How Much Bank Balance is Required for a Canada Student Visa?

As of February 2024, the minimum bank balance required for a Canada student visa is CAD 20,635. Previously it was CAD 10,000 and this increased significantly in addition to your tuition fees. It’s a mandatory requirement to study in Canada. 

Every international student requires a Canada student visa to study in Canada for at least 6 months. A study permit in Canada grants you permission to reside in Canada and attend a designated learning institution (DLI) for your chosen program.

Canada attracts thousands of international students annually, offering world-class education. To ensure you can afford your studies, the Canadian government requires proof of sufficient funds. This guide outlines the minimum bank balance required for a Canada student visa, the documents to submit, and tips to streamline your application.

Study permit in Canada and Who Needs One?

A study permit in Canada officially grants you permission to reside in Canada and attend a designated learning institution (DLI) for your chosen program. If you are an international student who wants to study abroad in Canada for over six months, you will need a Study Permit, also known as a Canada Student Visa. Some exceptions can happen on specific programs or situations, so contacting the RCIC for further details is best.

How Much Bank Balance is Required for a Canada Student Visa? 

According to Canada.ca, the minimum bank balance required for a Canada student visa for every international student is CAD 20,635. Previously it was CAD10,000. However, IRCC has updated the financial requirements for a Canada student visa (for living costs) to CAD 20,635/Person from CAD 10,000 on January 1, 2024.

Brief Overview of Bank Balance Requirement in Canada

The minimum bank balance requirement depends on several factors, including your study program, location, and whether you are bringing dependents. Here’s a breakdown of the required funds:

Expense Category	Estimated Amount (CAD)
Tuition Fees	Varies by program (Average: $20,000/year)
Living Expenses	$10,000/year ($833/month)
Dependent (Spouse/Child)	Additional $4,000/year per dependent
GIC Requirement (SDS only)	$10,000 for living expenses

Example Scenario:

If your tuition fee is CAD 20,000 per year and you plan to study without dependents, you’ll need a minimum bank balance of CAD 30,000 to meet the visa requirements. If you’re bringing a spouse, the total increases to CAD 34,000.

Minimum Bank Statement Requirement for a Canada Student Visa Outside the Quebec

The proof of funds requirement is higher than in other provinces outside Quebec. As per the Canada. Ca the minimum bank statement requirement for a Canadian student visa outside Quebec is given below:

Number of family members (including the applicant)	Amount of funds required per year (not including tuition)
1	CAN$20,635
2	CAN$25,690
3	CAN$31,583
4	CAN$38,346
5	CAN$43,492
6	CAN$49,051
7	CAN$54,611
If more than 7 people, each additional family member	CAN$5,559

Minimum Proof of Funds to Study in Canada Inside Quebec

Living expenses cover the costs of daily life in Quebec. The following are the amounts, in CAD, that you must have between January 1 and December 31, 2024. They may vary depending on the age and number of people included in your visa application:

Number of family members (including the applicant)	Amount of funds required per year (not including tuition)
One person under the age of 18	$7,541
One person aged 18 and over	$15,078
Two people aged 18 and over	$22,115
Two people aged 18 and over and one person under the age of 18	$24,773
Two people aged 18 and over and two people under the age of 18	$26,737

Components of Financial Requirements for a Canada Student Visa

There are four components that you should consider when calculating the bank balance required for a Canada student visa. Such as:

Tuition Fees

Your tuition fees depend on your chosen university, program, and level of study. On average:

• Undergraduate programs: CAD 12,000–25,000/year.
• Postgraduate programs: CAD 15,000–30,000/year.

Most universities require at least partial payment of tuition fees before issuing a Letter of Acceptance (LOA), which is mandatory for your visa application.

Living Expenses

The Canadian government has set a minimum of CAD 10,000 per year to cover living costs for a single student. This amount increases if you’re studying in cities like Toronto or Vancouver, where the cost of living is higher. Living expenses in Canada include:

• Accommodation: CAD 400–1,500/month (shared housing or dormitory).
• Food and Groceries: CAD 250–350/month.
• Transportation: CAD 100–200/month.
• Miscellaneous: CAD 200–300/month.

Dependents (Spouse or Children)

If you plan to bring your family, you’ll need an additional CAD 4,000/year per dependent. For example:

• Spouse: CAD 4,000/year.
• Two children: CAD 8,000/year.

GIC Requirement for SDS Applicants

The Student Direct Stream (SDS) is a fast-track visa processing option available for students from specific countries. SDS applicants must purchase a Guaranteed Investment Certificate (GIC) worth CAD 10,000 from a Canadian bank. This amount ensures your living expenses for the first year are covered.

How to Calculate the Proof of Funds For a Canada Student Visa? 

Are struggling with calculating the proof of funds for a Canada student visa? Here’s a simple formula to calculate your total proof of funds:

Total Funds Required = Tuition Fees (Year 1) + Living Expenses + Dependent Expenses + Miscellaneous Costs.

Example:

• Tuition: CAD 18,000.
• Living Expenses: CAD 10,000.
• Spouse: CAD 4,000.
• Miscellaneous (e.g., travel): CAD 2,000.
  Total Required: CAD 34,000.

What is the Acceptable Proof of Funds for Canada Student Visa?

The Canadian government require a definite amount of money to show proof of funds for a Canadian student visa. However, you can prove your bank balance requirement with at least one of the following:

• Proof of a Canadian bank account in your name, if you’ve transferred money to Canada
• A Guaranteed Investment Certificate (GIC) from a participating Canadian financial institution
• Proof of a student or education loan from a bank
• Your bank statements for the past 4 months
• A bank draft that can be converted to Canadian dollars
• Proof you paid tuition and housing fees
• A letter from the person or school giving you money, or
• Proof of funding paid from within Canada, if you have a scholarship or are in a Canadian-funded educational program

Student Visa Processing Time in Canada

Student visa processing time in Canada varies from different countries. The standard processing time for a Canada student visa is 7-9 weeks. However, the reality can be different sometimes. As of February 2024,  you can expect it between 10-16 weeks, with some outliers experiencing even longer waits.

Processing Time for Different Streams

Student visa processing time in Canada can differ for different streams such as: SDS and Non-SDS visas in Canada

1. Student Direct Stream (SDS)

In the SDS visa policy, the processing time is faster than the regular-stream. Such as:

• Processing Time: 20 calendar days.
• Requirements: GIC, IELTS (6.0 overall), full tuition payment.

2. Regular Stream

In the Non-SDS or regular stream, the processing time is regular as per the requirement for your country. 

• Processing Time: 4–12 weeks.
• Requirements: Proof of sufficient funds, LOA, and language proficiency.

Final Words

Securing a Canada student visa requires meticulous planning and preparation. Understanding the financial requirements and submitting accurate proof of funds are essential steps toward achieving your dream of studying in Canada. Need more guidance about the bank balance required for a Canada student visa? Contact AIMS Education experts today for better advice and personalized support.

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