Canada is a top destination for Indian students seeking quality education, multicultural experiences, and promising career prospects. One of the important steps in securing a Canadian student visa is to show sufficient financial resources to cover tuition, living expenses, and other costs.
The Immigration, Refugees and Citizenship Canada (IRCC) determines all the rules and regulations regarding the visa requirements. Let’s check and understand all the major details regarding the minimum bank balance for a Canada student visa.
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What is the Minimum Bank Balance for Canada Student Visa?
The minimum bank balance required for living costs in Canada for international students is CAD 20,635 per person per year. This amount is mandated by the Canadian government to ensure that students can comfortably cover their accommodation, food, transportation, and other daily expenses while studying. Properly demonstrating this financial capability is important for international students for visa approval.
The Immigration, Refugees and Citizenship Canada (IRCC) mandates that international students, including those from India, prove they have enough funds to support themselves while studying in Canada. This requirement ensures that students can afford their education and living expenses without relying on external assistance.
Also Read: Check here all the details about financial aid for international students in Canada
Components of Financial Proof
When applying for a Canadian student visa, showing sufficient financial proof is essential. This includes several components like personal bank statements showing a consistent balance above the required amount for the past four to six months, letters confirming education loans, Guaranteed Investment Certificates Account (GIC) of CAD 10,000 from a Canadian bank, proof of scholarships or grants etc. Check-in detail about all these processes:
- The cost of tuition varies significantly based on the program and institution. On average, undergraduate programs range from CAD 13,000 to CAD 20,000 per year, while postgraduate programs can cost between CAD 17,000 and CAD 25,000 annually.
- The Canadian government estimates that international students need approximately CAD 10,000 per year to cover living expenses. This amount increases by CAD 4,000 for each accompanying family member.
- Students must also show they can afford a return ticket to their home country. While this is not strictly calculated as part of the bank balance, having additional funds to cover this cost is advisable.
How to Calculate the Minimum Bank Balance
To calculate the minimum bank balance required for a Canadian student visa, you need to sum up the costs of tuition fees and living expenses for one year. Check the details below:
- Living expenses are estimated at CAD 20,635 per year. Therefore, if your tuition is CAD 18,000, you would need a minimum of CAD 38,635 (CAD 18,000 for tuition + CAD 20,635 for living expenses) in your bank account.
- If your program costs CAD 18,000 per year, you need to show this amount in your bank account.
- Tuition fees vary by program and university but generally range from CAD 13,000 to CAD 25,000 annually.
Also Read: Check here some of the best Canadian Government Scholarships for International Students
Acceptable Forms of Financial Proof
Acceptable forms of financial proof for a Canadian student visa include personal bank statements, letters confirming education loans, Guaranteed Investment Certificates (GIC), proof of scholarships or grants etc. Check the major details below:
- Personal bank statements for the past four to six months show a consistent balance above the required amount.
- A letter from a recognised bank or financial institution in India confirming the approval of an education loan for the required amount.
- Investing CAD 10,000 in a GIC with a Canadian bank, which provides guaranteed interest income and meets the living expenses requirement.
- Documents showing the proof of any scholarships or grants awarded to you by an authorised institution such as the AP Ambedkar Overseas Vidya Nidhi Scholarship.
- Proof of funds from family members or sponsors, including their bank statements and a letter of support.
These are some of the major details on the minimum bank balance for Canada student visa. By understanding and meeting the minimum bank balance requirements, Indian students can ensure a smooth visa application process and embark on their educational journey in Canada. Check some of the common FAQs based on the same below:
FAQs
The minimum bank balance required for living costs in Canada for international students is CAD 20,635 per person per year.
Financial proof for a Canadian student visa includes personal bank statements, letters confirming education loans, Guaranteed Investment Certificates (GIC) of CAD 10,000 from a Canadian bank, proof of scholarships or grants, and documentation of family funds or sponsors.
To calculate the minimum bank balance required for a Canadian student visa, add the costs of tuition fees and living expenses for one year. For example, if your tuition is CAD 18,000 and living expenses are CAD 20,635, you would need a minimum of CAD 38,635 (CAD 18,000 for tuition + CAD 20,635 for living expenses) in your bank account.
Acceptable forms of financial proof for a Canadian student visa are personal bank statements, letters confirming education loans, Guaranteed Investment Certificates (GIC), and proof of scholarships or grants.
If you receive a scholarship or grant, provide documentation showing the proof of any scholarships or grants awarded to you by an authorised institution, such as the AP Ambedkar Overseas Vidya Nidhi Scholarship.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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