Proof of Funds: Minimum Amount to Study in Canada in 2022
Are you interested in studying in Canada but aren’t sure what to budget for? Thousands of students make their way to Canada every year to study further or to start afresh and get an international qualification to help jump-start their careers.
Getting accepted to a college or university is one of the first steps before applying for a Canada study visa. But perhaps a more important step to take is to find out exactly how much you will need to save before deciding on which educational institution you would like to enroll at.
To study in Canada, there are a number of requirements that you will need to meet before you can apply for your study permit. These include:
Being enrolled at a Designated Learning Institution (DLI);
Having a clear criminal record;
Being in good health;
Having proof that you are going to leave Canada once you finish your study program; and
Have proof of funds or that you have enough money to support yourself during your stay in Canada.
Why do I need funds to study in Canada?
Although you can work while you’re completing your studies in Canada, you will only be able to work on a part-time basis for 20 hours per week, without a work permit. This is why you’ll need to have enough money to support yourself while you are studying in Canada.
How Much Proof of Funds Do I Need to Study in Canada?
When applying for your study visa, you will need to provide documents showing that you have enough money to pay for your:
tuitions fees;
living expenses (for you and your family, if they are coming with you to Canada);
return flight for you and your family members that will be coming with you.
Tuition Fees
Your tuition fees will vary from institution to institution and province to province. On average you can expect to pay around $20,000 per year.
Living Expenses
As an international student in Canada, it is advised to budget for about $10,000 per year for living expenses. But as you can see below, it is always better to have a little extra to cover those unforeseen costs and other student expenses, so that you can enjoy your student life in Canada to the fullest.
Average Living Expenses for International Students in Canada 2021
Expenses
Amount/Year($CAD)
Health Insurance
$400
Textbooks
$840
On-Campus Rent
$7,200
Mobile Phone (basic package)
$360
Public Transit Pass
$480
Groceries/Food
$3,600
Entertainment
$960
Car Insurance
$1,500
Car Fuel
$2,400
Total Expense
$17,940
Return Flights
The cost of your return flight will of course depend on your home country, the airline you’ll be flying with as well as how far in advance you book your flight.
The minimum proof of funds required for anyone studying outside of Quebec, excluding tuition, are:
Minimum Funds to Support Yourself as a Student in Canada
Persons coming to Canada
Amount of funds required per year (doesn’t include tuition)
Amount of funds required per month (additional to the tuition)
You (the student)
CAN$10,000
CAN$833
First family member
CAN$4,000
CAN$333
Every additional accompanying family member
CAN$3,000
CAN$255
What is Accepted as Proof of Funds?
To prove that you have enough funds to cover yourself and your loved ones while you’re studying in Canada you can provide any of the following types of documents:
proof of a Canadian bank account in your name, if you’ve transferred money to Canada;
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
What Documents Are Required for a Canada Study Visa?
To apply for a Canada student visa, you will need the following documents:
proof of acceptance (letter from your place of study)
proof of identity (valid passport or travel document and two recent passport-sized photos); and
proof of financial support
You may also need:
a letter of explanation
a Certificat d’acceptation du Québec (CAQ)
a custodian declaration (minors only)
any other documents requested
How to Apply for a Canada Study Permit
The study permit application can be completed in three very easy steps.
Step 1: Gather your documents
The first step to a successful application is to be ready. And to be ready means to have as many of your necessary documents at hand so that you don’t end up delaying the application process. You will have up to 30 days to submit any requested documents so it’s always best to start collecting them before you apply.
Step 2: Complete your application
If you are applying for your student visa from outside Canada it is best to do so online. This will make the application process a lot quicker and easier. The processing time for student visas is usually around 11 weeks. If, however, you are from one of the following countries, you may qualify to apply through the Student Direct Stream (SDS) and have your visa process in as little as 20 calendar days!
Antigua and Barbuda
Brazil
China
Colombia
Costa Rica
India
Morocco
Pakistan
Peru
Philippines
Senegal
Saint Vincent and the Grenadines
Trinidad and Tobago
Vietnam
Be sure to read your country-specific instruction guide before starting the application process. At least one in four student visa applications are rejected, one of the reasons being that the application was incomplete or completed incorrectly.
Step 3: Pay your application fee and submit your application
Once you’ve completed your application form, you’ll need to pay your application and biometrics fees. Your biometrics consists of your digital fingerprints and a digital photo. Once you have submitted your biometrics, they will be valid for up to 10 years.
You will also need to have a credit or debit card to complete the payment online.
Why Hire Us to Help You To Study in Canada?
Studying in Canada is an amazing experience for any student. Canada has one of the highest standards of education in the world. If you want to ensure your best chances at getting approval on your student visa application, then we recommend you consult with us before submitting it. We have helped many students successfully enter Canada on a study permit, and we can help you too!
