What are the Proof of Funds Requirements for a Canadian Student Visa?

Proof of Funds Requirements for a Canadian Student Visa

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:

  • Single student: CAD 20,635 per year, excluding tuition fees.
  • Family members: CAD 27,635 per year, except tuition fees.
  • Additional family members: CAD 3,000 per year, besides tuition fees.

The following documents shall be accepted:

  • A Canadian bank account statement
  • A guaranteed investment certificate
  • Proof of a student
  • A loan approval or disbursement letter
  • A scholarship letter
  • A loan capacity certificate

How to Get Proof of Financial Support for your Canadian Study Permit?

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.

Minimum Required Proof of funds study permit:

Single Applicants Requirements as per the year 2024:

  • Minimum CAN$20,635 for tuition and travel.
  • Adjusted annually based on Canada's Low-income Cut-off.

What is Proof of Financial Support?

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.

Showing Proof of Funds for a Canadian Student Visa

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.

  • Make sure the bank's statement is original, signed and dated.
  • Use formal documents like loan agreements or disbursement letters to demonstrate financing support.
  • Given the possibility of suspicion, do not make bulk deposits or use personal loans.
  • You must apply for the GIC to use the student direct route.

What Documents are Accepted for Proof of Funds?

The following documents shall be accepted as proof of funding for Canadian study permits:

  • Personal bank statements covering the last four months
  • Guaranteed Investment Certificate (GIC) from a Canadian bank
  • Proof of a student loan or an education loan.
  • A bank draft that can be converted into Canadian dollars proof of payment for tuition and accommodation.
  • A letter from the person or institution that provides financial assistance Proof of the funds used to fund scholarships or Canadian programs in Canada

Types of Acceptable Proof for a Canadian Student Visa

To prove financial support, IRCC accepts various documents:

  • One or a combination of the following may be provided:
  • Proof of a Canadian bank account in your name if the funds are transferred to Canada
  • A guaranteed investment certificate (GIC) from the participating Canadian financial institution
  • Proof of loan from your bank to a student or an education
  • For the last four months, bank statements
  • A bank draft convertible to Canadian dollars
  • Proof of payment of tuition and housing fees

Reasons for Proof of Funds Rejection

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.