How Much is the Minimum Bank Balance for Canada Student Visa
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How Much is the Minimum Bank Balance for Canada Student Visa

Minimum Bank Balance for Canada Student Visa; International students who wish to study in Canada do know that the very first thing is an application for a visa. While the application for a visa may seem simple or smooth but then it sometimes gets difficult at some stage which is our subject matter for today’s discussion. 

Before you are even eligible to apply for a Canadian visa, you have to check for the basic requirements and one of the most important of them all is the minimum balance needed in your account. Most times the minimum balance needed might be a list of numeric values needed to be present at each account. 

How Much is the Minimum Bank Balance for Canada Student Visa

This is a major criterion in a student visa application and it cannot be skipped. The major aim of this is to be sure that you will not be found wanting or lured to an illegal act in order to raise funds to sustain yourself so they have to be sure you can take care of yourself or your sponsor can foot your bill throughout your stay in the country.

Average Amount for a Canadian First-Year Tuition Fee 

A Canadian university’s average school fee is about $15,000. This is more than the stipulated amount that is needed or the minimum balance of your bank during application.

You have to note that the average school fees as mentioned here in this section vary in universities. 

This is to say that every university has its own price which might be higher or lower depending on the type of courses you want to sturdy. 

The list of school fees for each course is always available on the university website or portal, all you need do is type in the name of the university and open their site, check for the list of courses and school fees and you will see it.

You also have to note that apart from the above there is a specific amount of money that is needed in your account before you can be considered a student of the above-named country.

Stipulated Minimum Balance for Canadian Student Visa Application

The required, approved and stipulated amount that is slated for all student visa applicants as their minimum balance is $10,000. This is believed to help you cover basic expenses, which includes part payments of your school fees, your accommodation, feeding etc till you are able to sort it all out. 

This balance is only required to help you process your student visa application. This means that the balance is required to help you wait for a decision from the basic Canada visa application and approval authorities. 

Also, you may be requested to present the minimum balance for your study in Canada. Most times students are always to research on the type of courses available, the scholarships available and the type of program that will aid the financial burden. 

Interested applicants are to do thorough research on each of the school’s programs or courses they wish to study. 

They should also put in place all the required documents as well as check their eligibility status.

Average Amount Needed for Students Studying Canada

Going forward it is mandatory that to be a student in Canada in any of their universities you need to have an amount of about $25,000 CAD. 

This amount is most times required to be stated in the proof of funds (POF) or proof of sufficient funds. 

This is evidence that is needed to check if you have the financial stability to pay your fees and cover other expenses of your education. It also includes your accommodation, feeding etc.

This proof is usually provided in paperwork. That is being signed or given by a well-recognized financial institution.

Other financial proofs needed are

  1. Proof of a Canadian bank account with your name.
  2. For persons with loan evidence of an application and grant of loan for educational purposes.
  3. Copies of bank statements covering the last six months 
  4. A copy or proof of your tuition or your house rent bill payments and in some cases bank draught.
  5. A copy of the letter indicating your sponsors or organization’s willingness to provide money for your education. 

During Visa Application who is Eligible to be a Sponsor?

This is another vital information that needs to be noted by all international students vying to study outside the country. Generally, a sponsor is one who has accepted to take either full or part of your financial burden educationally or otherwise.

Here a sponsor that needs to be present or one who can be a sponsor can be your family member(mum, dad, sister, brother, uncle etc.) guardian or your relative. 

The main focus here is the person(sponsor) being able to prove through financial documents provided by a recognized financial institution that the money needed is present and accessible and that the money is intact.

Also as a a sponsor, you have to show evidence either in sponsorship agreements or in a letter that is signed and stamped.

Documents Required or Accepted for Presentation for Financial Proofs

The following documents are accepted as financial proofs during a Canadian visa application.

  1. Statement of account 
  2. Loan and funding instructions acceptance letter
  3. Covering letter (scholarship letter)
  4. Certificate or proof of loan compatibility 
Statement of Account 

As stated earlier this is proof that is being given from a recognized financial institution indicating that either as a sponsor or beneficiary, you have the required or stipulated amount to fund your education, your accommodation and every other expense throughout your stay in Canada.

This bank statement has to be from a bank account with the sponsor’s name or the beneficiary’s name if he is the one sponsoring himself.

The bank statements have to be signed and stamped form the certificate financial institution and then provided or sent to the visa embassies or the educational institution the beneficiary wishes to study

Loan and Funding Instruction Acceptance Letter 

This is a letter of scholarship approval or loan approval that is being shown to prove the financial status of the beneficiary. The aim of this letter is to show the lending institution’s willingness to support your academic pursuit and the specific amount that is being allocated to you should be included in the letter. 

This letter is to be printed using the bank’s official letter aid and stamp and also with the right signature and seal. 

It is also necessary to include the total sum allocated to the student or the date on which the money allocated is due or exhausted.

Covering Letter (Scholarship Letter)

This letter is usually given by the scholarship warding institution or the organization or the donor agency indicating facts to demonstrate your ability to pay for your college. 

It is also known as grant documentation. This is usually given by the government or the institution, organization or agency involved.

Loan Capability Certificate

This includes the loan eligibility, the name of the beneficiary, the type of loan involved, the level of commitment of the banking institution, organization or agency etc.

This certificate is usually with the bank letterhead, signature, seal or stamp etc. 

Conclusion

This article covers the minimum bank balance that is required for a Canada Student Visa. you have to note that you must first get your admission to the school sorted before thinking visa application. 

I wish you success in your visa application. 

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Honour
Honour is a Digital (SEO) Content Developer at LegitSchoolInfo.com. Legit School Info is a team of Resource academicians and Consultants led by John Akpan. However, If you need personal assistance on this topic, kindly contact us.

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