How much money do you need to prove to study in Canada

05 January, 2023

How much money do you need to prove to study in Canada

Studying in Canada is a dream for many international students due to its high-quality education system and multicultural environment. However, one of the significant concerns for students who wish to study in Canada is the financial aspect. International students are required to demonstrate that they have sufficient funds to cover their living expenses and tuition fees while studying in Canada. In this article, we will discuss how much money you need to prove to study in Canada, including the various expenses you need to consider before applying for a student visa.

Get to know about the proof of funds:

The Canadian Government requires that the main student visa applicant prove that they have a minimum amount of CAD$10,000 + the tuition fee for the first year. In addition, if a family member accompanies you, CAD$4,000 must be added, and CAD$3,000 for each additional member.

To prove this income, the government of Canada accepts the following documents:

• Proof of a Canadian bank account in your name if you have already transferred the money to Canada;

• A certificate called Guaranteed Investment Certificate (GIC) from a participating Canadian financial institution;

• Proof of an educational or student loan from a bank;

• Bank statements for the last four months of your account;

• A bank draft that can be converted into Canadian dollars;

• Proof of payment of your tuition and accommodation fees in Canada;

• A letter from the individual or school providing you with the money;

• Proof of funding within Canada. Example: If you receive a scholarship or have been admitted to a Canadian government-funded educational program.

What financial documents do I need to provide for studying in Canada?

Studying in Canada can be an incredible opportunity for international students looking to experience a new culture and receive a world-class education. However, before making the move, it's important to understand the financial requirements and documentation needed to obtain a study permit.

When applying for a study permit in Canada, you will need to provide proof of funds to support yourself during your stay. The amount of funds required will depend on the duration of your program and whether or not you have a spouse or dependent children accompanying you.

To prove your financial capacity, you will need to provide several financial documents, including:

1. Bank statements: You will need to provide bank statements from the past four to six months showing that you have enough funds to cover tuition, living expenses, and return transportation.

2. Proof of income: If you are receiving financial support from a sponsor, such as a parent or relative, you will need to provide their bank statements and a letter confirming their financial support.

3. Scholarship or bursary documents: If you have been awarded a scholarship or bursary, you will need to provide official documentation stating the amount and duration of the award.

4. Proof of payment for tuition and accommodation: You will need to provide receipts or confirmation of payment for your tuition and accommodation fees.

It's important to note that these documents must be in English or French, or accompanied by a certified translation. Additionally, it's recommended to have these documents organized and easily accessible in case they are requested by Canadians.

What are the financial requirements for studying in Canada?

Studying in Canada is a dream for many international students due to its high-quality education system, multicultural environment, and post-graduation opportunities. However, studying in Canada can be expensive, and international students must meet certain financial requirements before they can enroll in a Canadian institution. In this blog post, we will discuss the financial requirements for studying in Canada.

Tuition Fees

The cost of tuition fees in Canada varies depending on the institution, program, and level of study. On average, international students can expect to pay between CAD $15,000 to $30,000 per year for undergraduate programs and CAD $10,000 to $25,000 per year for graduate programs. It's essential to note that tuition fees may increase every year, and students must be prepared to pay the increased amount.

Living Expenses

Apart from tuition fees, students must also budget for their living expenses in Canada, which include accommodation, food, transportation, and other personal expenses. The cost of living in Canada varies from city to city, with cities like Toronto and Vancouver being more expensive than other cities. On average, students can expect to spend between CAD $10,000 to $15,000 per year on living expenses.

Health Insurance

All international students in Canada must have health insurance. Some institutions offer health insurance as part of their tuition fees, while others require students to purchase health insurance separately. The cost of health insurance varies depending on the institution and the plan selected.

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