Financial Requirements For International Students To Study In Canada
Canada remains the most preferred among most international students when it comes to popular study-abroad destination options. However, proof of clear available funds is required to pursue studies in Canada to cover tuition and living expenses. This article will show you the financial requirements needed to study in Canada.
Canada is a popular destination for international students. According to a recent report, international students registering to study in the country increased significantly, with more than 572,000 non-English learners choosing to make Canada their second home.
Maple leaf country is also appealing because the Federal government has made it easier for students to stay in the country, to live, study, and work, both during their studies and after graduation.
International students also consider the country a welcoming and friendly place. As a result, they find themselves readily able to adapt to the multicultural settings of the country.
Along with the high quality of education, beautiful natural landscapes, wonderful student experiences, and more, it’s no wonder so many international students are attracted to studying in Canada. Here are the financial requirements for international students to study in Canada.
Minimum Financial Requirements For International Students To Study In Canada
In order to pursue your studies in Canada, proof of sufficient funds is required to cover tuition and living expenses.
You can prove to fund with the following:
- A proof of your Canadian bank account declaring the money you have transferred.
- Must present a Guaranteed Investment Certificate (GIC) from a Canadian bank.
- Proof of education or student loan from a bank.
- Your bank account statements for the past six (6) months.
- A bank draft that can be changed to Canadian dollars.
- Proof you paid for tuition and housing.
- A letter from a sponsor or person or school giving you the money.
- Proof of funding paid from within Canada if you have a scholarship support program.
Please note that tuition can vary significantly between institutions and study programs.
In addition to tuition fees, you must have adequate living expenses for yourself (and your spouse or family member), calculated as follows:
Funds Required Within Quebec
|
Persons coming to Canada |
Funds needed per year (in addition to tuition) |
Funds needed per month (in addition to tuition) |
|
Yourself |
$11,000 |
$917 |
|
First family member (Eighteen (18) years or older) |
$5,100 |
$425 |
|
First family member (under the age of Eighteen (18)) |
$3,800 |
$317 |
|
Every additional accompanying family member (Eighteen (18) years or older) |
$5,125 |
$427 |
|
Every additional accompanying family member (under the age of Eighteen (18)) |
$1,903 |
$159 |
Funds Required Other Canadian Provinces
|
Persons coming to Canada |
Funds needed per year (in addition to tuition) |
Funds needed per month (in addition to tuition) |
|
Yourself |
$10,000 |
$833 |
|
With a family member |
$4,000 |
$333 |
|
Any other family member |
$3,000 |
$255 |
Other Canada Student Visa Requirements
Aside from the financial requirements listed above, you will also need to prepare to submit the following supporting documents:
- A scanned copy of your passport to prove that it is valid.
- Your travel history document, i.e., the whole passport, is scanned to show that you have blank pages.
- Police clearance for your country of residence to prove you have a clean criminal record;
- A Declaration Letter from you to the Canadian government where you explain why they should give you a student visa and study permit.
- Two passport photograph that meets the Canada Photo Requirements.
- Medical tests or examinations.
- Your education or employment status through a resume or diploma.
- Moreover, finally, proof that you can fund the expenses of studying in Canada (tuition and living costs).
All the documents must be translated into English or French if they are written in the local language, and you must have proof and certifications that the translation is correct. Once you have all these documents, you can proceed with your Canada visa application.
Conclusion
In conclusion, the financial requirements for international students to study in Canada are straightforward. Students should have a bank account and sufficient funds to cover tuition, accommodation, and other associated costs. Canadian schools may also request proof of financial support, such as a student loan or scholarship application.
