To get a Canadian student visa, you must prove that you have the minimum amount required for the visa.
Previously, this amount was CAD 10,000 only, (no addition), if you’re coming to Canada alone.
That is; if you don’t have a dependent.
Recently, there’s been a change. The amount you need to get a Canadian student visa has been, unfortunately, increased.
And just like before, if your proof of funds doesn’t show an amount that matches or exceeds the new bank balance, there is no need to submit your visa application.
I can assure you that IRCC will reject your application, no matter how strong the other parts of your application may be.
Therefore, if you want your Canada student visa application to be approved, your proof of funds must show the new amount below.
How much bank balance is required for 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 covers your living expenses for one year and does not include your tuition fees and travel costs.
This means that; the CAD 20,635 alone (which is for your living expenses) won’t get you a Canadian student visa if you apply today.
In general, the total amount you need for your Canada student visa is your first tuition fees, plus CAD 20,635 for living expenses for the first year.
That is to say; if your first-year tuition fee is CAD 10,000. You need a total of CAD 10,000 + CAD 20,635 before your student visa application is approved.
This amount only applies to students who are coming to Canada alone.
If you have a spouse or a family member who will follow you to Canada, you need an additional CAD 5,559, and for each dependent child or person, an extra CAD 3,000.
Read also: How to report a student working more than 20 hours.
This amount is for students studying outside Quebec, if you’re coming to study in Quebec, you have a different case to attend to.
Your proof of funds 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 above amount no longer applies since the change took effect on January 1, 2024.
Read also: What happens if an international student fails a class in Canada?
The current amount is higher and the conditions for a student visa in Canada are tougher.
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
The chart shows that 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’re the only person coming to Canada.
You’ll present proof of funds showing at least CAD CAD 20,000 + CAD 20,635 in available funds.
The CAD 20,000 is for your tuition while the CAD 20,635 is for your living expenses.
Read also: International students in Australia cannot change courses under the new law.
If your spouse is joining you, the total amount you need will increase.
It’ll be (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)
For students coming 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 funds you’ll need 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 enrol in Quebec’s health insurance plan.
Additionally, you’ll pay a settlement fee for your first year, which is currently CAD 500.
Read also: How long can an F1 student stay in the USA without attending school?
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: This is one of the best ways to show proof of funds. 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. However, it must show your current account balance and your name as the account holder.
- A sponsorship letter: If someone else, like your parent or relative, is sponsoring you, submit their financial details. Plus get 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, submit 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, submit 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, get 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?
This is pretty obvious.
Your proof of funds is important because the government of Canada needs assurance that you can support yourself financially during your stay in the country.
Even though Canada appreciate you coming to study in the country, they don’t want you coming to depend on social services.
Or help from their government.
Read also: Cheapest high schools in Canada for international students.
Your proof of funds is your way of saying to them “I can handle my expenses if you allow me into your country”.
To increase your chances of getting your Canadian student visa approved, include convincing proof of funds in your application.
Your proof of fund must show the complete amount – both your first year living expenses and first year tuition fee.
If you’re coming with a dependant, the amount will increase.
FAQs
Is 3 months’ bank statement enough for a Canada student visa?
No, its not enough. A 3 months’ bank statement is not enough for a Canada student visa.
You need a bank statement showing at least 6 months account history.
In addition, the statement 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?
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.
Read also: How do authorities find out that you worked over 20 hours per week?
Before applying for a Canadian study visa, make sure 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 submit 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, its not. Just like 3-month bank statements, a 2-month bank statement is not enough for a Canada student visa.
The best option is to submit 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 show 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 study 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.
This is why your proof of funds must show at least CAD 20,635 for living expenses, plus your tuition fees.
And, if you’re bringing family members, you’ll need an extra CAD 4,000 for your spouse and CAD 3,000 for each child.