One of the key steps to securing your student visa is proving you have enough funds to support yourself. So, what’s the minimum bank balance you need? For Nigerian students, Canada requires you to have CAD 25,000 for living expenses and tuition fees. This financial proof ensures you can comfortably cover your stay. Let’s dive into the details to help you get started on your journey to Canada.
What Is a Canada Student Visa?
The Canadian student visa is a document that allows foreign nationals to study at designated learning institutions (DLIs) in Canada. Most foreign nationals need a student visa to study in Canada. Make sure you have all the documents you need before you apply. You should apply before you travel to Canada.
How To Apply For Canada Student Visa
To study in Canada, you must apply for a student visa before you come to Canada. Some people can apply for a study permit from within Canada. In some cases, you can apply when you arrive in Canada at the port of entry.
To apply for a Canada study permit you need to tender the following documents:
- The letter of acceptance from the designated learning institution (DLI) you’ll be attending
- A provincial attestation letter (PAL), or a territorial attestation letter (TAL)
- You can upload your PAL/TAL into the Provincial attestation letter (required) field in your application. If this option is missing, you must upload your PAL/TAL to the Client information field. If you meet an exception, you must provide any evidence in the Client information field.
- Proof of identity
- Proof of financial support
- Letter of explanation
- A medical exam
- A custodian declaration (minors only), or
Visit the Canadian immigration official website for specific details on how to apply for a study permit.
What Is The Minimum Bank Balance For Canada Student Visa?
Here’s a rundown of the minimum proof of funds needed to apply for Canada study permit:
Minimum Bank Balance for Canada Student Visa 2024–After January 1
| Number of Family Members (Including the Applicant) | Bank Balance Required per Year (Excluding Tuition)* |
|---|---|
| 1 (Only the Applicant) | CAD 20,635 |
| 2 | CAD 25,690 |
| 3 | CAD 31,583 |
| 4 | CAD 38,346 |
| 5 | CAD 43,492 |
| 6 | CAD 49,051 |
| 7 | CAD 54,611 |
| If more than 7 people, each additional family member | CAD 5,559 |
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Minimum Bank Balance for Canada Student Visa–for Quebec
| Number of Persons Coming to Canada | Minimum Bank Balance per Year (Excluding Tuition) |
|---|---|
| 1 person (under 18 years) | CAD 6,569 |
| 1 person (18 years or above) | CAD 13,134 |
| 2 persons (18 years or above) | CAD 19,264 |
| 2 persons (18 years or above) 1 person (under 18 years) | CAD 21,579 |
| 2 persons (18 years or above) 2 persons (under 18 years) | CAD 23,290 |
Source: Quebec.ca
*Note: The above funds exclude tuition fees. Additional finances are required to cover the first-year tuition fees and travel costs. Known as settling costs, they are in addition to the minimum bank balance mentioned above.
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How to Calculate The Proof of Funds For Canada Student Visa?
To show the exact amount of bank statements required for a Canada student visa, you need to know how to calculate the funds accurately. So, here we go. The Bank balance requirement for a Canadian study permit is the sum of your annual tuition fees and annual living expenses.
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 (CAD 15,000 + CAD 10,000) = CAD 25,000 approximately.
List of Documents Accepted as Proof of Funds for Canada Student Visa
The IRCC accepts certain documents as proof of financial support for a Canadian student visa. Each of these proof of funds Canada student visa documents has certain requirements, and students must fully understand each one before submitting them as proof of money or support.
- Bank statement – A bank account statement is a document issued by your bank that shows the specifics of your account transactions over a specified period. You may produce this paper as proof of funds for the relevant period to the Department of State. The consistency of the amount throughout that time will demonstrate your ability to support yourself in Canada.
- Loan approval letter – A loan sanction letter, also known as a loan approval letter, is a lender-issued document that confirms loan approval. This document describes the terms and conditions of the approval, such as the sanctioned amount, interest rate, and repayment timeline. Its objective is to provide an official confirmation that the loan was approved.
- Sponsor letter – A sponsor letter, issued by a bank based on your financial history and the assets presented as collateral for a loan, is comparable to a capacity certificate but does not represent actual money in your account.
- GIC certificate – This is one of the mandatory requirements to get a student direct stream (SDS) visa for Canada. It involves a deposit in a Canadian bank, providing international students with a guaranteed sum of money for living expenses during their studies.
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How Much Does It Cost To Apply For A 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 |
When Can I Apply For Canadian Student Visa As A Nigerian?
Nigerian students seeking to study in Canada must schedule their university applications well ahead of time because visa delays are most common due to documentation errors or administrative reasons. The country of origin also decides the timing of getting a study permit. The processing starts after the application is received. Meanwhile, CIC will ask applicants to submit biometrics. Ideally, processing time begins from this point.
It generally takes up to 10 weeks to process a study permit application. So, students must consider this timeline when applying to universities in Canada.
**SDS: There is an expressway to get a Canadian study permit. It is known as the Student Direct Stream (SDS). It is introduced to fast-track applications of genuine candidates and candidates with flawless documentation. Processing time via the SDS route is 20 days. Designated Learning Institutes in Canada also urge applicants to get study permits well ahead of time.
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Canada Student Visa Requirements For Nigerians
International applicants must meet the minimum criteria to be eligible for a Canada study permit. Students must note that only getting admission from a Designated Learning Institution (DLI) enables a Canadian student visa.
- Admission from a Designated Learning Institute, as identified by the Canadian government.
- Proof of financial support.
- A valid passport (with at least six months validity at the time of applying for a study permit)
- Passport-size photographs.
- Proof of clean criminal records.
- Proof of good health is certified by designated doctors in respective countries as per IRCC.
- English language proficiency test scores.
- Statement of Purpose explaining the intention to study in Canada.
How Much Does It Cost To Study in Canada?
The cost of studying in Canada differs based on your choice of university and the degree program. According to educanada.ca, averagely the cost of university tuition in Canada is:
- $36,100 per year for international undergraduate students (Statistics Canada, 2022)
- $21,100 per year for international graduate students (Statistics Canada, 2022)
On average, university students’ living costs are around $15,000 per year (Universities Canada, 2019).
FAQs On Minimum Bank Balance For Canada Student Visa
The IRCC requires proof of financing to assess overseas students’ financial ability to finance their education and living expenses in Canada. This measure is intended to distinguish between students who have sufficient financial resources to complete their study in Canada and those who lack the money and may use their student visas for other purposes.
No. A Canadian student visa requires a minimum 4-month bank statement to show financial backup
The amount you need to show as a bank statement requirement for a Canada student visa must be from any of the following sources: Personal income, Business Income, Personal asset, Investment Income
You must have the bank statement for at least 4 months to get a student visa in Canada.
Conclusion
A successful study visa application requires you to provide precise and full documentation as well as appropriate finances. It is crucial to remember that the actual amount required for financial proof varies based on the institution, the province or territory in which you intend to study, and your circumstances.
References
- canada.ca – Study Permit
- applystart.com – Minimum Bank Balance for Canada Student Visa | Study Permit 2024
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