How Much Bank Statement is Required for a Canada Student Visa?
Want to apply for a Canada student visa? Applying for a Canadian student visa isn’t as easy as it might seem. Aside from providing proof of English language proficiency, and filling out the visa application form, applicants also need to meet the financial requirements of the country. Knowing the bank balance requirement can help you to prevent your student visa rejection in Canada. Do you know how much bank balance is required for Canada student visa? Well, here we will provide you with a comprehensive guide about the financial requirements to study in Canada. So, if you want to know the exact amount for the proof of funds for Canada student visa, hopefully, this blog is going to help you a lot.
What is a study permit in Canada?
A study permit in Canada is an official document issued by the Canadian government that allows foreign nationals to study at designated learning institutions (DLIs) in Canada. It is required for most international students intending to pursue academic, professional, or vocational courses that last more than six months.
How to get a student visa in Canada?
A Canada student visa is also known as a study permit in Canada. To obtain a student visa in Canada there are several steps you’ll need to follow:
- Receive acceptance from a Designated Learning Institution (DLI)
- 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 financial requirements for a Canada student visa?
The financial requirements for a Canadian student visa, or study permit, involve demonstrating that you have enough funds to cover tuition fees, living expenses, and return transportation for yourself and any accompanying family members. The specific amount required can vary based on factors like the duration of the program, location of study, and whether you have dependents accompanying you.
Minimum bank balance for Canada student visa for international students
The minimum bank balance for Canada student visa is CAD 10,000. However, this is just the beginning. You also need to demonstrate your one-year tuition fee to study in Canada. The average tuition fee in Canada is CAD 15,000. So, it’s better to show CAD 25,000 as your bank statement requirement for Canada student visa. You can keep more money so that you can avoid your student visa rejection in Canada.
How to calculate the proof of funds for Canada student visa?
To show the exact amount of bank statements required for Canada student visa, you need to know how to calculate the funds accurately. So, here we go. The Bank balance requirement for a Canadian study permit is the sum of your annual tuition fees and annual living expenses. The minimum tuition fee for a Canadian university is CAD 15,000. The minimum living expense in Canada is approximately CAD 10,000. So, for a Canadian student visa, the minimum bank balance requirement is ($ 15,000 CAD+ CAD 10,000) = CAD 25,000 approximately.
How much bank balance is required for Canada student visa?
When it comes to applying for a Canadian student visa, it becomes mandatory to know the exact amount of bank balance required for Canada student visa. The exact amount of financial requirements for a study permit in Canada depends on the tuition fee and living expenses in Canada. The minimum tuition fee in Canada is CAD 15,000. The living expenses in Canada can vary depending on where are you living. Such as-
The bank balance required for Canada student visa 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 | AN$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 balance required for Canada student visa outside of Quebec
| Persons coming to Canada | Amount of funds required per year (except tuition fee) | Amount of funds required per month(except tuition fee) |
|---|---|---|
| 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 you can use as your bank statement requirements for Canada student visa?
The amount you need to show as a bank statement requirement for Canada student visa must be from the following source:
- Personal income
- Business income
- Personal asset
- Investment income
How can you prove your financial support for a Canada student visa?
As an international student, you’ve to prove your financial statement for a Canadian study permit. You can prove your financial support for a Canada student visa with-
- Proof of a Canadian bank account in your name
- Guaranteed Investment Certificate from a participating Canadian financial institution
- Proof of a student or education loan from a bank
- Bank statements for the past 4 months
- A bank draft that can be converted to Canadian dollars
- Proof you paid tuition and housing fees
- A letter from the person or school giving you money
- Proof of funding paid from within Canada
Can you apply for a Canada student visa for May 2024 intake?
Have you missed the January 2024 intake to study in Canada? Do you think that you’ve to wait a long for the next intake? Boom! Here is a good news for you. You can apply for a Canada student visa for May 2024 intake. Yes. Canadian universities are taking international applications for the May 2024 intake. So, why should wait a long? Get all the documents ready, make your application, collect the required bank balance for Canada student visa, apply for the visa, and get ready to fly.
Who can help you apply for a study permit in Canada for May/September 2024 intake?
Canadian universities are open for May and September 2024 intake for international students. However, applying for a Canadian study permit is not a piece of cake. Any little mistake can cause your student visa rejection. So, now the question is who can help you to apply for a study permit in Canada for May/September 2024 intake? Alright, Here we go.
AIMS Education is the best study abroad consultancy firm helping students apply for Canada student visas. We have direct partnerships with 100+ universities globally. So, if you want to study in Canada for the upcoming May/September 2024 intake, you can always contact AIMS Education.
Final words
Ensuring that you have sufficient funds and providing accurate and complete documentation is crucial for a successful study permit application. It’s important to note that the exact amount required for financial proof can vary depending on the institution, the province or territory you’re planning to study in, and your specific circumstances. In this blog, we’ve tried to give you accurate information about the bank balance required for Canada student visa applications.
FAQ
Ans: The minimum tuition fee for a Canadian university is $15,000 CAD. The minimum living expense in Canada is approximately $10,000 CAD. So, for a Canadian student visa, the minimum bank balance requirement is ($ 15,000 CAD+ $10,000 CAD) = $ 25,000 CAD approximately.
Ans: The minimum living expense in Canada is approximately $10,000 CAD. You need to add your 1-year tuition fee with this amount to calculate the accurate amount of bank balance for Canada student visa.
Ans: Proof of funds (yearly) except the Tuition fee is CAN$6,569 (inside Quebec) and outside Quebec the amount is CAN$10,000.
Ans: The minimum tuition fee for a Canadian university is $15,000 CAD. The minimum living expense in Canada is approximately $10,000 CAD. So, for a Canadian student visa, the minimum bank balance requirement is ($ 15,000 CAD+ $10,000 CAD) = $ 25,000 CAD approximately.
Ans: Study cost depends on the type of qualification and selected university. You need approximately between CAD 10,000 to CAD 35,000 a year.
Ans: The financial requirements for a Canadian student visa, or study permit, involve demonstrating that you have enough funds to cover tuition fees, living expenses, and return transportation for yourself and any accompanying family members.
Ans: You'll need to show proof of funds in the form of official letters from banks or other financial institutions where you have money, either in your home country or Canada.
Ans: You may need to use bank statements from your parent(s) or legal guardian(s) as proof that you have the required funds
Ans: If you don't have a living relative 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.
Ans: You must have the bank statement for at least 4 months to get a student visa in Canada.
Disclaimer
The university authority can anytime change their entry requirements, tuition fees, course options, scholarship opportunities and other requirements for international students. This blog is written with current information regarding the university requirements. But if there is any confusion about any kind of information regarding any university you can contact us directly.
