Nearly 18,000 Canadian study permits were issued to Nigerians in the first six months of 2023, more than to anyone else except India.
There is no surprise here as Canada is one of the best five countries anyone can go to for a college education.
Additionally, it’s highly sought after by Nigerian students after the UK and the US, and that is why we will be discussing how you can apply for a Canadian student visa and the minimum bank balance for a Canada Student Visa.
We will take you through the intricacies and all the financial requirements you must fulfill to get started with your Canada student visa application. It’s not a walk in the park, but nothing worth it that comes easy.
Meanwhile, below is a table of contents of our article.
Table of contents
- What Is A Study Permit In Canada?
- How To Get A Student Visa In Canada?
- What Are The Financial Requirements For A Canada Student Visa?
- Minimum Bank Balance For Canada Student Visa For Nigerian Students
- How To Calculate The Proof Of Funds For Canada Student Visa?
- How Much Bank Balance Is Required For Canada Student Visa?
- What Kind Of Funds You Can Use As Your Bank Statement Requirements For a Canada Student Visa?
- How Can You Prove Your Financial Support For A Canada Student Visa?
- Can You Apply For A Canada Student Visa For the May 2024 Intake?
- Who Can Help You Apply For A Study Permit In Canada For the May/September 2024 Intake?
- How many months’ proof of funds is required for Canadian immigration?
- How does Canada verify proof of funds?
- What happens if you don’t have proof of funds in Canada?
- FAQs: minimum bank balance for Canada Student Visa
- Conclusion
- References
- Recommendation
What Is A Study Permit In Canada?
A study permit is the key for international students dreaming of studying in Canada. This official document, issued by the Canadian government, allows you to enroll in approved schools called Designated Learning Institutions (DLIs).
Think of it as an entry pass to Canadian academic adventures. Whether pursuing a full degree, a professional program, or specialized vocational training that lasts longer than six months, a study permit is a must-have.
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How To Get A Student Visa In Canada?
A Canada student visa is also known as a study permit in Canada. To obtain a student visa in Canada there are several steps you’ll need to follow:
- Receive acceptance from a Designated Learning Institution (DLI)
- Gather necessary documents
- Apply online or in person
- Pay application fees
- Biometrics
- Attend an interview (if required)
- Wait for processing
- Receive the study permit
What Are The Financial Requirements For A Canada Student Visa?
To obtain a Canadian study permit or student visa, you must prove that you have the financial resources to pay for your living expenses, tuition, and return airfare for yourself and any family members traveling with you.
The exact amount needed can change depending on the length of the program, where you study, and whether you have dependents traveling with you.
Minimum Bank Balance For Canada Student Visa For Nigerian Students
The minimum bank balance for a Canada student visa is CAD 10,000. However, this is just the beginning. You also need to demonstrate your one-year tuition fee to study in Canada. The average tuition fee in Canada is CAD 15,000.
So, it’s better to show CAD 25,000 as your bank statement requirement for a Canada student visa. You can keep more money so that you can avoid your student visa rejection in Canada
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How To Calculate The Proof Of Funds For Canada Student Visa?
You must be able to compute the funds to demonstrate the precise quantity of bank statements needed for a student visa to Canada. Now, let’s get started. The total of your annual living costs and tuition is required in your bank balance for a study permit to enter Canada.
The minimum tuition at a Canadian university is $15,000. In Canada, the minimal amount needed to live comfortably is about $10,000. Therefore, the minimum bank balance required for a Canadian student visa is roughly $15,000 plus $10,000.
How Much Bank Balance Is Required For Canada Student Visa?
Knowing the precise amount of bank balance needed to apply for a Canadian student visa becomes necessary.
The cost of living and the tuition determines the precise amount of funding needed for a study visa in Canada.
In Canada, there is a minimum tuition charge of CAD 15,000. Depending on where you live in Canada, your living expenses can change. Such as-
The Bank Balance Required For Canada Student Visa In Quebec
| People coming to Canada | Proof of funds (yearly) except Tuition fee | Proof of funds (per month) except Tuition fee |
|---|---|---|
| 1 person under the age of 18 | AN$6,569 | CAN$547 |
| 1 person aged 18 or over | CAN$13,134 | CAN$1,095 |
| 2 people aged 18 or over | CAN$19,264 | CAN$1,605 |
| 2 people aged 18 or over and 1 person under the age of 18 | CAN$21,579 | CAN$1,798 |
| 2 people aged 18 or over and 2 people under the age of 18 | CAN$23,290 | CAN$1,941 |
Bank Balance Required For Canada Student Visa Outside Of Quebec
| Persons coming to Canada | Amount of funds required per year (except tuition fee) | Amount of funds required per month(except tuition fee) |
|---|---|---|
| You | CAN$10,000 | CAN$833 |
| First family member | CAN$4,000 | CAN$333 |
| Every additional accompanying family member | CAN$3,000 | CAN$255 |
Read Also: 10 Unique College Admission Essays
What Kind Of Funds You Can Use As Your Bank Statement Requirements For a Canada Student Visa?
The amount you need to show as a bank statement requirement for a Canada student visa must be from the following source:
- Personal income
- Business income
- Personal asset
- Investment Income
How Can You Prove Your Financial Support For A Canada Student Visa?
