What is the minimum bank balance for Canada student visa?

minimum bank balance for Canada student visa

To study in Canada as an international student, you need to meet the minimum bank balance for a Canadian student visa before the approval of your visa.

This means having enough money to cover your tuition and living expenses for the duration of your program.

This amount can vary depending on the school, the province, the number of years of study, whether or not there is an accompanying family member, and the program of study.

For instance, students in medicine, engineering, and law pay higher than those in education and management studies.

But even at this and considering the quality it offers, Canada remains one of the most affordable nations to study for international students.

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Interestingly though, your chances of success when applying to study in Canada depend greatly on your ability to meet the minimum bank balance for Canada student visa and provide proof of same.

This shows that you can support yourself financially when you arrive in Canada and throughout your stay in Canada.

 Having the ability to demonstrate that you have unrestricted finances is crucial and highly necessary while you are in Canada.

To increase your chances of having your visa approved, you must provide evidence to the Canadian authorities that you have the minimum bank balance for a Canada student visa.

Minimum bank balance for Canada student visa

The minimum bank balance required to obtain a Canadian student visa can be as high as CAD 25,000 for post-secondary studies with CAD 15,000 as your tuition fee and CAD 10,000 going towards living expenses.

Suppose your tuition fee for the first year is lower than CAD 15,000, you still need to provide proof that you have your tuition fees and the mandatory CAD 10,000 required by Immigration Refugees Citizenship Canada as living expenses before your Canada student visa will be approved.

Also read: What happens to illegal immigrants in Canada?

And if you are coming to Canada with a family member, this minimum balance will be higher.

Minimum bank balance for Canada student visa with family members outside Quebec

If you are coming to study in Canada (outside Quebec) with a family member or spouse, you need an additional CAN$4,000 for the first family member and another CAN$3,000 for any other additional accompanying family member.

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For Example:

If you are coming to Canada on a student visa with three family members for a year in a province other than Quebec.

You need to show proof of fund of

$10,000 as living expenses for yourself.

$4,000 as living expenses for your first family member.

Another $3,000 as living expenses for your second family member.

And lastly, an additional $3,000 as living expenses for your third family member

Total: $20,000 for the four of you.

See Also: How to upload documents for a Canadian visa

Minimum bank balance for Canada student visa by provinces outside Quebec

Number of Persons coming to Canada Amount of funds required per year (without tuition fee) Amount of funds required per month (without tuition)
You (The student) $10,000 $833
First family member coming to Canada with you $4,000 $333
For every additional member of your family traveling with you $3,000 $255

Minimum bank balance for Canada student visa with family members inside Quebec

If you are coming to study in Canada in Quebec with two family members over the age of 18, you need $11,000 as your living expense plus your tuition fee, an additional $5,100 for the first family member, and another $5,125 for the second family member.

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For example:

If you are coming to Canada on a student visa with two family members for a year in Quebec.

You need to show proof of funds of:

  • $11,000 as living expenses for yourself.
  • $5,100 as living expenses for your first family member.
  • And another $5,125 as living expenses for your second family member

Total: $21,225


Minimum bank balance for Canada student visa by provinces in Quebec

Number of Persons coming to Canada Amount of funds required per year (without tuition fee) Amount of funds required per month (without tuition)
You (The student) $11,000 $917
First family member coming to Canada with you (18 years or older) $5,100 $425
Second family member coming to Canada with you (under the age of 18) $3,800 $317
For every additional member of your family traveling with you (18 years or older) $5,125 $427
For every additional member of your family traveling with you (under the age of 18) $1,903 $317

In total, you need your first-year tuition fees, and CAD 10,000 as living expenses (for students outside Quebec) if you are coming alone to Canada on a student visa.

Other expenses may apply depending on your situation.

See Also: How many hours can international students work in Canada

But if you are coming with a family member, additional fees will be required and you need to show the Canadian authorities that all these funds are available to stand a chance of getting your study visa approved.

Proof of Funds or Proof of financial support

There are various means of showing proof of funds if you are coming to study in Canada.

  • The most common way is to show a bank statement from your home country that proves you have the funds available.
  • You can also show a letter from your parents or sponsors indicating that they are willing and able to support you financially.
  • Another option is to show some form of scholarship or financial aid that you have been awarded.
  • You can show your bank account statements for the previous six months if you have the required amount in your account.
  • You can also show a bank draft
  • If money has been transferred to Canada, you must also provide evidence of a bank account in Canada that is in your name.
  • You can show a letter from your sponsor or institution providing you with the fund.
  • Lastly, you can show proof of funding paid from within Canada if you are in a Canadian-funded educational program or have a Canadian-funded scholarship.

Whichever option you choose, make sure that you have all the required documents attached with your proof of fund before you begin your Canada student visa application.

Additionally, it is crucial to provide proof of your relationship with your sponsor if the proof of fund you attached to your application shows you are being sponsored to study in Canada.

It is important to know that the immigration officer may not accept insufficient proof of funds or an employment letter that details how much your sponsor earns or just a letter or statement from your sponsor stating that they will assist you.

