Last Updated On : June 03 , 2024
The Government aims to ensure that, despite their financial difficulties, International students have sufficient resources in order to meet the cost of living in Canada.
'Proof of Funds' refers to the documents, as decided by the Canadian visa office, proving that sufficient funds have been available for Canada's expenses including tuition fees, living costs and travel.
Understanding Canadian proof of funds is vital for students to support themselves during their studies in Canada. Financial requirements for Canadian student visas are as follows:
The following documents shall be accepted:
In order to receive IRCC proof of funding for your study permit, you need to provide a written document showing that the appropriate amount has been paid in respect of tuition, living expenses and additional costs.
Single Applicants Requirements as per the year 2024:
A document to demonstrate that you can cover your tuition, accommodation and other costs associated with the study in Canada is known as Proof of Financial support.
To obtain a student visa in Canada, foreign students must prove that they have enough money to cover their education and living costs. The proof of funds requirement ensures that students can afford their education and living costs without relying on part-time work or other financial support.
The following documents shall be accepted as proof of funding for Canadian study permits:
To prove financial support, IRCC accepts various documents:
For a Canadian student visa application, there are several main reasons why the evidence of funds may be refused:
For each family member the minimum financial requirements of CAD 20,635 per year shall be met by a single applicant and an additional amount of CAD 3 000 per year.
The following ineligible documents shall not be accepted as proof of funding: bank statements, GICs, student loans and proof of scholarships.
Invalid information:
Applications may be rejected on the grounds that there are no details of employment, missing documents or erroneous data.
If requests are not answered within the time limit, they may result in a refusal.
The applicant may be inadmissible because of his or her previous immigration offenses, failure to stay on a previously issued visa and the absence of information concerning the crime in question.