Decoding the Bank Balance Requirement for Canada Study Visa

Planning to pursue higher education in Canada can be an exciting and life-changing experience. However, along with the academic preparations, it is essential to understand the financial requirements associated with obtaining a Canadian study visa. One such requirement is demonstrating an adequate bank balance. In this blog, we will delve into the details of the bank balance requirement for a Canada study visa and provide insights into the factors to consider.

The Canadian government requires international students to prove that they have sufficient funds to cover their tuition fees, living expenses, and return transportation costs during their stay in Canada. This requirement aims to ensure that students can comfortably support themselves financially without becoming a burden on the country's resources.

Changes to student visas in Canada in 2023:

The government of Canada declared new immigration regulations for international students to make Candian migration and permanent residency procedures easier for those who wish to study there. The recently changed requirements concerned prospective applicants for student visas. The students who opt to prolong their study permit are eligible to work while enrolled in school or after graduaation.

Eligibility requirement in 2023:

1. The student should provide proof of funds to cover education fees, living costs, and transportation charges.
2. They should enroll in designated learning institutions (DLIs) in Canada.
3. The applicant should have no criminal history.
4. They should submit a police clearance and a health certificate.
5. The student should submit the study permit and statement of purpose (SOP)

Minimum Bank Balance Requirement:

While there is no fixed amount specified by the Canadian government as the minimum bank balance requirement, applicants are expected to demonstrate that they can afford the cost of studying and living in Canada. The specific amount may vary depending on factors such as the chosen program, the duration of study, the province of study, and the individual circumstances of the applicant.

Calculating the Expenses:

To determine the appropriate bank balance, it is crucial to calculate the estimated expenses for studying and living in Canada. The major components to consider include:

• Tuition Fees: Research the tuition fees for your desired program and institution. These fees can vary significantly, so it's essential to check with the specific university or college.
  
  
• Living Expenses: Canada has a high standard of living. Consider factors like accommodation costs, food, transportation, health insurance, textbooks, and personal expenses. The amount required for living expenses can vary depending on the location, lifestyle choices, and individual preferences.
  
  
• Return Transportation: The Canadian government expects students to have sufficient funds to cover the cost of return transportation to their home country. This includes the cost of a round-trip flight or any other means of transportation.

Demonstrating Sufficient Funds:

To demonstrate the availability of sufficient funds, you typically need to provide bank statements or other official financial documents. These documents should cover a certain period, such as the past three to six months, to display consistent financial stability. Ensure that the documents are in English or accompanied by a certified translation.

Proof of Funds Canada student visa:

The candidate needs to provide proof of funds to the Canadian government to show that they have the required amount to reside in Canada. Once the candidate receives the invitation to apply, they should submit the proof of funds, stating that they have enough money. The Eligible applicants who want to get permanent residency in Canada must demonstrate to the Canadian government that they have the resources to support themselves and their families over the initial months after coming to Canada.

Other Sources of Funding:

Apart from personal or family savings, there are other potential sources of funding that can contribute to meeting the bank balance requirement. These may include scholarships, educational loans, sponsorships, or financial support from relatives or sponsors.

Funds required to study in Canada:

Here are the minimal funds required to support you as a student for Canada student visa fees and any accompanying family members.

As an example:

To spend a year in a province (other than Quebec) with two family members, you will need

Cost: CAD 13,757 (student)

Cost: CAD 17,127 (for the student and one family member).

Cost: CAD 21,055 (for the student and two family members).

The average total expenses per year as an international student in Canada can be somewhere around $12,000 to $15,000.

If you also have an open work permit with your student visa, the minimum amount needed is as follows:

As an example:

To spend a year in a province (other than Quebec) with two family members, you will need

Cost: CAD 10,000 (student).

Cost: CAD 4,000 (for one family member).

Cost: CAD 3,000 (for two family members).

Average total for living expenses: $17,000

Cost of Studying in Canada:

The education fees will differ based on the chosen university and the degree program. It costs between CAD 15,000 and 50,000 annually. The approximate cost of various degree program is as follows.

Ways to show proof of funds:

• Here are the ways to demonstrate that you have enough money to be in Canada:
• Provide evidence of a bank account in Canada containing money in your name.
• Share the education bank loan proof.
• Submit the Guaranteed Investment Certificate (GIC).
• Present the last four months’ bank statements.
• Share the paid proof of house and tuition fees.
• Provide a bank account that can be funded in Canadian dollars.
• Submit a letter from the institution or person funding you.

Some of the other ways are

• Savings
• Mutual funds
• Fixed Deposit
• Provident funds
• Shares
• Bonds
• Gifts from parents

Note: Jewels, assets, loans, liquid cash, and money borrowed from friends or relatives are not accepted.

A guaranteed investment certificate (GIC) requires if the student is in the SDS stream. The student should show proof of funds with a minimum of 10,000 Canadian dollars and pay the first-year tuition fees.

If the students are not on the SDS track, they only need to pay the first term or semester tuition. They can show an average of 3 to 4 lakhs for living expenses in Canada.

Who is eligible to sponsor?

The following individuals can sponsor the student for the Canada Student Visa:

• parents
• Guardian
• Relatives
• Spouse
• Conjugal Partner.

To sponsor family members, the student must reside in Canada and must be

• At least 18 years,
• A citizen of Canada or
• Recognized as an Indian under the Canadian Indian Act or
• Canadian permanent resident.

Conclusion:

When applying for a Canada study visa, it is crucial to carefully plan and calculate the required bank balance to meet the financial obligations during your time as an international student. Although there is no fixed minimum bank balance requirement, it is essential to demonstrate that you have sufficient funds to cover your tuition fees, living expenses, and return transportation costs. Understanding the specific expenses related to your chosen program and location will help you make an informed decision and increase your chances of a successful study visa application.

Remember to refer to the official website of Immigration, Refugees and Citizenship Canada (IRCC) or consult with a reputable immigration consultant for the most up-to-date and accurate information regarding the bank balance requirement for a Canada study visa. Make Utter Vision your first choice for a transformative study-abroad experience in Canada. Start your studies in Canada right away! Feel free to contact us. !Good luck with your study abroad journey!