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How Much Bank Balance Is Needed For A Student Visa In Canada?

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How Much Bank Balance Is Needed For A Student Visa In Canada?

Obtaining a degree abroad is not just a matter of your academic excellence, and involvement in the university’s activities, but there is a major requirement that you’ll have to fulfill before applying. This is none other than your eligible bank balance. Even if you have prepared all documents, but your bank balance is not enough to fund your study program, you may not be admitted to the universities of Canada. So, you must get prepared financially to apply to study in Canada.

Since Canada is divided into multiple provinces, therefore, the minimum account balance required depends variably. For example, excluding Quebec, you need to have a minimum balance of $17, 000 whereas in Quebec, a total fund should be $21, 225.

Understanding Financial Requirements for a Canada Student Visa

The success of your Canada Student Visa will be counted on your capability of financially supporting yourself after arriving in Canada. It is highly important to show evidence of impediment funds while study in Canada. If you don’t have a minimum account balance, you may have to leave Canada.

If you are financially stable, you can put your focus on your studies and bring decent grades. Your excellent academic records will help you in many places, such as in front of your professors, as well as students. Also, companies will hire you immediately seeing your capabilities.

POF – Proof of Funds for Student Visa in Canada

To process the Canada Student Visa, evidence of adequate funds or unencumbered funds is one of the topmost requirements. As an international student (Nigerian & Kenyan), you must demonstrate proof of funds (POF) to pay the tuition fees. You must also show that you can manage the cost of living for Canada student.

Your Canadian college or university that has given you admission will also request to provide POF. The college or university always wants to ensure that students don’t have to take pressure for financial settlements.

You can provide proof of funds in different ways, as international students are requested to pay upfront as proof.
Here’s what you’ll need.

  • Financial Documents:
    1. If Sponsor is a parent:
    – Financial Consent letter from parent confirming readiness to fund student.
    – 4-month bank statement, certified by the bank, showing:
    – Annual tuition fee balance + 12,000 CAD for annual living cost.
    – Explanation and documentation for lumpsum deposits in the bank statement 2. Source of Income:
    – In Employment: Confirmation of employment + 3 months’ pay slips.
    – In Business: Business documents (Cert of incorporation, MOA or CR12, permits, licenses).
    – Proof of business activities (invoices, receipts, contracts, financial statements).
    – Rental income: Tenancy agreements, Rental income summary, lease documents, Rent receipts.3. Copies of the parent’s passports and the student’s birth certificate to prove the relationship.If the Sponsor is not a parent:
    1. Affidavit of financial support from the sponsor (relative), certified by an advocate.
    2. Sponsor’s ID or Passport.
    3. Birth or Marriage Certificates to prove the relationship.
    4. Proof of previous sponsoring (if available).
    5. Reason for sponsoring (where applicable).Identification and Travel Documents:
    1. Passport Copy:
    – Valid for the duration of studies.
    – At least 2 blank pages.
    2. Previous passport (if applicable).
    3. Previous visas for the last 5 years (if any).
    4. Residency permit and re-entry stamp for non-residents (where applicable).

Understand the breakup of fund variation on the duration of study and location.

Here are two examples to show how funds vary as per location and duration of the study

Example 1

If you want to study in Canada, excluding 2 family members, you will need

  • Cost of living for the Primary student: $ 12,000
  • Cost of living for the first family member: $ 4,000
  • Cost of living for the second family member: $ 3,000

Total funds: $ 19,000

Example 2

If you want to study in Canada’s Quebec province, and you have 2 family members above the age of 18 along with you, you will need-

  • Cost of living for the student: $ 15,000
  • Cost of living for the first family member: $ 5,100
  • Cost of living for the second family member: $ 5,125

Total funds: $ 25,225

You must show that you will be allowed to export funds for your total expenses if your country has control of foreign exchange. A letter of employment (LoE) that ascertains that your sponsor’s earnings might not be enough proof of funds for the immigration officer.

It applies to letters that your sponsor has to provide declaring support for you. This is because none of the two documents show that funds are available for your study in Canada. Thus, bank statements demonstrating the fund balance and source of the funds are among the top proof for Canadian student Visa application.

To know more about Canada student visa: required minimum bank balance, click here.

Here is the breakdown of components that contribute to the minimum account balance

Head Living cost in Toronto in CAD Per Month (Source: The University of Toronto)
Rent 1,100 – 2,700
Electricity 50
Internet 60-115
Phone 50-100
Tenant Insurance 15-30
Food & Grocery 340+
Clothing & Shoes 30-100
Transport 0-128
Entertainment 150
Total 1,945-3,713

Based on Universities/Colleges

Expenses Monthly Cost in Canada Annual Cost in Canada
Tuition $19,186*
Student Fees $400
Health Insurance $70 $840
Textbooks $600
On-campus Rent $600 $7,200
Mobile phone (basic package) $30 $360
Public Transit Pass $40 $480
Groceries/Food $300 $3,600
Entertainment/Clothes/Gifts $80 $960
Car: Insurance $1,500
Car: Fuel $200 $2,400
Total Expenses $1320 $37,526

Note*- Average 1st-year tuition fees are based on 343 MS courses in Canada

 

Calculating the Minimum Account Balance

 

In Quebec

People coming to Canada Amount of funds required per year (excluding tuition) Amount of funds required per month (excluding tuition)
1 person under the age of 18 CAN$6,569 CAN$547
1 person aged 18 or over CAN$13,134 CAN$1,095
2 people aged 18 or over CAN$19,264 CAN$1,605
2 people aged 18 or more and 1 person below the age of 18 CAN$21,579 CAN$1,798
2 people aged 18 or more and 2 people below the age of 18 CAN$23,290 CAN$1,941

Since the criteria of keeping a minimum account balance, proof of funds, and other requirements are strictly followed for a Canada Student Visa, you must put your best efforts into ascertaining you have sufficient money to support yourself and your family members in Canada. For more information, you can fill out our form to get a quick response from us.

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