Understanding the minimum bank balance required for a Canada Student Visa is vital before starting the application process. In fact, it is one of the major requirements to be met before your student visa will be approved.
So if you want to know more about the minimum Bank Balance for Canada Student Visa, keep on reading this article!
READ MORE: How To Immigrate To Canada As A Skilled Worker
What Is Proof Of Funds (POF)?
Table of Contents
Proof of funds (POF) is a document(s) that shows that you can sustain yourself in Canada. Your POF must show that you can pay for your tuition fees and other living expenses for the time you will be staying in Canada. . Irrespective of the person who asks for your POF, you will use it to refer to the evidentiary evidence that you are capable to bear the cost of your studying in Canada.
There are various ways of showing your proof of funds since students requested to make the upfront payments as evidence. IRCC would not require a standard list of documents.
What is the Minimum Bank Balance for Canada Student Visa
What is the Minimum Bank Balance for Canada Student Visa 2024? You must have at least $25,000 in your bank account or that of your sponsor.
If you will be accompanied by a spouse and dependent child you may need to pay additional fees. Canada offers exceptional education opportunities for international students and offers provisions for post-graduation stay. To sustain your studies in Canada, your financial proof must cover the tuition and living expenses.
Evidence Of Financial Support For International Students
Evidence of sufficient funds or financial support can be seen through the following:
- You will need evidence from your bank account that reflects your name if money has been transferred to Canada.
- Proof of an education/ student loan from the bank.
- You will need your bank account statements for the past six months.
- A bank draft is required.
- Show proof of your school fees and accommodation fees.
- You will need a letter from your sponsor or institution that provides you with the funds.
- The proof of your funding is paid from within Canada if you are in a Canadian-funded educational program or have a scholarship.
How Much Money Do You Need To Show As A Student In Canada?
For instance, if you and two family members want to come to a province that is outside of Quebec for a year you will need:
- Living expenses will cost $10,000 for students.
- Living expenses will cost $4,000 for the first family member.
- Living expenses will cost $3,000 for the second family member.
If you come from a country that uses foreign exchange controls ensure you can prove that you will be allowed to export those funds for all expenses.
An employment letter that shows how much your sponsor makes or a statement from your sponsor that shows they will support you may not be sufficient evidence of funds to the immigration officer.
This is because neither of these documents proves that money is available to sponsor you.
This is the reason why your bank account statements show the fund balance and source of the finance fund if you are applying for the study permit.
Who Can Be A Sponsor To A Student In Canada?
Make sure you remember that your sponsor can be your parents, extended families, or guardians. This point is to prove that the stated funds in the sponsor’s letter are indeed available through the bank financial statements.
So that the true sources of the fund will be traced to confirm it is true. It is very important to add evidence of your relationship with your sponsor.
READ MORE: List of Companies in Canada that Sponsor Visas
Documents That Are Accepted As Proof For Funds In Canada
The following is the list of documents of finance that will be accepted as proof of funds for your Canada study visa application. You can combine any of these documents to show the proper proof of the funding:
-
Bank Account Statements
The visa consulates or university will need you to submit your bank account statements or your sponsor’s own for a certain period. Make sure the statements should have your name on them.
The statements should be scanned well and signed by the bank. It must be the original, that is, have the bank letterhead and be signed by the bank.
Also, make sure the tenure is been specific because it is usually six months’ bank statements will be asked by the consulate or university.
-
Loan Approval or Disbursement Letter
You will have to show your Loan Approval letter as evidence of funds. Again to get it from the bank you applied for the loan should not be difficult.
As the banks will have some format the letter will generally convey the approval of the bank loaning you the specific amount to you for your education in Canada.
This letter should be duly signed and stamped on the bank’s letterhead. Specification of the amount to be disbursed to the student’s name and the promise to disburse funds should be certain also.
-
Scholarship Letters
These letters will be attached as evidence of financial capacity even if you have been given a scholarship.
The letter will be provided by the university, donor agencies, or institutions that grant the scholarship. Maybe you have received a Governmental Scholarship or Grant, they need to add it to the copy of the same.
-
Loan Capability Certificate
The loan capability certificate is different from the loan approval letter. For instance, you will be showing the capacity certificate by the bank.
For that, the bank is willing to provide you with a loan that would you get admitted to a university abroad.
This certificate should have your name, loan eligibility, and the prima face promise of the financial institution to grant you the loan. It should also be duly stamped and signed on the bank letterhead.
READ MORE: Jobs Without a Work Permit in Canada
Conclusion
The least bank for you to study in Canada has been stated earlier in the article. Make sure you check the requirements for the submission of the documents as evidence of your funds.
For more on the Minimum Bank Balance for a Canada Student Visa, Join Us on Twitter
