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Home » Proof of Funds: Amount Needed to Study in Canada, 2023-24

Proof of Funds: Amount Needed to Study in Canada, 2023-24

To study in a Canadian high institution in 2023-24, international students require proof of funds of at least $25,000 in their bank accounts or their sponsor’s account statement. Additional funds are necessary for the accompanying spouse and each dependent child.

Canada is a significant destination for international students abroad to acquire quality education. Canada has a quality education and some arrangements for students willing to stay in the country after graduation. To pursue studies in Canada, proof of sufficient funds is required to cover tuition and living expenses.

Your chances of success when applying for a student visa or study permit rely heavily on your ability to support yourself financially when you land in Canada. Therefore, proof of unencumbered funds during your stay in Canada is essential.

In most cases, if you pursue studies in a Canadian post-secondary institution, the tuition can be as high as $15,000 for the first year. Immigration, refugee, and Citizenship Canada (IRCC) also require a fund of about $10000 for living expenses. This means you will be required to show a total of $25,000 to support your application for your Canadian study permit.

So, you need to show that you can support yourself (with your spouse or family member accompanying you if there are any) while studying in Canada.

What is Proof of Funds or Proof of Sufficient funds (POF)?

One of the basic requirements for a Canadian student visa is having proof of sufficient funds or evidence of encumbered funds. In addition, as an international student, you must provide positive evidence that you can pay tuition fees and other living expenses for the duration of your stay in Canada.

The school you enrolled in will also, at the one time, request that you provide proof of funds. So irrespective of who asks for POF, the fact remains that Proof of Funds refers to the evidentiary evidence that you could bear the cost of studying in Canada.

There are various means of showing proof of funds since students are requested to make upfront payments as evidence. There is no standard list of documents that IRCC would require.

What is the purpose of requiring proof of funding?

To guarantee that overseas students have enough money to cover their tuition and living costs while studying in Canada, IRCC demands funding confirmation.

This condition assists in separating the students who can afford to finish their education in Canada from those who can’t and might exploit their student visas for unauthorized purposes.

Proof of Financial Support for International Students 

Proof of sufficient funds or financial support can be shown through any of the following:

  • Evidence of a bank account in Canada that’s in your name if money has been transferred to Canada;
  • Proof of an education/student loan from a financial institution;
  • Your bank account statements for the past six months;
  • A bank draft;
  • Evidence of payment of tuition and accommodation fees;
  • A letter from your sponsor or institution providing you with the fund; and
  • Proof of funding paid from within Canada if you are in a Canadian-funded educational program or have a scholarship.

Example of fund requirement: How much money must I show for a Canadian student visa?

If you and two family members want to come to a province outside Quebec for a year, you will need the following;

  • living expenses: $10,000 (for the student)
  • living expenses: $4,000 (for the first family member)
  • living expenses: $3,000 (for the second family member)
  • Total: $17,000

Example 2: How much show money for a student visa in Canada?

If you and two family members (over the age of 18) want to come to Quebec for a year, you will need

  • living expenses: $11,000 (for the student)
  • living expenses: $5,100 (for the first family member)
  • living expenses: $5,125 (for the second family member)
  • Total: $21,225

If your country uses foreign-exchange controls, you must prove that you can export funds for all expenses.

An employment letter that proves how much your sponsor makes or a statement from your sponsor that shows they will support you may not be sufficient proof of funds to the immigration officer.

This is because neither of these documents proves that money is available to sponsor you. That is why bank account statements showing fund balance and source of the monetary funds are one of the best proof of funds when applying for a study permit for Canada.

Who can Sponsor a student in Canada?

Do not forget that your sponsor can be your parents, relatives, or guardian. The point here is to prove that the stated funds in the sponsor’s letter are indeed available through bank financial statements and that the sources of the fund are genuine and can be traced. It is also essential to include evidence of your relationship with your sponsor.

Documents accepted as proof of funds in 2023-24

Below is a list of financial documents readily accepted as proof of funds for a Canada study visa application. Any four documents may be combined with another to establish sufficient evidence of funding unless an IRCC Visa Officer requests a specific account/ deposit.

1. Bank Account Statements

The Visa Consulates or university might require you to submit your bank account statements or your sponsors’ bank account statements for a specific period. The statements should be specified in the person’s name.

It should be a scanned copy of statements in original, duly stamped, and signed by the bank. To prove financial capacity, the bank statement must be original, printed on the bank’s letterhead, and signed by the bank. And it should specify the tenure (usually six months’ bank statements) required by the consulate or university.

2. Loan Approval / Disbursement Letter

You can also provide a Loan Approval Letter as proof of funds. Again, getting it from the bank you applied for the loan shouldn’t be difficult. While the banks might have a set format, the letter generally should convey the approval of the bank loaning the specific amount to you for your higher education abroad.

The loan approval letter must be duly signed and stamped on the bank’s letterhead. It must also specify the amount to be disbursed in the student’s name and the promise to disburse funds when specified.

3. Scholarship Letters

Scholarship letters can be attached as evidence of financial capacity if you have been given a scholarship. This letter is usually provided by the university, donor agencies, or institutions granting the scholarship. In case you have received a Governmental Scholarship or Grant, you are required to attach a copy of the same.

