As per the CIC website, you need to show the minimum funds of 1 year + 1 year cost of living. I have here the sample computation from CIC website. If you have a huge family coming to Canada, you are expected to show more funds:
2. If I will study for two (2) years, do I need to show two (2) years of total expenses/funds?
Ideally, yes! This will give you more chances of getting your study permit, since you can show that you have the capacity to support yourself in your entire study and stay in Canada. If you don't have cash in your bank for the entire two year's of your studies, then maybe consider getting a sponsor, or assets, investments, or potential rental/income for your second year.
3. Do I need to explain the big deposit in my bank account?
Yes! Ideally, they will check the incoming/outcoming transactions in your bank statements/ For example, if you have 10,000cad deposited in your bank account, this would be a ref flag, therefore explain in your study plan, where did the money come from. For example, it came from your parents, or maybe someone owed you and paid you within the last four months. Provide a letter from the person who deposited the money so that the immigration officer can verify that the transaction was true and authentic, and you are not just using that money to fake your proof of funds.
3. Can I use my FULL scholarship as my proof of funds?
Yes, you can use the scholarship as your proof of funds provided the right documentation. As stated on the CIC website, "proof of funding paid from within Canada, if you have a scholarship or are in a Canadian-funded educational program". But this is a rare situation that someone will actually give an international student a full scholarship to study in Canada. Remember, your studies will be around 20-30,000cad in total, so you need to be realistic! :)
4. Can I use my property, investment, or rental income as my proof of funds?
If these investments are under your name, you can use it as your secondary proof of funds but not the primary one. The primary proof of funds should still cover the 1 year tuition fee + 1 year cost of living in Cash, CASH that you can actually liquidate anytime you need it.
5. I will live with my relative or friend, and they will provide a proof accommodation or food, do I still need to show my proof of funds for my living expenses?
Depends - if the sponsor will only provided the accommodation and food, keep in mind that you also need to spend for phone bills, transportation, books, and supplied. So I would make sure to provide a bank statement showing some funds that could cover my other expenses as mentioned. Ensure to ask for proper documentation from your sponsor:
a. Affidavit of Support.
b. Bank Statement (stamped by the bank)
c. Income tax return/T4
d. Pay slip/ Certificate of Employment
e. Identification document
6. I have a GIC, do I need to show my bank statement?
GIC is usually used for cost of living, if your available funds will not cover the entire funds required from you, then you need to show extra cash from your bank account, or maybe show some sponsors.
7. Can I open a GIC account from other than my home country?
A GIC is an investment account that offers a guaranteed interest rate over a fixed period of time. With the Scotiabank Student GIC Program you can invest between $10,000 CAD – $50,000 CAD. The money should come from your bank account. For example, you can send a wire transfer for $10,200 CAD from a financial institution in your home country to Scotiabank in Canada ($10,000 CAD for your Scotiabank Investment Account and $200 CAD for the program fee). If you are currently living in the UAE or Singapore, you can still buy a GIC using your home countries' bank account. Also, you can check if there is a satellite branch in the UAE or Singapore, and ask for further instructions about GIC.
8. How can I structure my proof of funds in my study plan?
You can either make a summary table or bullet points, and you should have the local and Canadian currency showing in your summary table/bullet points
Table A: Total Funds
Table B: Total Expenses
FAQs
Copy of savings bank statement duly attested by bank. Copy of fixed deposits, if any, duly attested. Evidence of property or other assets owned, if any. Scholarship grant or loan offer letter, if applicable.
Is 3 months bank statement enough for Canada student visa? ›
The 4 months of bank statements must show your first year's tuition plus $10,000 CAD living expenses and they must be the 4 months preceding the date on your study permit application. The purpose of the bank statements is to prove that you currently have the money needed to pay for your first year in Canada.
How much money do I need to show for f1 visa? ›
How Much Bank Balance & Statements is Required for US Visa? There is no fixed minimum bank balance for a US student visa, but one should have at least USD 10,000 or INR 833,120 and above, which also must be reflected in the previous 6-9 months of bank statements.
What is proof of income for international students? ›
Bank statements or employer letter. Scholarship and financial aid letters. Investments or other assets. Government or other official agency funding.
What are acceptable proof of funds? ›
Proof of funds refers to a document that demonstrates the ability of an individual or entity to pay for a specific transaction. A bank statement, security statement, or custody statement usually qualify as proof of funds. Proof of funds is typically required for a large transaction, such as the purchase of a house.
Is bank statement enough for proof of funds Canada? ›
For proof, you must get official letters from any banks or financial institutions where you are keeping money. Letter(s) must list: all current bank and investment accounts. outstanding debts such as credit card debts and loans.
What is proof of financial support for international students in Canada? ›
The gold standard for proof of funds would be proof of full payment of tuition for your first year of tuition, a Guaranteed Investment Certificate (GIC) from a Canadian financial institution for the full cost of living, bank statements for the last 6 months and proof of source of funds, such as an employment ...
What is the minimum bank balance for Canada student visa 2024? ›
What is the minimum bank balance for Canada student visa requirement? In 2023, the minimum funds required, aside from the GIC, were CAD 10,000 per year. However, effective January 1, 2024, this amount has increased to CAD 20,635 per year, excluding the first year's tuition fee.
What are the new rules for international students in Canada 2024? ›
For international students wanting to study in Canada, this means that starting January 22, 2024:
- every application for a new study permit must include a Provincial Attestation Letter (PAL) issued by the province where the school is located.
- Each PAL represents one spot in the quota given to that province by IRCC.
What is the settlement funds requirement for Canadian immigration?
| Number of family members | Settlement funds required (in CAD) |
|---|
| 1 (Yourself) | $13,757 |
| 2 | $17,127 |
| 3 | $21,055 |
| 4 | $25,564 |
4 more rowsMar 12, 2024
The lender looks for payments going into your account which matches the income you declared on your application and also ensures that you have sufficient disposable funds to pay monthly installments for the loan.
What is proof of financial support for f1 visa? ›
Accepts forms of financial proof:
Bank account statements translated to English. Proof of guaranteed loans. Financial award letters. Other official documents outlining liquid assets.
How to legally make money on F1 visa? ›
On-campus employment: You can work up to 20 hours a week on campus during your semester. For example, Yash worked as an IT Help Desk Associate for $19 per hour in his first semester. Off-campus employment: You can work full-time, or up to 40 hours a week, through the CPT program in between semesters.
How much bank balance is required for Canada student visa? ›
The minimum tuition fee for a Canadian university is CAD 15,000. The minimum living expense in Canada is approximately CAD 10,000. So, for a Canadian student visa, the minimum bank balance requirement is ($ 15,000 CAD+ CAD 10,000) = CAD 25,000 approximately.
What is the sufficient bank balance for US visa? ›
So, what's the Minimum bank balance for a US visitor visa? We recommend showing a minimum of $6000-10000$ in your statement.
How much money is required for student in USA? ›
Along with so many plus points, studying in the US for international students is expensive and so are the living costs. The estimated cost of living in the USA for international students is around $10,000 to $25,000 per year, which averages around $1,000 to $2,000 per month.
What is proof of sufficient funds in the US? ›
Family bank statements. Documentation from a sponsor. Financial aid letters. Scholarship letters.
How much money must you be able to show in order to obtain a student visa UK? ›
Money to support yourself ('financial requirement')
- £1,334 per month (for up to 9 months) for courses in London.
- £1,023 per month (for up to 9 months) for courses outside London.
