As a minimum, an international student may be required to show a total of $25,000 in support of their application for a Canadian study permit.
To study at a Canadian post-secondary institution in 2022-23, international students will need proof of funds of at least $25,000 minimum amount of money in their bank accounts or their sponsor’s account statement. An additional fund amount is required for the accompanying spouse and each dependent child.
Canada is one of the top destinations for international students going abroad for quality education. Not only does Canada have a quality education, but there are some conditions for students who want to continue to stay in the country after graduation. To continue studying in Canada, proof of sufficient funds for tuition fees and living expenses is required.
Your chances of success when applying for a student visa or study permit largely depend on your ability to support yourself financially when you land in Canada. Being able to show proof of unspent funds during your stay in Canada is very important and necessary.
In most cases, if you go on to study at a Canadian higher education institution, tuition fees can be as high as $15,000 for the first year. Immigration, Refugee, and Citizenship Canada (IRCC) also require a fund of approximately $10,000 for living expenses. This means you will need to show a total of $25,000 to support your application for your Canada Study Permit.
So, you need to show that you can support yourself (with your spouse or family member accompanying you, if any) while you are studying in Canada.
What is Proof of Funds or POF?
One of the main requirements for obtaining a Canadian student visa is proof of sufficient funds or proof of encumbered funds. As an international student, you must provide positive proof that you can pay not only tuition fees but also other living expenses for the duration of your stay in Canada.
The school you enrolled in will also provide POF upon a one-time request. So no matter who asks for a POF, the fact remains that “Proof of Funds” refers to proof that you will be able to bear the cost of studying in Canada.
There are various ways to prove funds, as students are asked to make a deposit as proof. There is no standard list of documents that IRCC may require.
Proof of financial support for international students
Proof of sufficient funds or financial support may be demonstrated in any of the following ways;
• Confirmation of a bank account in Canada in your name, if the money was transferred to Canada;
• Education document/ student loan from a financial institution;
• Statements from your bank account for the last six months;
• Bank bill;
• Confirmation of payment for tuition and accommodation;
• A letter from your sponsor or the institution that provided you with the funds; more
• Proof of funding paid out of Canada if you are in a Canadian funded education program or have a scholarship
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