This is because none of these documents provide evidence of the availability of funds to sponsor you.

Because of this, bank account statements that demonstrate the amount of the account, as well as the source of the cash, is among the finest evidence of funds when requesting a study permit for Canada.

Who can sponsor an international student?

A parent, relative, guardian, friend, or employer can sponsor an international student.

It doesn’t matter who sponsors you, what matters is that you can demonstrate through bank documents that the amounts mentioned in the sponsor’s letter are, in fact, available and that the sources of the funds are legitimate and traceable.

And they are willing to fund your studies in Canada.

Types of documents accepted as proof of funds

You can submit any of or a combination of these financial documents that are accepted by the Canadian authorities as proof of fund

In a situation where a particular document is requested, it is important to submit only the requested document.

Submitting any document outside the requested document will be unnecessary.

See also: How late can I enter Canada with a student visa

But if no specific document is required, you can submit one or a combination of the following documents.

  • Bank statement of Account

You can submit your bank statement of account or your sponsor’s bank account statements for a particular time.

The bank statement must be authentic, printed on the bank’s letterhead, and signed by the bank to serve as proof of financial capacity.

Additionally, it must expressly identify the time which is often six months.

  • Scholarship letter

If you have been awarded a scholarship, you can attach your scholarship approval letter as proof of fund.

You can get this letter from the university, donor organizations, or organizations awarding the scholarship, they can also aid in submitting it for you.

If you have obtained a grant or scholarship from the government, a copy of it must be attached as well.

  • Loan approval letter

Another acceptable proof of fund document is a loan approval letter.

For it to be accepted, the loan approval letter should generally express the bank’s acceptance of lending you a specified amount for your studies in Canada.

The loan approval letter must be properly signed and stamped by the bank authorities.

See also: Which Province in Canada is best for international students?

Additionally, it must include the sum that will be paid out in the student’s name as well as a commitment to do so at the appointed time.

  • Loan Capability Certificate Document

This is a document that shows that you will be given a loan by a financial institution when you meet a specific condition.

If a bank or financial institution issues you a capability certificate, it means that the institution is willing to lend you money if you are accepted by a university abroad.

A loan capacity certificate is different from a loan approval letter, while a loan approval letter shows that you have been given a loan, a loan capacity certificate shows that you will be given a loan if you meet a specific condition.

Your name, loan status, details of the loan, and the financial institution’s initial pledge to grant the loan should all be stated in clear detail on the Loan Capability Certificate.

It must also be properly stamped and signed on the letterhead of the bank.

Average tuition fees by province in Canada

Though, tuition costs vary according to your school, province, individual study situation, and type of degree of study; some fields, such as engineering and computer science, often have higher costs than others, such as the humanities.

The undergraduate average tuition fees by the province in Canada per year according to Statistics Canada 2021 show that Nova Scotia charges higher than other provinces while Newfoundland and Labrador maintained the least figure.

Province Average Tuition per Year
Alberta $6,098
British Columbia $6,055
Manitoba $4,913
New Brunswick $7,829
Newfoundland and Labrador $3,036
Nova Scotia $8,757
Ontario $7,938
Quebec $3,155*
Saskatchewan $8,243
Yukon $3,930
Canada overall $6,580

From Statistics Canada, 2021

For graduate studies, Nova Scotia came top with Ontario and British Columbia closely following while Newfoundland and Labrador maintained the least figure.

Graduate tuition fees by province in Canada

Province Average Tuition per Year
Alberta $6,724
British Columbia $9,528
Manitoba $5,248
New Brunswick $6,646
Newfoundland and Labrador $2,894
Nova Scotia $9,787
Ontario $9,671
Quebec $3,353
Saskatchewan $4,346
Yukon No data
Canada overall $7,304

From Statistics Canada, 2021

Frequently asked questions about minimum bank balance for Canada student visa

Can a friend sponsor me to Canada?

Yes, a friend can sponsor you to Canada but they must meet the requirements such as being 18 years and above as well as having the necessary fund and showing a willingness to sponsor you to Canada.

See also: New rules for international students in Canada 

If your friend meets all the requirements and is willing to sponsor you, they can start the process by filling out an application to sponsor you.

Once the application is approved, you can head to Canada for your studies.

Who can sponsor a student in Canada

Those who can sponsor a student in Canada include;

  • A friend.
  • Your common-law or conjugal partner.
  • Your dependent children.
  • Any other willing relatives.
  • If you’re a protected person, you can sponsor a student in Canada as long as you have the required funds.

To sponsor someone, you must:

  • Be 18 years of age or older.
  • Have the required fund.
  • Sign an agreement promising to support the person financially.

Conclusion

The cost of studying in Canada can vary depending on the type of school you attend and the program you choose.

The first year’s tuition at a Canadian post-secondary university can reach $15,000 per student.

A sum of roughly $10000 is also needed by Immigration, Refugee and Citizenship Canada (IRCC) for living expenses.

As a result, a minimum bank balance of CAD 25,000 is needed to apply for a student visa to study in Canada.

But if your first year’s tuition fee is lower than $15,000, you may pay less than the average $25,000.

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