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GyanDhan throws light on proof of funds for Canada student visa. Know what is minimum bank balance for Canada student visa requirement in 2024?
Rohit GidwaniUpdated on: 29 Jan 2024
"What should I show as proof of funds for Canada?" is a common question that arises in the minds of students planning to study in Canada. Continuous changes in Immigration, Refugees, and Citizenship Canada (IRCC) policies necessitate staying updated to enhance your chances of studying in Canada. Recently, the required amount for studying in Canada doubled from 10,000 CAD to 20,635 CAD, and it's crucial not to miss this update. Failing to provide valid proof of funds Canada student visa can result in visa rejection, ultimately hindering your study abroad journey. In this blog, we will cover everything you need to know about proof of funds Canada student visa to turn your study abroad dream into reality in 2024.
If you intend to study in Canada, you must present evidence of financial support i.e. proof of funds. This is essential for the IRCC to verify your capacity to support yourself throughout your study period. Various circumstances may necessitate demonstrating proof of funds, such as during your visa interview or upon request from your university. Proof of funds is also useful to ensure that you will be able to study and live in Canada not acting as a reagent to problems like housing problems and more currently persisting in Canada. Irrespective of the entity requesting the proof of funds, it should be presented in a way that assures them of their ability to meet the expenses of studying abroad.
The IRCC necessitates proof of funding to assess the financial capability of international students to cover their educational and living expenses in Canada. This standard is designed to differentiate between students with adequate financial means to complete their education in Canada and those lacking the resources who might misuse their student visas for other purposes.
Recent announcement by Canada's immigration minister emphasized that many students arrive in the country only to realize later that they lack sufficient funds to sustain themselves. Additionally, addressing housing issues in Canada becomes feasible if incoming students possess ample funds, making proof of funds Canada student visa a crucial requirement. It's important to note that proof of funds is a mandatory requirement for Canadian student visas.
In 2023, the minimum funds required, aside from the GIC, were CAD 10,000 per year. However, effective January 1, 2024, this amount has increased to CAD 20,635 per year, excluding the first year's tuition fee. In the uncommon scenario where you opt to bring an additional family member, such as a spouse, an extra CAD 4,000 per year is necessary. This additional amount can also be covered through the GIC, which is a mandatory requirement for Canada.
Another crucial consideration is maintaining an average balance of the specified amount for the last 6-9 months. This practice helps ensure that during the visa interview, it doesn't appear as if the funds magically appeared in your account overnight.
The IRCC acknowledges specific documents as evidence of financial support for a Canadian Student Visa. Each of these proof of funds Canada student visa documents has distinct requirements, and students must thoroughly comprehend each criterion before submitting them as evidence of funding or support.
Did you know? If you have made any payments, such as paying the tuition fee for the first year or covering accommodation costs in Canada, you can showcase the receipts for these transactions to strengthen your proof of funds for Canada.
Certain documents are not considered valid proof of funds Canada student visa, and this list may vary depending on the entity requesting the proof. The following are commonly rejected documents in the majority of cases:
Now that you have information about proof of funds for Canada, we are confident that you can demonstrate your financial capability to study in Canada. This is a crucial step for visa processing and can be quite costly. If you are still facing challenges in arranging proper financial backing, let GyanDhan assist you. We can help you secure a loan approval letter within 7-10 days after document submission, which you can use as proof of funds for your study abroad journey. Additionally, we support students throughout their education loan journey, from evaluating profiles to selecting the best lender and assisting with constant follow-ups and interventions if any hurdles arise. Don't miss this opportunity – check your loan eligibility now with GyanDhan.
The minimum amount that you would require to study in Canada as of 1st January 2024 is CAD 20,635 per year, excluding the first year's tuition fee.
The GIC is the most effective way to demonstrate proof of funds, especially since it is a mandatory requirement for the SDS visa. Supporting it with additional documents such as bank statements will enhance the strength of your proof.
To prove that you are able to sustain yourself in Canada when you are studying there you can showcase the following documents as proof of funds -
Yes, an abroad education loan is a wise way to ensure that you have enough funds that not only help you sustain and complete your studies in Canada but will also help you to fulfill the need for proof of funds.
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