Minimum Financial Requirements for a Study Visa in Canada

Study Visa in Canada

Last Updated On : March 15 , 2024

Canada is a favorite destination for international students seeking a top-tier education. Besides offering high-caliber academic programs, Canada provides various pathways for those wishing to remain in the country post-graduation.

However, securing a study visa in Canada necessitates demonstrating adequate financial resources to cover tuition fees and living expenses. Your financial stability upon arrival is pivotal in obtaining a Canada student visa or study permit Canada. Thus, proving your ability to sustain yourself financially throughout your stay in Canada is imperative.

Moreover, Canada permits student applicants to sponsor their families. To do so, you must showcase your capacity to support yourself, as well as any accompanying spouses or family members, during your studies.

International students intending to enroll in a Canadian high school for the 2022-23 academic years must demonstrate proof of funds of at least 25,000 in their bank accounts or on their sponsor's account statement. Additionally, a separate fund is required for each accompanying spouse and dependent child, enhancing their ability to apply for student visa Canada.

Students applying through the Students Direct Stream must also obtain a Guaranteed Investment Certificate (GIC), which functions as a secure investment bank account, allowing students to deposit funds and accrue interest over time.

What Constitutes Proof of Funds (POF) for a Study Visa in Canada?

Proof of adequate funds is a fundamental requirement for acquiring a Study Visa in Canada. As an international student, you must exhibit financial capability to cover both your university tuition fees and living expenses throughout your stay in Canada. Furthermore, the educational institution you are enrolled in will require proof of funding as a one-time obligation.

Proof of funds encompasses evidence demonstrating your ability to finance your studies in Canada. Although there isn't a prescribed set of documents for demonstrating POF, there are various methods to provide proof of funds. These requirements are crucial for fulfilling Canada's study visa requirements and facilitating the study permit application process in Canada.

You can substantiate your financial sufficiency by presenting the following supporting documentation:

  • Bank account statements in your name if funds have been transferred to Canada
  • Proof of a student/education loan from a financial institution is required.
  • Bank account statements covering the past six months
  • Bank drafts
  • Documentation confirming payment of tuition and accommodation fees
  • Sponsorship letter from your sponsor or educational institution
  • Evidence of funding from within Canada, if applicable, such as scholarships or Canadian-funded educational programs.

Important considerations:

  • If your country implements foreign exchange controls, you must demonstrate your ability to transfer funds for all expenditures.
  • An employment letter detailing your sponsor's income or a sponsor's statement pledging support may not suffice as proof of funds for immigration purposes.
  • These documents do not conclusively demonstrate the availability of funds to sponsor you.
  • Therefore, bank account statements indicating fund balance and the source of funds are among the most reliable forms of proof of funds when applying for a study permit Canada.

To obtain a study visa in Canada, you must fulfill several requirements:

  • Acquire a valid acceptance letter from a Designated Learning Institution (DLI) in Canada, which should feature the official school letterhead and details about the program, and degree you intend to pursue, as well as the tuition fees.
  • Provide proof of financial support demonstrating adequate funds to cover tuition fees and living expenses for yourself and any accompanying family members, including return transportation costs.
  • Undergo a medical examination if deemed necessary for immigration purposes.
  • Maintain a clean criminal record and obtain a police certificate if required, while also ensuring good health, potentially through a medical exam.
  • Fulfill responsibilities while studying in Canada, including making progress towards completing your program, adhering to any conditions specified on your study permit, and being aware of additional conditions such as work permissions, travel limitations, or departure dates from Canada.
  • If planning to switch to a different DLI, update this information in your IRCC secure account.

These Canada study visa requirements are essential for obtaining and maintaining a study visa in the country.

Accepted Supporting Documents for Proof of Funds in 2022-23

Combining any of the following four documents can help establish adequate proof of funding for a study visa in Canada, streamlining the Canada study visa process:

Bank Account Statements

Visa officials or universities may request bank account statements, either yours or your sponsor are, covering a specified period. These statements should be in the name of the account holder.

The bank statements must be original, printed on the bank's letterhead, and signed by the bank to verify financial capacity. Additionally, the bank statements must bear the stamp and signature of the bank and clearly specify the duration, typically covering six months, in accordance with the requirements of the embassy or university.

Loan Approval Letter

A loan approval letter serves as proof of funds and can be obtained from the bank where you applied for the loan. While banks may have a standard format, the letter should explicitly confirm the precise amount approved for your higher education overseas.

The loan approval letter, printed on the bank's letterhead, must be signed and stamped. It should specify the amount to be disbursed in the student's name, along with a commitment to disburse the funds as agreed.

Scholarship Letters

If you have been granted a scholarship, you can submit your scholarship letter as evidence of your financial capability. Typically provided by the university, donor agencies, or awarding institutions, this letter confirms your scholarship award. For government scholarships or grants, a copy of the award letter must be included with your study permit application in Canada.

Loan Capability Certificate

Distinct from a loan approval letter, a loan capability certificate signifies that a financial institution or bank is prepared to lend you money upon your acceptance to a university overseas. This certificate should detail your name, loan eligibility, and the bank's preliminary commitment to provide the loan. Issued on the bank's letterhead, the certificate must also be stamped and signed.


Canada remains a premier destination for international students seeking a world-class education. Alongside its renowned academic programs, the country offers various pathways for post-graduation residency. However, securing a study visa demands proving sufficient financial resources, with tuition fees and living expenses being paramount. Demonstrating financial stability upon arrival is crucial.

Whether through bank statements, loan approval letters, scholarship documentation, or loan capability certificates, providing adequate proof of funds is essential for a successful study visa application in Canada. These requirements are vital components of meeting Canada student visa requirements and facilitating the Canada student visa application process.