Canadian student visas are issued by Immigration, Refugees, and Citizenship Canada (IRCC). It enables foreigners to attend specific educational institutions in Canada to further their education. An international student who wishes to study in Canada must obtain a student visa to study in Canada. You must be enrolled at a designated learning center in Canada, provide proof of funds, have no prior criminal record, and provide proof that you will leave Canada once your student visa expires. Let us know ‘How Much Bank Balance is Required for a Canada Student Visa?’
How Much Bank Balance is Required for a Canada Student Visa?
When applying for a Canada student visa, you need a bank balance of $7500 or a guaranteed investment certificate. This amount includes one year’s funds for living expenses. If you will be accompanied by your spouse, an additional $4000 must be reflected in your bank balance, and if you will be accompanied by a dependant, you need $3000 in addition. You need to provide bank account statements from the accounts in your name, and if money has been transferred to Canada, it could serve as proof of finances, and proof that tuition and housing costs have been paid. A letter from your sponsor or institution granting you sponsorship is also acceptable as proof of bank balance provided it is accompanied by your sponsors’ bank statement.
Accepted Proof of Bank Balance for a Student Visa to Canada:
Bank Statement:
You are required to present letters from your banks or financial institutions where your money or sponsor’s money is. The accounts In your name, and any unpaid debts you owe, such as credit card balances and loans, must be stated in the letter.
Funds that are payable in your name can include:
- Your bank statement of not less than six months is required and any sudden transfer not from your sponsor will be questionable.
- bank drafts.
- cheques.
- money orders
- Travelers’ cheques
- Liquid assets such as investment statements.
It is important to take note that gold is not acceptable as a bank balance as it is volatile and the value fluctuates.
Loan Approval Letter:
You can obtain a letter of loan approval from the bank to which you applied for then and the letter must be on the bank’s letterhead and your name must be mentioned in the letter The letter must include a list of the bank and investment accounts, as well as any unpaid loans and credit card bills.
A Letter of Scholarship:
Sponsors such as the government, universities, merit, and privately funded institutions that award the scholarship usually provide the letter. If you have been given a student scholarship, you must include your scholarship letter as proof of finances with your application. This must be included with your application. The Canadian government grants scholarships and loans to international students who intend to study in Canada.
Certificate of Loan Capability:
If you are admitted to a Canadian university, the bank that will loan you the money will give you a certificate of lending capacity. The Loan Capability Certificate will state your name, your loan eligibility, and the financial institution’s presumed promise that the loan will be approved.
A Property Evaluation Report:
A property evaluation report of more than $144,000 is accepted as proof of bank balance for a student visa in Canada. A property valuation report shows your financial strength in your home country. If you have used this property to secure a student loan for your studies in Canada, then you can submit it with your student visa application as proof of funds.
How does Insufficient Proof of Funds Affect your Canadian Student Visa Application?
The Canadian government requires a six-month bank statement as proof of sufficient funds. This helps determine your application as it proves you will be able to sustain yourself in Canada during your studies. If your bank statement does not contain the required amount of money to study in Canada, your application will be declined.
If you show proof of funds for the entire study period, your chances of getting approved for a student visa are high. A bank statement or security statement is proof of funds. If your relative or sponsor is 18 years of age or older, he can sponsor you.
Summary:
International students who wish to study in Canada need to apply for a student visa and must have $7600 as their bank balance, which is one of the prerequisites for getting approved for a student visa. You can sponsor yourself or you can be sponsored by any member of your family, the government, or by obtaining a bank loan. A six-month bank statement in your name must be provided or a bank letter pledging a release of the funds for your study if you are obtaining a loan from the bank. Your application for a student visa in Canada will be declined if your bank balance is insufficient or you are unable to provide proof of funds available.
Frequently Asked Questions:
- Does the Canadian visa office confirm proof of funds?
Yes, they verify if your account statement is genuine.
- Is a bank balance necessary to enroll in school in Quebec?
Yes, you need to have $8400 in your bank account to be able to attend school in Quebec.
- How is proof of bank balance calculated?
It is the minimum fund of 1 year plus the cost of living.
