Minimum Bank Balance For Canada Student Visa

Minimum Bank Balance For Canada Student Visa Minimum Bank Balance for Canada Before applying for a student visa, it is often important to kn...

Minimum Bank Balance For Canada Student Visa

Minimum Bank Balance for Canada Before applying for a student visa, it is often important to know a few things. If you are an international student and want to study in Canada, you must show that you have at least $25,000 in your bank account or on a statement from your sponsor's bank account.

If you are traveling with your spouse and child, you must put more money down.

Students from other countries who want to get a good education can go to Canada.

This country has a good education system, and there are also ways for students who want to stay in the country after they graduate to do so. To keep studying in Canada, you will need to show proof that you have enough money to pay for your tuition and living costs.

If you want to get a student visa or study permit to study in Canada, you need to be able to pay for yourself while you are there. 

So, keep reading if you want to learn more about the minimum Bank Balance for Canada Student Visa.

What does POF (Proof of Funds) mean?

For a student visa in Canada, the most important thing is that you have money. You will also have to show proof that you have enough money to cover not only your tuition fees but also other living costs while you are in Canada.

The school you enrolled in will also ask you to show proof of funds just once. No matter who asks for your POF, you will use it to show that you can pay for your studies in Canada.

There are different ways to show that you have the money since students asked to pay upfront as proof. There wouldn't be a standard list of documents that IRCC would need.

Proof that money is being given to help international students

The following things show that there are enough funds or financial support:

1. If money has been sent to Canada in your name, you will need to show proof from your bank account.

2. Proof that the bank has given you a loan for school.

3. You'll need the last six months' worth of bank statements.

4. You need a bank draft.

5. Show proof that you have paid your school fees and living costs.

How Much Money Do Students in Canada Need to Show?

For example, if you and two family members want to spend a year in a province other than Quebec, you will need:

1. Living expenses will cost $10,000 for students. 

2. The cost of living for the first family member will be $4,000.

3. The second family member will spend $3,000 on living costs.

Maybe you came from a country that limits the amount of money that can leave the country. If this is the case, make sure you can prove that you will be able to use those funds for all your needs.

6. You'll need a letter from the person or organization giving you the money.

An employment letter from your sponsor that says how much they make or a statement from your sponsor that says they will support you may not be enough proof of money for the immigration officer.

Because neither of these papers shows that there is enough money to pay for you.

This is why your bank account statements have to show the amount of money you have and where it came from if you want to get a study permit.

Who Can Be a Sponsor for a Canadian Student?

Don't forget that your sponsor can be a member of your family, a relative, or a guardian. This is to show that the money mentioned in the sponsor's letter is actually available by looking at the bank's financial statements.

So that the real sources of the money can be found to prove it's real. It is very important to show proof that you know your sponsor.

Documents that can be used to prove you have money in Canada

Here is a list of documents that can be used to show that you have enough money to study in Canada when you apply for a study visa.

Any of the four documents can be used with another to show that you have enough money unless an IRCC visa requires that the money come from a certain account or deposit.

1. Statements of your bank account

You will need to show your bank account statements or those of your sponsor for a certain time period to the visa consulate or university. Make sure that your name is on the statements.

The bank should sign and scan the statements well. It must be the original, have the bank's letterhead, and be signed by the bank to show that the person can pay.

Also, make sure the length of time is clear, because the university or consulate will likely ask for bank statements from the last six months.

2. Loan Approval or Disbursement Letter

You will have to show your letter of Loan Approval as proof that you have money. Again, it shouldn't be hard to get it from the bank where you asked for the loan.

As most banks follow a certain format, the letter will usually tell you that the bank has agreed to lend you the exact amount for your education in Canada.

The bank's letterhead should be used to sign and stamp this letter. The amount of money that will be sent to the student's name and the promise to send money should be clear.

3. Letters for scholarships

Even if you've been given a scholarship, these letters will show that you can pay for college.

The scholarship-giving university, donor organization, or institution will give the letter. If you got a scholarship or grant from the government, they need to add that to the copy of the same.

4. Certificate of Ability to Borrow

The loan capability certificate is not the same as the letter of approval for the loan. For example, you will have to show the bank's certificate of capacity.

For that, the bank will give you a loan that will help you get into a university abroad.

This certificate should have your name, the type of loan you can get, and a promise from the bank that they will give you the loan. On the bank letterhead, it should also be signed and stamped.

Conclusion

The least amount of money you need to study in Canada has already been talked about. Make sure you know what documents you need to bring to show that you have the money.