Proof of Funding: Minimum Amount to Study in Canada, 2022-23
Proof of Funding: Minimum Amount to Study in Canada, 2022-23
An international student may be required to provide at least $25,000 to support their application for a Canadian study permit.
To study in a Canadian higher education institution in 2022-23, international students must have proof of funds at least $25,000 minimum amount in their bank accounts or their sponsor’s account statement. An additional amount is required for accompanying spouse and any dependent children.
Canada is a major destination for international students going abroad for a quality education. Not only does Canada have a quality education, but it also offers some accommodations for students who wish to remain in the country after graduation. Proof of sufficient funds to cover tuition and living expenses is required to study in Canada.
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Your chances of success in applying for a student visa or study permit depend heavily on your ability to support yourself financially upon landing in Canada. Being able to show proof of clear funds during your stay in Canada is very important and essential.
If you are studying at a Canadian post-secondary institution, in most cases tuition fees can be as high as $15,000 for the first year. Immigration, Refugee and Citizenship Canada (IRCC) also requires a fund of around $10000 for living expenses. This means that you must submit a total of $25,000 to complete your Canada Student Permit application.
You must therefore prove that you can support yourself (with your spouse or family member, if you have one) while you are studying in Canada.
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What is Proof of Funds or Proof of Funds (POF)?
One of the basic requirements for a Canadian student visa is proof of sufficient funds or proof of debited funds. As an international student, you must provide positive proof that you can pay for other living expenses in addition to tuition fees for the duration of your stay in Canada.
- The school you have enrolled in will also provide proof of funding upon one-time request. So no matter who requests POF, the fact remains that Proof of Funds refers to conclusive evidence that you could afford to study in Canada.
- There are various means of proving funding as students are required to make pre-payments as proof. There is no standard list of documents that would be required by IRCC.
Proof of financial support for international students
- Evidence of sufficient funds or financial support may be provided by any of the following;
- Proof of a bank account in Canada in your name if money has been sent to Canada;
- Proof of education/student loan from a financial institution;
- Your bank statements for the past six months;
- a bank check;
- proof of payment of tuition and accommodation fees;
- a letter from your sponsor or institution making the fund available to you; and
- Proof of funding from Canada if you are enrolled in a Canadian-funded educational program or have a scholarship.
- Funding example: how much money do I need to submit for the Canadian student visa?
- If you and 2 family members wish to come to a province outside of 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 second family member)
- Total: $17,000
Example 2: How much money to show for student visa in Canada?
If you and 2 family members (over the age of 18) are looking 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 second family member)
- Total: $21,225
If your country uses exchange controls, you will need to show that you are allowed to export funds for all your expenses.
A letter of employment proving how much your sponsor earns, or just a letter or statement from your sponsor showing that they support you, may not be sufficient proof of funds to the immigration officer.
This is because none of these documents prove that money is available to sponsor you. For this reason, bank statements showing the balance and source of funds are one of the best proofs of funding when applying for a Canada student permit.
Who can sponsor a student in Canada?
Don’t forget that your sponsor can be your parents, relatives or guardians. The point here is to be able to use bank statements to prove that the funds specified in the sponsorship letter are actually available and that the origin of the funds is genuine and traceable. It is also very important to include evidence of your relationship with your sponsor.
Documents accepted as proof of payment in 2022-23
Below is a list of financial documents accepted as proof of funds for Canadian student visa applications. Any of the four documents can be combined with another to provide sufficient proof of funds unless an IRCC visa officer requires a specific account/deposit. Visa consulates or universities may require you to submit your bank statements or those of your sponsors for a specific period of time. The statements are to be given on behalf of the person.
It should be a scanned copy of the original bank statements, duly stamped and signed by the bank. To prove financial standing, the original bank statement must be printed out on bank letterhead and signed by the bank. And the tenure required by the consulate or university (usually 6 months of bank statements) should be clearly stated.
#2. Credit Approval / Payout Notice
You may also provide a credit approval letter as proof of funding. It shouldn’t be difficult to get it from the bank where you applied for the loan. While banks may have a specific format, the letter should usually include approval from the bank that will loan you the specific amount for your study abroad. The credit approval letter must be duly signed and stamped on bank letterhead. It must also contain the amount to be paid out in the student’s name and the payment commitment as indicated.
#3. scholarship letters
Grant letters can be attached as proof of financial capacity if you have received a grant. This letter is usually issued by the university, the donor organizations or the scholarship providers. If you received a government grant or grant, you must also attach a copy of it.
