At the base, an International Student might be expected to show a sum of $25,000 to help their application for a Canadian study permit.
To study in a Canadian high institution in 2022-23, worldwide students require evidence of funds of something like $25,000 least measure of cash in their ledgers or their support’s record explanation. An extra measure of the funds is required for going with a life partner and every reliant youngster.
Canada is a significant objective for worldwide students traveling to another country to obtain quality schooling. Canada doesn’t just have quality training, however, it likewise has a few plans for students who will keep remaining in the country after graduation. To seek after examinations in Canada, confirmation of adequate funds is expected to cover the educational cost and everyday costs.
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 cannot 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 different methods for showing confirmation of funds since students are mentioned to make forthright installments as proof. There is no standard rundown of archives that would be expected by IRCC.
Proof of Financial Support for International Students
Confirmation of adequate funds or monetary help can appear through any of the accompanyings;
- 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 in a Canadian-funded educational program or have a scholarship.
Example of fund requirement: How much money do I need to show for a 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 a 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 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 there is money available to sponsor you. That is why bank account statements showing fund balance and source of the financial 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 be able 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 very essential to include evidence of your relationship with your sponsor.
Documents accepted as proof of funds in 2022-23
Below is a list of financial documents that are readily accepted as proof of funds for Canada’s study visa application. Any of the four documents may be combined with another to establish sufficient proof of funding unless a specific account/ deposit is requested by an IRCC Visa Officer.
#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 6 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. 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.
#3. Scholarship Letters
Scholarship letters can be joined as proof of monetary limit if you have been given a scholarship. This letter is generally given by the college, giver offices, or institutions conceding the scholarship. If you have gotten a Governmental Scholarship or Grant, you are expected to join a duplicate of the equivalent well.
#4. Credit Capability Certificate
A credit capacity endorsement is a piece not the same as a credit endorsement letter. On the off chance that you are given a limit testament by a monetary institution or bank, it infers that the bank will give you a credit would it be a good idea for you to get confessed to a college abroad?
The Loan Capability Certificate ought to plainly express your name, credit qualification, and at first sight, the commitment of the monetary institution to concede the advance. It ought to likewise be properly stepped and endorsed on the bank’s letterhead.
The Least Amount Required by all Canadian Provinces aside from 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. The amount of money in the table above may also suffice for study permit extension proof of funds.
FAQs About Proof of Funds For International Students in Canada
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 money in savings or that you receive a regular income. The letter should be written 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. Letter from employers or sponsors, and government grants or scholarships are also accepted as proof of means 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 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 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 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 in 2022-23?
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 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 the costs of 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 amount of money to be used as proof of funds for a study permit to be a near-cash liquid asset. And this money needs to be available to the student in Canada when needed.
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