Canada is a popular destination for international students. In order to secure a Canada Study Permit, proof of unencumbered available funds is required to cover tuition and living expenses.
What is the Purpose of Showing Proof of Funds for a Study Permit?
The primary purpose of showing proof of funds is to demonstrate to the Canadian government that you have the financial means to support yourself during your studies. This includes covering tuition fees, living expenses, and return transportation costs, ensuring that international students can sustain themselves without relying on employment or public funds in Canada.
Canadian immigration authorities want to ensure that students can fully focus on their education without facing financial difficulties, which could affect their academic performance or lead to non-compliance with immigration laws. Adequate financial resources reduce the likelihood that students will need to work excessively while studying, which is especially important because study permits often come with restrictions on the number of hours a student can work.
Additionally, proof of funds reassures the Canadian government that students won’t become a burden on public resources, such as healthcare and social services, while they are in the country. This is crucial for maintaining the integrity of the immigration system and protecting public interests.
Related news
- Study in Canada: Step-By-Step Guide for International Students
- Canada’s Start-Up Visa: Fast Pathway to Permanent Residence for International Graduates
In terms of practicalities, proof of funds typically involves providing bank statements, letters from financial institutions, or documents showing scholarships, loans, or other financial support. The required amount varies depending on the province and the length of the study program, but it generally must cover at least one year’s worth of tuition and living expenses.
You can prove funding with:
- Proof of your Canadian bank account showing money you have transferred.
- Guaranteed Investment Certificate (GIC) from a Canadian bank.
- Proof of a student or education loan from a bank.
- Your bank statements for the past four months.
- A bank draft that can be converted to Canadian dollars.
- Proof you paid for tuition and housing.
- A letter from a person or school giving you money.
- Proof of funding paid from within Canada, if you have a scholarship or are in a Canadian-funded educational program.
Tuition can vary significantly between institutions and study programs.
In addition to tuition, you must have adequate living expenses, calculated as follows:
Funds Required Outside of Quebec
Persons coming to Canada | Funds required per year (in addition to tuition) | Funds required per month (in addition to tuition) |
Yourself | $10,000 | $833 |
With a family member | $4,000 | $333 |
Any additional family member | $3,000 | $255 |
Funds Required Within Quebec
Persons coming to Canada | Funds required per year (in addition to tuition) | Funds required per month (in addition to tuition) |
Yourself | $11,000 | $917 |
First family member (18 years or older) | $5,100 | $425 |
First family member (under the age of 18) | $3,800 | $317 |
Every additional accompanying family member (18 years or older) | $5,125 | $427 |
Every additional accompanying family member (under the age of 18) | $1,903 | $159 |
How to Calculate Final Amount
Example: Tuition + $10,000 (student) + $4,000 (spouse)
Total proof of funds needed: Tuition + $14,000
What Documents are Accepted as Proof of Funds For An International Student in Canada?
When applying for a Canadian study permit, you must submit documents to show you can financially support yourself. Here’s a checklist of acceptable proof of funds documents:
- Bank Statements (from the last four months)
- Bank Drafts (convertible to Canadian dollars)
- Proof of Student Loans (from a financial institution)
- Official Letter of Scholarship or Financial Aid (stating amount and duration)
- Guaranteed Investment Certificate (GIC) from a participating Canadian bank
- Proof of Payment of Tuition and Housing Fees (receipts or payment confirmation)
- Letter from a Sponsor (confirming support with supporting financial documents)
- Financial Support Letters from Family Members (with bank statements attached)
- Proof of a Canadian Bank Account (if funds were transferred to Canada)
- Loan Disbursement Letter (if you’ve taken out a student loan)
- Income Proof from Sponsor or Parents (recent payslips or tax documents)
Ensure that all documents are clear and translated into English or French, if necessary, to meet Canadian immigration requirements.
FAQ: How Much Money Do I Need to Study in Canada as an International Student?
Why is proof of funds required for a Canadian study permit?
Proof of funds demonstrates that you have enough money to cover tuition, living expenses, and return transportation while studying in Canada. It ensures that you won’t rely on employment or public funds, allowing you to focus on your studies and comply with immigration laws without financial concerns.
How much money do I need to cover living expenses in Canada?
The required living expenses depend on where you study. Outside Quebec, you need $10,000 per year for yourself, plus $4,000 for a family member. In Quebec, the requirement is $11,000 for yourself, $5,100 for an adult family member, or $3,800 for a child under 18.
What documents are accepted as proof of funds?
Acceptable documents include bank statements, bank drafts, proof of student loans, letters of scholarship or financial aid, Guaranteed Investment Certificates (GIC), tuition and housing receipts, and letters of financial support from sponsors or family members, along with their financial documents.
Does tuition vary across Canadian institutions?
Yes, tuition fees vary significantly depending on the institution and program. It’s important to research the specific costs associated with your study program to accurately calculate your total proof of funds needed, including both tuition and living expenses.
What happens if I don’t meet the financial requirements?
Failing to meet the financial requirements can lead to the rejection of your study permit application. The Canadian government requires proof that you can support yourself during your stay, ensuring that you can complete your studies without financial strain.
Embrace your future and let Immigration.ca become the choice for your study in Canada experience that will last a lifetime!
Begin your study in Canada, experience NOW!