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Things You Must Know About Proof of Funds for Canada Student Visa in 2024.

Immigration Refugees and Citizenship Canada has increased the cost-of-living requirement for international students as of January 1, 2024, in all Canadian provinces other than Quebec. But there are still several ways you can show how to generate proof of funds for canada student visa

proof of funds for Canada student Visa and pursue the application process with ease.

However, even having a million dollars does not guarantee approval unless you present your proof of funds to Canada officials properly. You must prove that you have enough money to support yourself and any family member who has come to Canada with you.

In this blog, we’ll share some proven legal methods to show your Immigration Officers that you have sufficient funds to support your time in Canada. Stay tuned!

What is the Proof of Funds for CAD Student Visa?

As per the IRCC, the proof of funds for Canada student visa means that the international students must have a sufficient “base amount” to support their stay in Canada. This “base amount” covers all aspects of their living expenses, including transportation, books, groceries, and more.

Here are the new requirements:

. Students coming to Canada alone: CAD 20,635 (not including tuition)
. Cost of one family member with the student: CAD 4000 (not including tuition)
. Cost of each additional family member with the student: CAD 3000 (not including tuition)

Furthermore, according to IRCC, this new cost-of-living requirement may change in 2025 and the upcoming years. It’s because this adjustment will be adjusted according to Statistics Canada’s yearly low-income cut-off (LICO) updates.

How Can You Provide Proof of Funds for Canada Student Visa?

If you’re wondering how you can show proof of funds for Canada immigration, IRCC accepts the following formats as financial proofs:

. Proof of a bank account in Canada in your name holding the necessary funds.
. You must possess a Guaranteed Investment Certificate (GIC)* from recognized financial institutes in Canada, such as ScotiaBank, ICICI Canada, or CIBC.
. Proof of a student loan from a recognized bank in your country.
. Bank statements from the past four months.
. An authorized bank draft that can be converted into Canadian currency (CAD).
. Original receipts showing payment of tuition fees and accommodation expenses.
. An official letter from an educational institute or person funding your stay.
. Proof of scholarship or Canadian-funded educational institutes.

*Talk to us and we’ll provide details about the latest Canada GIC amount in 2024.

3 Reasons Your Proof of Funds May Get Rejected

Immigration Refugees and Citizenship Canada (IRCC) may refuse your proof of funds and student visa application for several reasons. Here are the top three rejection scenarios:

Insufficient Funds :

One of the most common reasons why proof of funds gets rejected is lack of sufficient funds. As mention in above sections, while applying for study visa, students must have a minimum of CAD 10,000, along with annual tuition expenses.

Yearly tuition fees in Canada vary between CAD 20,000 and CAD 30,000. Therefore, you may need to show minimum bank balance for Canada student visa between CAD 30,000 and CAD 40,000, depending on your course.

Large Deposits :

Students who deposit a large amount of money just before submitting their study visa application are at a higher risk of being declined. Why?

The sudden, bulk deposits give the impression that the funds are not genuinely of student’s own and are simply added to for proof of funds purposes. Therefore, to avoid rejection, make sure you complete the transfer of funds a minimum of 4 months before.

Personal Loans :

Some international students take out personal loans to show proof of funds. It’s okay to get funded through a loan, but it is called an education loan. Although some banks issue personal loans for educational purposes, the IRCC doesn’t approve them.

International Refugee Canada Citizenship believes that these loans are different from official educational loans. So, if you submit a personal loan as proof of sufficient funds, your student visa application is highly likely to be rejected.

Conclusion :

This post is about everything you should know while proof of funds for Canada student visa. International students may find it difficult to choose the right method for showing sufficient money.

Our team at Puneet Immigration is led by expert immigration consultants who know the ins and outs of the IRCC’s rules and requirements regarding proof of funds. So, what are you waiting for? Let us help you choose the best proof-of-fund methods, depending on your unique situation.

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