4. Loan Capability Certificate

A loan capability certificate is a bit different from a loan approval letter. For example, suppose you are given a capacity certificate by a financial institution or bank. In that case, it implies that the bank will provide you with a loan if you get admitted to a university abroad.

The Loan Capability Certificate should clearly state your name, loan eligibility, and the prima facie promise of the financial institution to grant the loan. It should also be duly stamped and signed on the bank’s letterhead.

Minimum Amount Required by all Canadian Provinces except Quebec

Amount of funds required per month for people coming to Canada (additional to the tuition);

  • You (the student) $10,000 – $833
  • First family member $4,000 – $333
  • For each additional accompanying family member, $3,000 – $255

Minimum Funds Required by Quebec Province

Amount of funds required per month for people coming to Canada (additional to the tuition);

  • You (the student) $11,000 – $917
  • First family member (18 years or older) $5,100 – $425
  • First family member (under the age of 18) $3,800 – $317
  • Every additional accompanying family member (18 years or older) $5,125 – $427
  • Every other accompanying family member (under the age of 18) $1,903 – $159

 If your country uses foreign exchange controls, you must demonstrate or prove that you can export funds for all expenses. The amount in the table above may also suffice for study permit extension proof of funds.

Reasons for Rejecting Proof of Funding

IRCC may reject your evidence of money for various reasons, and these are examples of several proofs of funds rejections:

Lack of Funds

Insufficient funds are the most evident cause of a student visa refusal. As was previously established, students traveling to Canada alone must have at least 10,000 CAD in addition to finances to meet their annual tuition costs. Depending on the educational institution you are registered in, you may be required to provide proof of at least 30,000 or 40,000 CAD, as tuition costs in Canada range from 20,000 to 30,000 CAD per year.

Giving proof of funds less than this amount shows that you can support yourself while finishing your study in Canada. Before submitting their applications, all overseas students must meet the minimum funding requirements.

Large-scale deposits

When filing their student visa application, students who make a sizable or “bulk” deposit to their account will likely have it denied. Such deposits show that the money was placed in the account for proof of funds only, not because it belongs to you.

Suppose you plan to deposit a sizable sum into your account and present it as evidence of your ability to support yourself financially when applying for a student visa in Canada. Make sure the transfer has been finished at least four months beforehand.

Individual Loans

Some international students can demonstrate that they have money by taking out personal loans. As previously suggested, you can use an education loan as proof of funds. Moreover, several institutions provide unsecured loans for schooling.

Nonetheless, IRCC frequently sees these as being distinct from authorized student loans. Avoid using a personal loan as proof of funds, as doing so increases the likelihood that your student visa application will be denied.

FAQs 

What is proof of financial support for a Canadian student visa?

Proof of financial support for a Canadian student visa can come in the form of a letter from your bank or other financial institution stating that you have a certain amount of savings or that you receive a regular income. The letter should be on official letterhead and include your name, address, and account numbers.

You may also include other documents, such as pay slips, bank statements, or investment statements, to prove that you have the funds available to support yourself while studying in Canada. Letters from employers or sponsors and government grants or scholarships are also accepted as proof of financial support to study in Canada.

How many months of bank statements for a Canada student visa?

If you are applying for a Canadian student visa, you must submit proof of sufficient funds to cover your tuition fee and other living expenses. A four-month bank statement is often requiredIn addition, provide any of the following: Original bank account statement, scholarship letter, loan approval letter, or loan capacity certificate.

How much is the bank balance required for a Canadian student visa?

If you are pursuing studies in a Canadian post-secondary institution (university or College), the tuition can be as high as 15,000 CAD for the first year. Immigration, refugee, and Citizenship Canada (IRCC) also require a fund of about $10000 for living expenses.

Does the Canadian Embassy verify bank statements?

Canadian Embassy or Consulate will not check your bank account; they only check a few months of bank statements to see your history. Furthermore, they do not have the necessary waiver or permission from you to reach out to your bank, so they will be unable to get any information even if they try. However, they do carry out inquiries from banks.

Who can sponsor me for a Canadian student visa?

A friend, family member, relative, or third party can sponsor you by writing a letter stipulating that they will pay for your tuition and living costs as proof of funds for a Canada student visa.

What is the age limit for a Canadian student visa?

To study in Canada, you must be up to eighteen. Even though there is no age limit, you need a study permit if you are a minor. However, the age limit varies from province to province. In addition, you must be a Canadian or international student between 18 to 35.

What are the requirements to apply for a student visa in 2023-23?

You must submit a letter of introduction and various vital documents (Acceptance letter from a university, Valid passport, proof of sufficient funds to finance your studies, Proof of English Proficiency Test, Academic Documents, Receipt of Payment of Tuition fee, and Medical certificate). You may also need to apply for a temporary student visa.

Can I show my property as proof of funds for a student visa?

No, you can’t use your property as proof of funds for a study permit. The funds must be readily available to you (unencumbered). For instance, you can not use the equity on real property as proof of funds. You also can not borrow this money from another person. You must be able to use this money to pay tuition fees and other living expenses.

Can I show properties and landed assets as proof of funds for a Canada student visa?

Not really. Landed assets may serve as proof of home tie for international students but not as evidence or proof of financial support for a Canadian student visa.

IRCC requires that the amount of money used as proof of funds for the study permit be a near-cash liquid asset. And this money needs to be available to the student in Canada when required.

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