Canada’s diverse environment and top-notch educational system make it an excellent place to study. Nevertheless, obtaining a student visa for Canada can be a difficult procedure. You must demonstrate that you have enough money, in addition to other requirements and documentation, to cover your living expenses while in the nation as well as your academic expenses.
Here’s what you should know if you’re considering studying in Canada and are worried about how much cash you’ll need in your bank account before your visa application is granted.
Canada opened its borders to international students because it believes that everyone should have access to a high-quality education. However, they also want to make sure that you can support yourself during your stay if you come here to study.
The government does not want you to come here to study and then turn into a liability to the nation. As of December 2023, 807,750 international students had valid study permits in Canada, according to the IRCC. This illustrates the popularity of Canada as a study-abroad location.
If you’re a student hoping to study in Canada, you have to meet certain requirements to get a student visa. One of these prerequisites is proving you have enough money to pay for your living expenses, tuition, and other costs while you’re visiting Canada.
They want to make sure you have the money to support yourself upon entering the nation; you’ll need it for living expenses, tuition, and travel expenses back home.
How much cash in the bank is needed to obtain a student visa for Canada?
You must have CAD 40,000 to pay for your living expenses and tuition to get a student visa to Canada. Depending on the conditions of admission to the university of your choice, the length of your program, and your living situation, this amount may increase.
If you’re applying to a particular institution, you can inquire about any additional funds needed above the minimum bank balance required. Giving evidence of finances is similar to having your back covered during the first few months of your new student life as you adjust.
Although you can have as much as you like in your account and present it as “proof of funds,” the maximum amount that the Canadian government requires to grant a student visa is CAD 40,000 and above.
Minimum bank balance for a Canada student visa
For your Canadian student visa, you must have a minimum bank balance of CAD 20,000 to cover living expenses. This is in addition to your tuition costs. Depending on where you study in Canada, this sum may increase. For example, in Quebec, your tuition plus living expenses would come to CAD 12,475 per month. You might require additional funds if you’re bringing a family.
The minimum bank balance required for a student visa to Canada is CAD 2,000. Recall that this is about organizing an amazing journey of discovery, learning, and creating memories, not just about money. You’ll be well on your way to enjoying Canadian student life once your finances are in order.