Financial Requirements for Canadian Student Visa Application
Canada is renowned for its world-class education system, making it an attractive destination for many Nigerian students seeking to pursue their academic dreams and further their studies abroad. However, in order to get your Canadian student visa, you need to demonstrate your financial ability to support yourself during your academic pursuit.
In this post, we will explain your financial requirements, also known as proof of funds, for your studies and what can qualify as proof of funds for your Canadian visa application.
What is Proof of Funds?
Proof of funds is a document or set of documents that serves as evidence of your financial ability to support yourself throughout your study program in Canada. The Canadian government requires this evidence to ensure that you can cover tuition fees, living expenses, and other costs associated with your education.
It is very important because it demonstrates your financial ability and reassures the authorities that you won’t face financial hardship while studying, and this is a key factor for visa approval. The Canadian Government wants international students to thrive in their academic pursuits and having adequate funds ensures that you can adapt to Canadian life without financial stress.
Documents that Qualify as Proof of Funds for your Canadian Student Visa
Here are some of the documents that qualify as your proof of funds for your Canadian student visa application:
- Bank Statement: Your bank statements, covering a period of 4 to 6 months, must clearly show a consistent balance exceeding the minimum required amount for your living expenses and the balance of your tuition fees.
If you are travelling with dependants, then the cost of living for each of your dependants must be reflected in your bank statement. Also, ensure it is up to date and in English or French.
- Guaranteed Investment Certificate (GIC): Many financial institutions in Canada offer GIC programs designed for international students. These provide proof of funds while also serving as a savings tool. The financial institution will release the funds to you by providing an initial lump sum once you identify yourself upon arrival in Canada and release the remainder of the funds in monthly or bi-monthly instalments over a period of 10 to 12 months.
- Scholarships and Financial Assistance: If you have scholarships or financial aid, include authentic letters or documentation confirming the amount and duration of any scholarships or financial aid you have received.
- Affidavit of Financial Support: In a case where a sponsor is funding your education, a notarized affidavit of financial support from them is required for your Canadian student visa application, along with their financial documents.
It is necessary to attach a Letter of Explanation to your Canadian student visa application. This letter should explain the source of your funds and how you intend to manage your finances during your studies.
The Proof of Funds Needed for your Visa Application
Your proof of funds should include the balance of your tuition fees, cost of living, and additional expenses such as textbooks and health insurance. If you are travelling with dependants, it should also contain the living expenses of each of your dependants.
The cost of living in Canada varies based on the city and your lifestyle. Generally, larger cities like Toronto and Vancouver are more expensive than smaller cities or towns. Your main expenses will include accommodation, food, transportation, healthcare, and personal expenses.
On average, the cost of living for the main applicant is 10,000 CAD to 15,000 CAD per year for living costs. A minimum of 4,000 CAD is required for the first dependant/spouse and 3,000 CAD for any additional dependant.
In conclusion, a crucial part of your application for a student visa to Canada is your proof of finances. Make sure your financial documents are organised and in line with the Canadian student visa requirements, in order to improve your chances of success.
Keep in mind that this information is what stands as of today 26th October 2023, however, the immigration laws might change, so it’s important to confirm the most recent requirements by reaching out to us here for the most recent information.
If you have any more questions regarding this topic, or you would like to work with Negxy for assistance with your Canadian student visa application, feel free to drop a comment below!
