The allure of Canada’s high-quality education system and multicultural environment has made studying in Canada a dream for many international students. However, one of the
What is the minimum amount of funds required to demonstrate a financial capacity for studying in Canada?
The allure of Canada’s high-quality education system and multicultural environment has made studying in Canada a dream for many international students. However, one of the biggest concerns for students looking to study in Canada is the financial aspect. To be granted a study permit, international students must demonstrate that they have enough funds to cover their tuition fees and living expenses. In this article, we will discuss the financial requirements for studying in Canada, including the various expenses that students must consider.
Proof of Funds
The Canadian government requires that the main student visa applicant proves they have a minimum amount of CAD $10,000, plus tuition fees for the first year. If accompanying family members are involved, CAD $4,000 must be added for one family member and CAD $3,000 for each additional member. To prove this income, the government of Canada accepts various documents, such as bank statements, educational or student loans, and a letter from the individual or school providing financial support.
Financial Documents Required
When applying for a study permit in Canada, students must provide several financial documents, including bank statements from the past four to six months, proof of income, scholarship or bursary documents, and proof of payment for tuition and accommodation. All documents must be in English or French or accompanied by a certified translation.
Financial Requirements
The cost of tuition fees in Canada varies depending on the institution, program, and level of study. On average, international students can expect to pay between CAD $15,000 to $30,000 per year for undergraduate programs and CAD $10,000 to $25,000 per year for graduate programs. In addition to tuition fees, students must also budget for living expenses, which vary from city to city. On average, students can expect to spend between CAD $10,000 to $15,000 per year on living expenses. Health insurance is also mandatory for international students, with costs varying depending on the institution and plan selected.
