Financial requirement to study in Canada

Canada is one of the most preferred and popular destinations for international students for study purposes. But in order to secure a Canada Study Permit, you need to present proof of unconstrained available funds that are required to cover your tuition and living expenses. Have a glance at the financial requirements to study in Canada.

Financial Requirements for Studying in Canada

  • Proof of your Canadian bank account showing the money you have transferred.
  • Guaranteed Investment Certificate (GIC) from a Canadian bank.
  • Proof of a student or education loan from a bank.
  • Your bank statements for the past four months.
  • A bank draft that can be converted to Canadian dollars.
  • Proof you paid for tuition and housing.
  • A letter from a person or school giving you money.
  • Proof of funding paid from within Canada, if you have a scholarship or are in a Canadian-funded educational program.

In addition to the tuition fee you must have adequate living expenses that are calculated as follows:

Funds Required Outside of Quebec

Persons coming to Canada Funds required per year (in addition to tuition) Funds required per month (in addition to tuition)
Yourself $10,000 $833
With a family member $4,000 $333
Any additional family member $3,000 $255

Funds Required Within Quebec

Persons coming to Canada Funds required per year (in addition to tuition) Funds required per month (in addition to tuition)
Yourself $11,000 $917
First family member (18 years or older) $5,100 $425
First family member (under the age of 18) $3,800 $317
Every additional accompanying family member (18 years or older) $5,125 $427
Every additional accompanying family member (under the age of 18) $1,903 $159