) with this amount to calculate the accurate amount of bank balance for a Canada student visa.
How much money is required in the bank to study in Canada?
Ans: Proof of funds inside Quebec is (yearly) CAN$6,569 (except tuition fees) and outside Quebec the amount is CAN$10,000(except tuition fees).
What is the minimum net worth of a student visa in Canada?
Ans: The minimum education fee for a Canadian university is CAD 15,000. The minimum living expense in Canada is approximately $10,000. So, for a Canadian student visa, the minimum bank balance requirements are ($ 15,000 CAD+ $10,000) = $25,000 approximately.
What is proof of funds for a student visa to Canada?
Ans: You’ll need to show proof of funds in the form of official letters from banks where you have money, either in your home country or Canada.
Who can sponsor me in Canada?
Ans: If you don’t have a relative in Canada, you could sponsor instead, such as a:
spouse.
common-law partner.
conjugal partner.
son or daughter.
parent.
grandparent.
orphaned brother or sister.
orphaned nephew or niece.
