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Proof of Funds: Minimum Amount to Study in Canada, 2021

At the minimum, an International Student may be required to show a total of $25,000 to support their application for Canadian study permit.

To study in a Canadian high institution, international students require proof of funds of at least $25,000 minimum amount of money in their bank accounts or their sponsor’s account statement. Additional amount of fund is needed for accompanying spouse and each dependent children.

Canada is a major destination for international students going abroad to acquire quality education. Canada does not only have a quality education, but it also has some arrangements for students who are willing to continue staying in the country after graduation. In order 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. Being able to show proof of unencumbered funds during your stay in Canada is very important and essential.

In most cases, if you are pursuing 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 you are 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 proof of encumbered funds. As an international student, you are required to provide positive proof that you are able to not only pay for tuition fees but also 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 requests POF, the fact remains that Proof of Funds refers to the evidentiary proof that you would be able to 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 would be required by IRCC.

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
  • evidence of funding paid from within Canada if you are are in a Canadian-funded educational program or have a scholarship.

Example of fund requirement: How much money do i need to show for Canadian student visa?

If you and 2 family members want to come to a province outside Quebec for a year, you will need

  • 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 student visa in Canada?

If you and 2 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’ll be allowed to export funds for all of your expenses.

An employment letter that proves how much your sponsor makes or just a letter or statements 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 there is money available to sponsor you. That is why bank account statements showing fund balance and source of the financial funds is 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 be able to prove that the stated funds in the sponsor’s letter are indeed available through bank financial statements and the sources of the fund are genuine and can be traced. It is also very essential to include evidence of your relationship with your sponsor.

Documents accepted as proof of funds

Here is a list of what has often been more accepted as than one proof (unless a specific account/ deposit is requested) that can be combined with another.

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. For the purpose of proving financial capacity, the bank statement must be original, printed on the bank’s letterhead, and signed by the bank. And it should clearly specify the tenure (usually 6 months’ bank statements) required by the consulate or university.

Loan Approval/ Disbursement Letter

You can also provide a Loan Approval Letter as proof of funds. It shouldn’t be difficult to get it from the bank you applied for the loan. 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 as when specified.

Scholarship Letters

Scholarship letters can be attached as evidence of financial capacity if in case 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 as well.

Loan Capability Certificate

A loan capability certificate is a bit different from a loan approval letter. If you are given a capacity certificate by a financial institution or bank, it implies that the bank is willing to give you a loan should you get admitted to a university abroad.

The Loan Capability Certificate should clearly state your name, loan eligibility, 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

Persons coming to Canada Amount of funds required per year (additional to the tuition) Amount of funds required per month (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

Persons coming to Canada Amount of funds required per year (additional to the tuition) Amount of funds required per month (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 additional 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 will be able to export funds for all of your expenses.

FAQs About Proof of Funds For International Students 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 required. Provide any of the following: Original bank account statement, scholarship letters, loan approval letter, or loan capacity certificate.

How much bank balance is 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 to see 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 not be able to get any information even if they tried. However, they do carry out inquiries from banks.

Who can sponsor me for a Canadian student visa?

A friend, family member, relative, or other third parties 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 years of age. Even though there is no age limit, you need a study permit if you are a minor. Though the age limit varies from province to province. You must be a Canadian or international student of age between 18 to 35.

What are the requirements to apply for a student visa?

You need to submit a letter of introduction and various important 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 residence visa along with a 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. The funds must be readily available to you. 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 the costs of tuition fees and other living expenses.

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

Not really. Landed assets may serve as proof of home tie for international students but not as evidence of financial support. IRCC require that amount of money to be used as proof of funds for study permit be near-cash liquid asset. And this money need to be available to the student in Canada when needed.