Proof of funding is an important requirement that counts towards your eligibility to get a Canada student visa as an international student. Maintaining a minimum balance on the account is also important.
In this article, we reveal the expected minimum bank balance for a Canada student visa and how to source it.
What is Proof of Fund?
Also called proof of financial support, it is a requirement for international students applying to Designated Learning Institutions (DLIs) in Canada. It helps confirm the applicants’ readiness to fund not just the tuition fees, but also living expenses throughout their stay as a student in the country.
What is a Minimum Bank Balance?
It is the least amount of money an international student in Canada is expected to have in the Canadian bank account. Despite being considered minimal, the balance should be sufficient to pay for tuition fees and some personal expenses.
What is the Minimum Bank Balance for International Students
The minimum funds needed to support oneself as an international student differ by whether you are applying for universities within or outside the province of Quebec. It also differs by the number of people coming over.
Generally, a single student applying for admission to any college or university outside of the Quebec province requires a minimum bank balance of CAD$ 10,000 annually or CAD$ 833 monthly.
Below is everything you need to know:
Minimum Bank Balance Outside Quebec
If your Designated Learning Institution (DLI) is outside the province of Quebec, you are required to have a minimum bank balance of CAD$ 10,000 annually. When broken down, it amounts to CAD$ 833 monthly. This is the quotation for a single student applying for a study permit.
Family Member Considerations
If you intend to come to Canada on a study permit, but with a family, the financial implications will also increase.
Currently, the first family member to be added to the visa will need a monthly minimum bank balance of CAD$ 333 or CAD$ 4,000 yearly.
If you so wish to bring more than one member of your family, the minimum bank balance for every other person after the first family member will be CAD$ 255 per month or CAD$ 3,000 required per year.
Cumulatively, you need the yearly sum of CAD$ 14,000 to bring yourself and a family member to Canada on a student visa or a minimum bank balance of CAD$ 17,000 for you and 2 family members.
Minimum Bank Balance for Canada Study Permit in Quebec
If your Designated Learning Institution (DLI) is located in the province of Quebec, you can expect to pay less, if you are under the age of 18. The minimum balance should be $6,569 for 1 person under the age of 18.
Below is a breakdown of the different balances required, depending on the number of persons coming to Canada on a student visa:
- A minimum balance of CAD$ 6,569 is required for one person below the age of 18.
- One person above the age of 18 needs a minimum bank balance of CAD$ 13,134 yearly.
- A yearly bank balance of CAD$ 19,264 is required for 2 people above the age of 18.
- A minimum bank balance of CAD$ 21,579 is expected of 2 people above the age of 18 and another person below the age of 18.
- Maintain a minimum bank balance of CAD$ 23,290 to successfully bring over 2 people aged 18 or above, as well as 2 people below the age of 18.
Read: Canada Student Visa Requirements For 2024
Important Points About Minimum Bank Balance for Canadian Study Permit
The balance is required as proof that the applicant(s) wishes to study in Canada and has the (financial) means to make that work.
In addition, the following points are worth noting:
Foreign-Exchange Control Considerations
International students from countries that use foreign exchange controls are required to present proof of being allowed to transfer or export funds for their expenses while studying in Canada.
Minimum Bank Balances are Different
A single student can show proof of funds up to CAD$ 10,000 worth of yearly expenses or CAD$ 833 monthly if applying to schools outside Quebec. In the province of Quebec, the same student is required to maintain a minimum bank balance of CAD$ 547 (monthly) or CAD$ 6,569 yearly.
Another difference is based on the number of applicants. The more family members or persons added to the study permit, the higher the minimum bank balance expected.
Exclusive of Tuition Fees
Each of the categories we have mentioned is the amount of funds required to stay and live in Canada, exclusive of the tuition fees. Instead, those funds are to be channelled to the living expenses of the applicant(s).
You want to make individual enquiries with the universities you applied to for confirmation of how much to pay as a tuition fee.
How to Prove Meeting the Minimum Bank Balance for a Study Permit
International students coming to Canada for studies can prove to the authorities that they have the financial wherewithal to fund studies in the country.
The most important things in this demonstration are:
- Presenting fiscal statements from the bank indicating that the funds are available and traceable.
- Providing any other document confirming or validating the source of the funds.
With that being said, here are ways to confirm that you indeed have the financial means to fund your education in Canada:
Proof of a Canadian Bank Account
This option is worth exploring if you have already moved or transferred the minimum bank balance to an account you have with a Canadian financial institution.
You should open the account before moving to the country and be sure to leave the balance untouched so it can serve the required purpose.
Letter of Scholarship
Did you apply for a scholarship and scale through the process to get an offer? In that case, getting a Letter of Scholarship will go a long way to prove that the minimum bank balance’s source is from a scholarship offer.
Certificate of Loan Capability
This is a certificate from a financial institution or bank, indicating the willingness to provide you with a loan to get admission and study at a Canadian college or university.
You can also prove your funding through any of these means:
- Presenting receipts of having paid your tuition and housing fees.
- Guaranteed Investment Certificate (GIC): This must originate from a participating financial institution in Canada.
- A bank draft must be convertible to Canadian Dollars (CAD) for easy access to the funds.
- Your bank account statement for the last four (4) months before applying for a Canada student visa will also suffice.
Disbursement Letter of Loan
This comes in handy if you apply for a loan to be able to fund your education in Canada. Also called A Letter of Approval for a Loan shows that the financial institution or bank is willing to provide what you need to fund your overseas studies in Canada.
Concluding Thoughts
Showing Proof of Funds (PoF) is a veritable way to confirm that you can support yourself and your family member(s) who tag along on your student visa.
Once you have that sorted, confirm the tuition fees and seek funding from either scholarship programs, raising some money from family and friends or taking up a part-time job of up to 20 hours weekly.