You must prove your financial statement for a Canadian study permit as an international student. You can demonstrate your financial support for a Canada student visa with-
- Proof of a Canadian bank account in your name
- Guaranteed Investment Certificate from a participating Canadian financial institution
- Proof of a student or education loan from a bank
- Bank statements for the past 4 months
- A bank draft that can be converted to Canadian dollars
- Proof you paid tuition and housing fees
- A letter from the person or school giving you money
- Proof of funding paid from within Canada
Can You Apply For A Canada Student Visa For the May 2024 Intake?
Have you missed the Canadian study abroad intake in January 2024? Do you believe the wait for the next intake will be too long? Whoa! I have some positive news for you. For the May 2024 intake, you can apply for a student visa to Canada.
Indeed. International applicants can apply to Canadian universities for the May 2024 intake. Why, then, should one wait so long? Prepare all the necessary paperwork, submit your application, obtain the required bank balance, apply for a student visa to Canada, and get ready to travel.
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Who Can Help You Apply For A Study Permit In Canada For the May/September 2024 Intake?
Canadian universities will open to international students in May and September 2024. However, obtaining a study permit from Canada is not easy. Your student visa application could be denied for any minor error.
This is why you must be thorough when filling out your applications to avoid any issues or errors. You could also reach out to traveling agencies or consultants to help you speed up the application process.
Cost of Canada Student Visa
The cost to get a Canadian study permit varies by country. The price is CAD 150 for most countries. There are two components of fees– application fees and biometric fees. If a study permit expires while studying in Canada, there are additional charges to restore the status and get a new study permit. The summary of costs is as follows:
Canada Student Visa Cost 2024
| Component of Study Permit | Costs |
|---|---|
| Study Permit (Including extensions) | CAD 150 |
| Restore Study Permit Status | CAD 229 |
| Biometrics | CAD 85/Person |
How many months’ proof of funds is required for Canadian immigration?
The fund statements in the applicant’s bank account must show a detailed history of transactions done by them; at least for the last three months before the application is submitted.
Is Three months’ bank statement enough for a Canadian student
Yes, it is. However, the border officers are allowed to make certain decisions based on the history of the transactions and your proof of funds.
How does Canada verify proof of funds?
IRCC will verify all of the information and documents in your application. During the background verification, they will check with your bank that your proof of funds is there.
The border services officers may also ask you to provide updated proof of funds information when you arrive at the Canadian border.
What happens if you don’t have proof of funds in Canada?
Proof of funds is a measure the Canadian government has taken to ensure that people who are looking to migrate to the country for studies or any other purpose can afford it.
Therefore, when you don’t have proof of funds in Canada, your applications will be rejected.
This is why you must keep yourself updated with the requirements needed to fulfill the proof of funds obligations as the IRCC may change the proof of funds requirement annually.
FAQs: minimum bank balance for Canada Student Visa
Under the current requirements, you would have to show that you would have enough money to cover your tuition and living expenses. According to Canadian Immigration, a minimum bank balance for a Canadian Student visa applicant is CAN$10,000, which should be available for each year of your stay.
Ans: The minimum living expense in Canada is approximately CAD 10,000. You need to add your one-year tuition fee to this amount to calculate the accurate bank balance for a Canadian student visa.
Ans: Proof of funds (yearly) except the Tuition fee is CAN$6,569 (inside Quebec), and outside Quebec, the amount is CAN$10,000.
Ans: The minimum tuition fee for a Canadian university is CAD 15,000. The minimum living expense in Canada is approximately CAD 10,000. So, for a Canadian student visa, the minimum bank balance requirement is ($15,000 CAD + $10,000 CAD) = $25,000 CAD.
Ans: Study costs depend on the type of qualification and the selected university. You need approximately CAD 10,000 to CAD 35,000 a year.
Ans: The financial requirements for a Canadian student visa, or study permit, involve demonstrating that you have enough funds to cover tuition fees, living expenses, and return transportation for yourself and any accompanying family members.
Ans: You’ll need to show proof of funds in official letters from banks or other financial institutions where you have money, either in your home country or Canada.
Ans: You may need to use bank statements from your parent(s) or legal guardian(s) as proof that you have the required funds
If you don’t have a living relative you could sponsor instead, such as a: spouse:
Common-law partner.
Conjugal partner.
Son or daughter.
Parent.
Grandparent.
Orphaned brother or sister.
Orphaned nephew or niece.
Ans: You must have the bank statement for at least 4 months to get a student visa in Canada.
Conclusion
Ensure that you have sufficient funds and provide accurate and complete documentation for a successful study permit application.
It’s important to note that the exact amount required for financial proof can vary depending on the institution, the province or territory you’re planning to study in, and your specific circumstances.
In this article, we’ve provided accurate information about the bank balance required for Canada student visa applications. Still, there may or may not be little discrepancies with the figure concerning the school or region you want to study in.
So, ensure you reach the school to ensure you have everything you need to meet their specific requirements. Good luck.
See Also: 15 Online Colleges In California For International Students | 2024
References
- How Much Bank Statement Is Required For A Canada Student Visa?- aimseducation.co.uk
- Minimum Bank Balance for Canada Student Visa | Study Permit 2024 – applystart.com
- www.cicnews.com – Nigerian students critical to the ongoing success of Canada’s international education sector
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