#4. creditworthiness certificate
A creditworthiness certificate is a little different from a credit approval letter. If you receive a certificate of proficiency from a credit institution or bank, it means that the bank is willing to give you a loan if you are admitted to a foreign university.
The Certificate of Credit should clearly state your name, creditworthiness, and the financial institution’s prima facie promise to make the loan. It should also be properly stamped and signed on the bank’s letterhead.
Minimum amount required for all Canadian provinces except Quebec
PEOPLE COMING TO CANADA FUNDS REQUIRED PER YEAR (IN ADDITION TO TUITION FEE) FUNDS REQUIRED PER MONTH (IN ADDITION TO TUITION FEES)
- She (the student) $10,000 $833
- First family member $4,000 $333
- Each additional family member traveling $3,000 $255
- Minimum funds required by the province of Quebec
PEOPLE COMING TO CANADA FUNDS REQUIRED PER YEAR (IN ADDITION TO TUITION FEE) FUNDS REQUIRED PER MONTH (IN ADDITION TO TUITION FEES)
- She (the student) $11,000 $917
- First family member (18 years or older) $5,100 $425
- First family member (under 18) $3,800 $317
- Each additional accompanying family member (18 years or older) $5,125 $427
- Each additional family member traveling (under 18) $1,903 159
If your country applies exchange controls, you will need to show or demonstrate that you will be able to export funds for all of your expenses. The amount of money in the table above can also be sufficient for proof of the extension of the study permit.
Proof of Funds FAQs for International Students in Canada
What is Proof of Financial Aid for a Canada Student Visa?
Proof of financial assistance for a Canadian student visa may take the form of a letter from your bank or other financial institution stating that you have a specified amount of savings or a steady income. The letter should be on official letterhead and include your name, address and bank account numbers.
You can also submit other documents such as payslips, bank statements, or statements of assets to prove that you have the means to support yourself while you study in Canada. Letters from employers or sponsors, as well as government grants or scholarships, are also accepted as proof of financial support for studying in Canada.
How Many Months of Bank Statements for Canada Student Visa?
When applying for a Canadian student visa, you must provide proof of sufficient funds to cover your tuition and other living expenses. A four-month account statement is often required. Provide the following: original bank statement, grant letter, credit approval letter, or certificate of creditworthiness.
How Much Bank Balance is Required for a Canada Student Visa?
If you are studying at a Canadian post-secondary institution (university or college), tuition can be as high as $15,000 CAD for the first year. Immigration, Refugee and Citizenship Canada (IRCC) also requires a fund of around $10000 for living expenses.
Does the Embassy of Canada check bank statements?
The Canadian Embassy or Consulate will not verify your bank account. You only check to see a few months of bank statements to see your history. Besides that; they do not have the necessary waiver or permission from you to contact your bank, so even if they try, they cannot get any information. However, they carry out inquiries from banks.
Does the Embassy of Canada check bank statements?
The Canadian Embassy or Consulate will not verify your bank account. You only check to see a few months of bank statements to see your history. Besides that; they do not have the necessary waiver or permission from you to contact your bank, so even if they try, they cannot get any information. However, they carry out inquiries from banks.
Who can sponsor me for a Canadian student visa?
A friend, family member, relative, or other third party can support you by writing a letter specifying that they will pay for your tuition and living expenses as proof of funding for a Canada student visa.
What is the age limit for a Canadian student visa?
To study in Canada you must be 18 or younger. Even if there is no age limit, if you are a minor you need a study permit. However, the age limit varies from province to province. You must be a Canadian or international student between the ages of 35 and 35.
What are the requirements to apply for a student visa in 2022-23?
You will need to submit a letter of recommendation and various important documents (Letter of Acceptance from a University, Valid Passport, Proof of Sufficient Funds to Fund Your Studies, Proof of English Exam, Academic Documents, Receipt of Tuition Fee Payment and Medical Certificate). You may also need to apply for a temporary resident visa along with a student visa.
Can I present my property as proof for a student visa?
No, you cannot use your property as proof of funds for a student permit. The funds must be readily available to you (unencumbered). For example, you cannot use real estate equity as proof of funding. You also cannot borrow this money from another person. You must be able to use this money to pay for tuition and other living expenses.
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Can I provide real estate and real estate as proof of funds for the Canadian student visa?
Not really. Real estate may serve as proof of home affiliation for international students, but not proof or proof of financial support for a Canadian student visa. IRCC requires that the amount of money to be used as proof of student permit funds must be near-cash liquid assets. And this money must be available to the student in Canada when needed.
