Canada Student Visa: Required Minimum Bank Balance

Canada Student Visa: Required Minimum Bank Balance

Alisha Khan Alisha Khan
[Published 26 May, 2022 | 11:45 AM]
About Author - 7 min read

Overseas students are required to offer proof of a minimum bank balance for supporting their Canada Student Visa application. It can be up to a sum of CAD 25,000 and extra funds may be required. This depends on the accompanying spouse and dependent kids if any.

Canada has emerged as a major study overseas hub due to its world-class education quality. It also offers diverse options for overseas students to remain in the nation after completion of their studies. For pursuing studies in Canada, evidence of funds is needed for covering living and tuition costs.

The successful outcomes of your Canada Student Visa application heavily rely on your capability of financially supporting yourself after arrival in Canada. It is highly essential and important to demonstrate evidence of unencumbered funds while staying in Canada.

In the majority of cases, the tuition fees can be up to $ 15,000 for the first year if you will pursue studies in a Post-secondary institution. IRCC - Immigration, refugee, and citizenship Canada also specifies around $10,000 for living costs. It implies you will require a sum of $ 25,000 for supporting your Canada Student Visa application.

Thus, you have to prove that you can support yourself while pursuing your study program in Canada. It also includes a spouse or family member if any accompanying you to Canada.

POF - Evidence of Funds for Canada Student Visa

One among the fundamental requirements of the Canada Student Visa is evidence of adequate funds or unencumbered funds. As an overseas student, you will have to offer affirmative evidence that you can pay the tuition fees. You must also demonstrate the ability to cater to living costs for the stay period in Canada.

The University or College in Canada that has offered you admission will also ask you for POF. Thus irrespective of the agency that seeks the POF, it is a settled fact that POF is essential. It is evidence that you can cater to the costs incurred for studying in Canada.

You can offer POF in diverse ways as overseas students are asked to make payments upfront as proof. IRCC has not specified any particular list of documentation for this.

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Evidence of Financial Support for Overseas Students

You can offer evidence of adequate funds or fiscal support through any of these means:

  • Proof of bank account in Canada in your name if the funds have been transferred to Canada
  • Evidence of student/education loan from a fiscal agency
  • Your statements of Bank account for the last 6 months
  • A draft from a Bank
  • Proof of having paid fees for tuition and accommodation
  • A letter from your institution or sponsor offering you the fund
  • Proof of funds paid in Canada if you are enrolled in an educational program funded in Canada or possess a scholarship

Fund Requirements explained through the example

Here are two examples that demonstrate the funds required for Canada Student Visa:

Example 1

If you wish to arrive in a province in Canada excluding Quebec and are accompanied by 2 members of your family, you will require:

  • Living costs for the Primary applicant/student: $ 10,000
  • Living costs for the first family member: $ 4,000
  • Living costs for the second family member: $ 3,000
Total funds: $ 17,000

Fund Requirements explained through the example

Example 2

If you wish to arrive in Quebec province in Canada and are accompanied by 2 members of a family above 18 years, you will require:

  • Living costs for the Primary applicant/student: $ 11,000
  • Living costs for the first family member: $ 5,100
  • Living costs for the second family member: $ 5,125
Total funds: $ 21,225 You must demonstrate that you will be permitted to export funds for your total expenses if your nation practices control for foreign exchange. A letter of employment that proves the earnings of your sponsor might not be adequate POF for the Immigration Officer. It is applicable for statements or letters from your sponsor declaring support for you. The reason is that none of the two documents demonstrate that funds are available for your sponsorship. Thus, statements of bank accounts displaying the fund balance and source of the funds are among the top evidences for Canada Student Visa application.

Who can sponsor you for the Canada Student Visa?

Your sponsor can be your parents, guardian, or relatives. The most important factor here is the ability to demonstrate the specified funds in the letter by the sponsor are in fact available. It is through fiscal statements from the bank that the sources of funds are authentic and traceable. It is also highly necessary to include proof of the relationship that you share with the sponsor.

Acceptable Documents for POF in 2022-23

We have here listed the financial documents that are easily accepted as evidence of funds/POF for the Canada Student Visa application.  You can blend any of these 4 documents with another for establishing adequate evidence of funds. The exception is when an IRCC Visa Officer requests a specific deposit/account.

Bank Account Statements

The University or Visa Consulate can ask you to file your statements of a bank account or those of your sponsor for a particular period. The statements have to be specified in the name of the person. It has to be a soft copy of the statements that are original, duly signed, and stamped by the bank.

The bank statement has to be original, printed on the letterhead of the bank, and signed by it for demonstrating the financial ability. It must also evidently specify the period, normally 6 months’ statements, as required by the University or Consulate.

Approval / Disbursement Letter for Loan

A Letter of Approval for a Loan can also be offered as evidence of funds. You must be able to obtain it easily from the bank that you had applied for the loan. A set format may be present with the banks. Generally, the letter has to demonstrate the bank’s approval for the loan of a specific amount for your overseas education.

The approval letter for the loan has to be on the letterhead of the bank and duly stamped and signed by the bank.  The funds to be disbursed in the name of the student and assurance to disburse funds when needed must also be specified.

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Letters of Scholarship

Letters of Scholarship can be provided as proof of monetary ability if you have received the scholarship. The letter is normally offered by the Institutions, Donor agencies, or University that has granted the scholarship. You have to attach a copy of the Grant or Scholarship received from the Government if any.

Certificate of Loan Capability

Approval of a letter for a loan is different from the certificate for loan capability. The certificate from a bank or financial institution implies it is ready to offer you a loan if you get admission into an overseas University/College.

The certificate must clearly specify your loan eligibility, name, and prima facie assurance of the financial institution to offer the loan.  This must also be duly signed and stamped on its letterhead.

Nationwide Visas offers you seamless and error-free Study Overseas services and counseling through its Study Abroad Experts. Start your oversea career journey with a trusted and reliable brand, contact us today.

Read More about: How much funds are required to get a Canadian student visa?

Tags: Canada Student Visa, Student visa Canada requirements, study permit canada, funds required for Canada Student Visa, Best study abroad consultants in Delhi


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