How much is a bank balance required for a Canada Student visa?

[Published Fri, Oct 22 2021]


Canada is one of the major destinations to acquire quality education for higher studies. For the past many years, immigration demands have been continuously increasing. Apply for admission to a Canadian university; there are few mandatory requirements for international students.

All international students willing to stay continuously in Canada must deposit their one years living expenses into a Canada-based bank to qualify for a student visa to study in Canada.


What is Proof of Funds (POF)?

One of the basic requirements for a study visa is having POF or proof of encumbered funds. As youre going to shift to a different country, so the government of Canada requires valid proof of how youre able to survive? Proof of funds and bank balance availability is needed to cover tuition and living expenses. There are various means of showing the POF, as no standard list of documents is issued by IRCC.


Proof of sufficient funds can be shown in any of the documents:

Guaranteed Investment Certificate (GIC):

Each international student must have GIC to take care of the living expenses once they reach Canada. There should have a Guaranteed Investment Certificate (GIC) of CAN $10,000

  1. Evidence of a bank account in Canada thats in your name
  2. Proof of education loan,
  3. Bank account statement from past six months,
  4. Letter from your sponsor who is providing you funds,
  5. Bank draft.

What is a Guaranteed Investment Certificate (GIC)

A GIC is required documents for international students who wish to study in Canada under the SDS. It has a guaranteed rate of return in Canadian investment for a fixed period. Many banks offer GICs, which is saving account. You can have a detailed discussion with Aptech counsellors who will guide you to manage the account.

The bank that provides you with the GIC must demand:

  1. a letter of attestation
  2. a GIC certificate
  3. an Investment Directions Confirmation or
  4. an Investment Balance Confirmation

identity confirmation will be done before they release any funds to you release the funds to you by providing:

  1. few amount before you identify yourself upon arrival in Canada
  2. the remaining instalment funds supplied in over 10 to 12 months

Candidates should begin opening the GIC account at least two months before applying for a Canada student visa.


Banks in India that open GIC account

  1. Scotiabank
  2. State bank of India
  3. The ICICI Bank

How much bank balance has to show for a Canadian study visa?

  1. Living expenses for the student: $10,000
  2. Living expense for the two family members if they are going: $7000 (approx..)

Total = $17,000

If you and the other two family members are shifted to Quebec

  1. Living expense of student: $11,000
  2. First 2 family member expenses: $ 11,000

Total: $22,000


Other expenses

Have a look to Study expense for different programs

S.no.

Study program

Average annual fee

1

Undergraduate program

$13,000 to $20,000

2

Postgraduate master's degree

$17,000 to $25,000

3

Doctoral degree

$7,000 to $15,000

4

MBA

$30,000 to $40,000

Study Visa Permit Processing Fees

Students from all over the world come to Canada on a study visa to further their education at some of the finest institutions in the world. Student visa holders will be required to pay the following fees when applying for a study permit:

Application

Processing fee in CAD

Study permit

$150 per person

Restore for a study permit

$350

Biometrics Fees

Types of Applicant

Cost

Individual Applicants

$85 CAD

Families applying together

$170 CAD

Group o three or more

$255 CAD

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