How Much Money Do I Need To Study In Canada As An International Student?

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.

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

Funds Required Within Quebec

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.