Canada is a sought-after destination for international students, offering a unique educational experience.
However, applying for a student visa in Canada can be both exciting and overwhelming at times.
A key part of this application process is proof of funds for Canada Student Visa.
In this article, we will explain what proof of funds for Canada Student Visa means, how much money you need to show, and different ways to prove your financial stability.
What is Proof of Funds?
Proof of funds refers to the necessary documentation that shows you have enough financial resources to cover your living expenses and tuition fees while studying in Canada.
This requirement, set by the Canadian government, ensures that international students can financially support themselves during their stay.
To prove you have enough money for studies, you usually need to show bank statements, official letters from banks, or documents that describe scholarships, loans, or other financial support.
The required amount can vary by province and the length of your study program.
However, you generally need to cover at least a year’s worth of tuition and living expenses.
You can demonstrate your funds using at least one of the following options:
- A proof of a Canadian bank account in your name, if you have transferred money to Canada
- A Guaranteed Investment Certificate (GIC) from a recognized Canadian financial institution
- Documentation of a student or education loan from a bank
- Your bank statements from the past four months
- A bank draft that can be converted into Canadian dollars
- Evidence of paid tuition and housing fees
- A letter from the individual or institution providing you with financial support
- Proof of funding from within Canada if you've received a scholarship or are enrolled in a Canadian-funded educational program
In addition to covering tuition, you also need to have sufficient funds for living expenses.
Why Do We Need to Show Proof of Funds for Canada Student Visa?
When you begin the process of applying for a Canadian student visa through Parsam Immigration, one of the most critical aspects is demonstrating that you have sufficient funds to support yourself while studying in Canada, regardless of the province or city you’ve chosen.
So why is this so important? It's to demonstrate to the Canadian government that you can cover your tuition fees, living expenses, and travel costs back home.
Having enough financial resources also reduces the risk that students will have to work too many hours while studying.
Study permits usually limit how many hours you can work.
Canadian immigration wants to make sure that students can focus on their studies without worrying about money, which could mess with their grades or make them break immigration rules.
Plus, showing proof of funds gives the Canadian government peace of mind that you won’t be relying on public services, like healthcare and social programs, during your stay.
If your financial documents aren’t up to par, though, your visa application could get rejected.
These same principles apply to other types of Canadian visas as well.
How Much Money Do You Need to Show?
The Canada Student Visa has a specific financial requirement that is generally lower than what’s needed for other types of visas, such as the Startup Visa.
However, it’s similar to the requirements for Express Entry or Spousal Sponsorship visas.
The amount of money you need to prove varies based on several factors, including tuition fees and living expenses.
On average, international students in Canada can expect to pay between CAD 7,000 and CAD 29,000 per year for tuition, depending on their chosen program and institution.
When it comes to living expenses, students typically need around CAD 10,000 to CAD 15,000 annually.
This amount includes costs for accommodation, food, transportation, and personal expenses.
You should show proof of funds that cover your tuition for the first year and living expenses for at least one year.
According to Canadian immigration statistics, the financial requirements for living expenses vary by the number of family members accompanying the applicant (not including tuition).
Here’s a breakdown for all provinces and territories except Quebec:
- 1 family member: CAD 20,635
- 2 family members: CAD 25,690
- 3 family members: CAD 31,583
- 4 family members: CAD 38,346
- 5 family members: CAD 43,492
- 6 family members: CAD 49,051
- 7 family members: CAD 54,611
- Each additional family member (if more than seven people): CAD $5,559.
For example, if you plan to move to a province or territory (other than Quebec) with three family members, you'll need CAD 38,346 to cover living expenses for the year.
Whether you're considering moving to one of Canada's most affordable locations or not, it's essential to fulfill the required financial criteria.
What Are the Proof of Funds Requirements for Canada Student Visa in Quebec?
If you want to study in Québec, you’ve got to show that you can afford a few things:
- Tuition Fees: This is what your school charges for you to enroll in your program.
- Transportation Costs*: Basically, the money you'll need for a round trip from your home country.
- Living Expenses: This covers your everyday costs while you’re in Québec.
According to Québec’s official immigration requirements, you need to show the following amounts in Canadian dollars:
- One person under 18: CAD $7,756
- One person aged 18 and over: CAD $15,508
- Two people, both aged 18 and over: CAD $22,745
- Two people aged 18 and over plus one person under 18: CAD $25,479
- Two people aged 18 and over plus two people under 18: CAD $27,499
Additionally, keep in mind that:
- You’ll need to pay a settlement fee of $500 for your first year in Québec.
- You’re required to show you can cover the costs of health and hospital insurance for the entire duration of your stay in Québec, covering yourself and any family members traveling with you.
- You won’t need to prove your financial capacity for insurance if you can provide proof of valid health and hospital insurance in Québec and if your home country has a social security agreement with Québec.
Steps to Prepare Your Proof of Funds for Canada Student Visa
If you're planning to study in Canada and want to extend your student visa, you'll need to show that you have enough money as an international student.
Here’s a simple process to follow:
- First, figure out your total tuition and living costs for your time in Canada.
- Next, gather all your financial documents. Make sure they’re up-to-date, official, and clearly show what your finances look like.
- Double-check that the amounts in your documents match up. If they don’t, it could raise some questions when you apply for your visa.
- If any of your financial papers aren’t in English or French, get them translated by a certified translator.
- Lastly, make your proof of funds easy to understand. It’s a good idea to include a cover letter that explains your financial situation and lists the documents you’re sending.
In Summary
Providing proof of funds is a crucial requirement for obtaining a Canadian student visa, as it is for many other types of visas.
When you apply for this visa, you’re essentially assuring the Canadian government that you can commit your time to your studies without becoming a burden on their social programs.
If you're unsure where to start in gathering your proof of funds for the Canada student visa, feel free to schedule an appointment with us here.
