Without funds, nothing is possible, not even a Canadian Visa! To apply for a Canada visa, one of the important steps that must not be missed or neglected is showing proof of funds. Students often have difficulty proving their finances when applying for a Canada Visa. But if you plan and understand correctly, this process is easy! Read on to find out how you can show proof of funds for Canada student visa here!
Why Is Proof Of Funding Required?
Immigration, Refugees & Citizenship Canada (IRCC) wants proof of finances to make sure international students can afford their education and living costs in Canada. This helps in:
- Better financial planning for international students,
- It also helps the government filter out students who can’t afford to study in Canada and may misuse their student visas for other reasons.
Proof of funds is key to getting a visa. But what if you don’t have the money now, but will soon? No worries! You can still apply for your visa and provide official proof of possible future financing.
Exact Amount Of Funds Required For Canada Student Visa In 2024
When a candidate is required to put together their documents for a Canadian visa, they might wonder, “How much money is enough money for a Canadian Visa?” The table given below shows the annual cost IRCC expects you to be able to pay to be approved for the Canadian Visa.
| Description | Cost per year (excludes tuition) |
| Student coming alone | CAD 20,635 |
| Student bringing one family member | CAD 4,000 |
| Each additional family member (beyond the first) | CAD 3,000 |
How To Show Financial Proof For Canada Visa?
If you are looking for a Canada Student Visa, you may think about ways to prove you have funds. The IRCC accepts a variety of formats as proof of funds or financial support. Included in this are:
- You must provide proof of holding a Canadian bank account under your name. This account must contain the money you need to show.
- You can also show your Guaranteed Investment Certificate (GIC) from a Canadian bank such as Scotiabank, CIBC, or ICICI Canada.
- An education loan from a bank could also be used as proof.
- If you are employed, bank statements for the last four months can be used.
- You can show proof that you have already paid for your education or housing in Canada.
- An official letter from the person who gave you the money or the educational institution
- You can show your scholarship letter to candidates who have won a scholarship or been admitted to a Canadian-funded programme.
Documents Accepted As Proof Of Funds
For Canadian Student Visas, IRCC accepts the following documents. Student visa proof of funds has unique requirements, so read them all before submitting them.
| Document | Description |
| Bank Statements | Recent statements showing sufficient funds |
| Sponsorship Letter | If funded by a sponsor, a letter of sponsorship |
| Income Tax Returns | Evidence of income and financial stability |
| Scholarship Letters (if applicable) | Confirmation of awarded scholarships |
| Education Loan Approval Letter | Approval documentation for education loans |
| Affidavit of Financial Support (if required) | Signed declaration of financial support |
| Property Valuation (if using property assets) | Valuation reports for property/assets being used |
Reasons For Rejection Of Proof Of Funds For Canada Student Visa
One of the top reasons why Canadian Visas get rejected is insufficient proof of funds. Hence, understanding why these visas get rejected due to proof of funds is necessary. Given below are a few reasons:
- The most common reason is not having enough money in your bank account to cover the cost of your studies and living expenses.
- You might get rejected if your source of funds looks questionable. A large amount of money transferred into your account from an unknown source, for example, may raise questions.
- It can raise red flags if you don’t submit your financial documents properly. If your bank statements don’t match the information on your application, it could lead to your application being rejected.
- If you depend on income from a private job or a business to fund your studies, the authorities may only accept your application if your employment or business appears stable else they can reject your visa.
- If you have a sponsor like a parent or someone else, giving you financial support, the authorities will check their ability to cover your expenses. Your application may be rejected if the sponsor’s fianncial situation seems uncertain.
FAQs
Q1. How much proof of funds is needed for a Canadian student visa?
If you are a student going to Canada alone, show at least CAD 20,635. And if you are going along with your parents as a student, you need to have CAD 20000 plus CAD 3000 for each additional member.
Q2. Is GIC enough for proof of funds?
You need a GIC certificate that acts as a ‘proof of funds’ for a year.
Q3. How much bank balance is required for a student visa in Canada?
A bank balance of at least CAD 20,000 is required for a student visa in Canada. If you are taking along a single family member, an additional CAD 4000 is required. However, CAD 3000 will be applicable for each additional family member.
Q4. Is there any need to show funds for a Canadian student visa?
Yes, IRCC has made it compulsory to show funds for a Canadian student visa to check whether you can pay for your studies in Canada.
Q5 What to show as proof of funds for a Canada student visa
You can show your education loan, scholarship letter, GIC certificate, or evidence of a Canadian bank account with the required money.
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