This post explains the Student Visa Canada Proof of Funds in 2024. A proof of funds proving the applicant’s ability to pay for tuition and living expenses while studying in Canada is required in order to apply for a Canadian student visa, also called a study permit. Due to growing living expenses, Immigration, Refugees, and Citizenship Canada (IRCC) revised its financial evidence criteria as of January 1, 2024.
Table of Contents
Minimum Requirement of Student Visa Canada Proof of Funds in 2024
The updated financial requirements for a Canadian study permit are as follows:
- Single Applicant: A minimum of CAD $20,635 annually, which is nearly double the previous requirement of CAD $10,000. This amount is required on top of tuition fees.
- Additional Family Members: For each accompanying family member, additional funds are required (e.g., CAD $4,200 for the first dependent and CAD $3,000 for each additional dependent).
- Quebec Requirements: Applicants in Quebec have slightly different requirements. They must show at least CAD $15,078 annually for the student and additional amounts for each dependent.
Types of Financial Proof That Are Acceptable
To meet the proof of funds requirements, applicants can use various documents, including:
- Guaranteed Investment Certificate (GIC): An investment account with a minimum of CAD $20,635, especially relevant for those applying through the Student Direct Stream (SDS).
- Bank Statements: A recent 4-month history showing sufficient funds.
- Scholarship or Funding Letters: Proof of scholarship or educational funding.
- Education Loan Documentation: Bank documents confirming an approved education loan.
- Other Supporting Documents: Such as a letter of financial support from family, sponsorship letters, and evidence of relationships with sponsors if applicable.
Implications of Not Enough Proof of Funds
A visa may be denied if sufficient proof of funds is not presented. Additionally, it can cause the application process to drag on or, in the worst situations, affect the applicant’s future eligibility for immigration to Canada. A successful application depends on all financial records being complete, current, and converted into Canadian dollars.
Rights of International Students to Temporary Employment
Canada extended a concession that permits study permit holders to work more than 20 hours per week off-campus until April 30, 2024, in order to assist students in covering living expenses. It is encouraged that applicants keep updated of any changes to work privileges through IRCC statements, as this policy is subject to change in the future.
FAQs on Proof of Funds for a Canada Student Visa
1. What is the minimum amount required for proof of funds?
For a single applicant, the minimum is CAD $20,635 per year, excluding tuition fees. For family members, additional funds are needed. Students in Quebec have different financial requirements.
2. What documents are accepted for proof of funds?
Acceptable documents include a GIC, recent bank statements, letters confirming scholarships or financial aid, and loan documents.
3. Can I rely solely on a sponsor for proof of funds?
Absolutely, provided that there is official documentation of the sponsorship, such as a letter from the sponsor, financial evidence of the sponsor’s capacity to provide for the student, and records attesting to the relationship.
4. How much should I budget for living costs in addition to tuition?
The financial proof requirement of CAD $20,635 is a minimum estimate for living costs, but students may need more depending on their lifestyle, location, and specific institution.
International students can increase their chances of having their application for a Canadian study visa approved by making sure all proof of finances documents is correct and current. See the IRCC for the most recent guidelines, or speak with a Canadian immigration specialist. Read more