We Can Help with Your Canada Study Permit Application!
What are your options for Canadian Immigration apart from study in Canada? You can consider any of the following pathways to Canadian Immigration:
Chugo Immigration Service is authorized to offer Canadian Immigration and Citizenship services under the Immigration and Refugee Protection Act. The Principal Consultant, Pius Chukwuma Ekwulugo RCIC, is a member in good standing of the College of Immigration and Citizenship Consultants (CICC) and has helped many foreigners to start a new life in Canada. We will help you too!For effective and diligent legal help regarding Canadian Immigration matters, we partner with Weekes Law Office.
WHAT DO I DO NEXT?
Are you looking for an immigration pathway to Canada? If you do not know where to look and how to start, we invite you to book an eligibility consultation with us. We will prepare an individualized assessment report for you and guide you on your immigration journey to Canada.
We advise you to complete the assessment questionnaire now in order to properly plan your application.
We advise you to complete the assessment questionnaire now in order to properly plan your application.
Proof of Funds: Minimum Amount to Study in Canada in 2022
Are you interested in studying in Canada but aren’t sure what to budget for? Thousands of students make their way to Canada every year to study further or to start afresh and get an international qualification to help jump-start their careers.
Getting accepted to a college or university is one of the first steps before applying for a Canada study visa. But perhaps a more important step to take is to find out exactly how much you will need to save before deciding on which educational institution you would like to enroll at.
To study in Canada, there are a number of requirements that you will need to meet before you can apply for your study permit. These include:
Why do I need funds to study in Canada?
Although you can work while you’re completing your studies in Canada, you will only be able to work on a part-time basis for 20 hours per week, without a work permit. This is why you’ll need to have enough money to support yourself while you are studying in Canada.
How Much Proof of Funds Do I Need to Study in Canada?
When applying for your study visa, you will need to provide documents showing that you have enough money to pay for your:
Tuition Fees
Your tuition fees will vary from institution to institution and province to province. On average you can expect to pay around $20,000 per year.
Living Expenses
As an international student in Canada, it is advised to budget for about $10,000 per year for living expenses. But as you can see below, it is always better to have a little extra to cover those unforeseen costs and other student expenses, so that you can enjoy your student life in Canada to the fullest.
Return Flights
The cost of your return flight will of course depend on your home country, the airline you’ll be flying with as well as how far in advance you book your flight.
The minimum proof of funds required for anyone studying outside of Quebec, excluding tuition, are:
What is Accepted as Proof of Funds?
To prove that you have enough funds to cover yourself and your loved ones while you’re studying in Canada you can provide any of the following types of documents:
What Documents Are Required for a Canada Study Visa?
To apply for a Canada student visa, you will need the following documents:
You may also need:
How to Apply for a Canada Study Permit
The study permit application can be completed in three very easy steps.
Step 1: Gather your documents
The first step to a successful application is to be ready. And to be ready means to have as many of your necessary documents at hand so that you don’t end up delaying the application process. You will have up to 30 days to submit any requested documents so it’s always best to start collecting them before you apply.
Step 2: Complete your application
If you are applying for your student visa from outside Canada it is best to do so online. This will make the application process a lot quicker and easier. The processing time for student visas is usually around 11 weeks. If, however, you are from one of the following countries, you may qualify to apply through the Student Direct Stream (SDS) and have your visa process in as little as 20 calendar days!
Be sure to read your country-specific instruction guide before starting the application process. At least one in four student visa applications are rejected, one of the reasons being that the application was incomplete or completed incorrectly.
Step 3: Pay your application fee and submit your application
Once you’ve completed your application form, you’ll need to pay your application and biometrics fees. Your biometrics consists of your digital fingerprints and a digital photo. Once you have submitted your biometrics, they will be valid for up to 10 years.
You will also need to have a credit or debit card to complete the payment online.
Why Hire Us to Help You To Study in Canada?
We Can Help with Your Canada Study Permit Application!
What are your options for Canadian Immigration apart from study in Canada? You can consider any of the following pathways to Canadian Immigration:
Chugo Immigration Service is authorized to offer Canadian Immigration and Citizenship services under the Immigration and Refugee Protection Act. The Principal Consultant, Pius Chukwuma Ekwulugo RCIC, is a member in good standing of the College of Immigration and Citizenship Consultants (CICC) and has helped many foreigners to start a new life in Canada. We will help you too!For effective and diligent legal help regarding Canadian Immigration matters, we partner with Weekes Law Office.
WHAT DO I DO NEXT?
Are you looking for an immigration pathway to Canada? If you do not know where to look and how to start, we invite you to book an eligibility consultation with us. We will prepare an individualized assessment report for you and guide you on your immigration journey to Canada.
We advise you to complete the assessment questionnaire now in order to properly plan your application.
We advise you to complete the assessment questionnaire now in order to properly plan your application.
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