“What should I present as evidence of money for Canada?” is a frequently asked topic among students seeking to study in Canada. Immigration, Refugees, and Citizenship Canada (IRCC) regulations are always changing, so staying up to date is essential if you want to study in Canada. The cost of studying in Canada has recently quadrupled from 10,000 CAD to 20,635 CAD, and it is critical that you do not miss this change.
Failure to produce appropriate evidence of money for a Canada student visa might result in visa refusal, jeopardizing your study abroad plans. In this article, we’ll go over all you need to know regarding proof of funding Canada student visas so you may make your study abroad dream a reality in 2024.
What is proof of funds?
If you want to study in Canada, you must provide proof of financial assistance. This is necessary for the IRCC to confirm your ability to sustain yourself throughout your study time. Various scenarios may demand providing proof of money, such as during a visa interview or at the request of your university. Proof of finances is also necessary to verify that you will be able to study and live in Canada without becoming a reagent for difficulties such as housing and other issues that are now prevalent in Canada. Regardless of who is demanding the evidence of money, it should be presented in a way that ensures their capacity to cover the costs of studying abroad.
Why is Proof of Funds Required for Canada?
The Canadian immigration authorities, known as IRCC, require proof of funding to evaluate international students’ financial capability to cover their educational and living expenses while in Canada. This requirement is intended to distinguish between students who have adequate financial resources to complete their education in Canada and those who may not, potentially misusing their student visas for other purposes.
A recent announcement by Canada’s immigration minister highlighted that many students arrive in the country only to later realize they lack sufficient funds to sustain themselves. Furthermore, addressing housing issues in Canada becomes more manageable when incoming students have ample funds. Thus, proof of funds for Canada student visas is a crucial requirement. It’s essential to note that providing proof of funds is mandatory for Canadian student visas.”
What is the Minimum Bank Balance Required for a Canada Student Visa?
In 2023, the minimum funds required, excluding the Guaranteed Investment Certificate (GIC), were CAD 10,000 per year. However, starting January 1, 2024, this requirement has increased to CAD 20,635 per year, not including the first year’s tuition fee. In the rare case of bringing an additional family member, such as a spouse, an extra CAD 4,000 per year is needed. This additional amount can also be covered through the GIC, which is mandatory for Canada student visas.
Another important aspect is maintaining an average balance of the specified amount for the last 6-9 months. This practice helps ensure that during the visa interview, it does not seem as though the funds suddenly appeared in your account overnight.
Proof of Money for Canada Student Visa
When you apply to study in Canada, you need to show you have enough money to support yourself. Here are some documents you can use:
- Bank Statement: This paper from your bank shows what money you have and how you use it.
- Loan Approval Letter: A letter saying you can borrow money from a bank. It shows how much you can borrow and when you have to pay it back.
- Sponsor Letter: A letter from someone who will help you pay for your studies. It shows they have enough money to help you.
- GIC Certificate: This is a special document for some students. It means you put money in a Canadian bank, and they promise to give you some of it every month for living expenses.
FAQ’s
Can I use a GIC as proof of money?
Yes, a GIC is a good way to show you have enough money, especially for the SDS visa. You can also use other documents like bank statements to make your proof stronger.
Can I borrow money to show I have enough funds?
Yes, getting an education loan from abroad is a smart way to make sure you have the money you need for studying in Canada, and it can also be used as proof of funds.
Final Words
Hey there! If you want to study in Canada, you need to prove you have enough money to support yourself. The Canadian government wants to make sure you can cover your school fees and living expenses.
Starting in 2024, you need at least CAD 20,635 each year for living expenses, not including your first year’s tuition. If you’re bringing a family member, like a spouse, you’ll need more money.
To show you have enough money, you can use things like bank statements, letters from people who will help you pay, or a special document called a GIC