Minimum Bank Balance for Canada Student Visa in 2025

Many students who are planning to travel to Canada in 2025 for studies are concerned about the financial funds. Recent updates and policies have increased the pressure on the student's minds. Recently, the required minimum bank balance for Canada student visa doubled from 10,000 CAD to 20,635 CAD. However, if you don’t provide the required proof of funds then you might face a rejection in your student visa. In this blog, we have covered Canada student visa proof of funds documents to help you turn your dream into reality. 

What is Proof of Funds?

When a student receives an offer letter from a Canadian university, the next step is to complete the visa application. During the visa process, you have to submit proof of funds which shows the minimum bank balance for Canada student visa. The proof of funds includes immediate funds and the income of the sponsor. The immediate funds include one-year living expenses and one-year tuition fees. These documents are important as IRCC confirms your capacity to support your abroad education. If you don’t have access to immediate access then you can also consider an education loan abroad to fund your studies.

What is the minimum bank balance for Canada student visa requirement?

From 2024, students will be required additional Canadian student visa proof of funds of CAD 20,635 aside from GIC. However, if someone like your spouse or parent is accompanying you during the travel then the minimum bank balance for Canada student visa will add an extra CAD 4,000 to the amount.

Another important condition related to the Canada student visa proof of funds is that you are required to maintain the fund for 6-9 months. This is to ensure the authenticity of the funds and make your profile more credible. 

List of Documents Accepted as Canadian Student Visa Proof of Funds

Some documents are asked for during the Canadian student visa proof of funds. Each document has a different requirement and students must thoroughly comprehend each criterion before submitting them as evidence of funding or support. 

Bank Statement:

A document which is issued by the bank displaying your account transactions with dates. The transactions and the savings help the visa officer evaluate your sponsor's ability to support your studies in Canada. 

Loan Approval Letter:

If you have applied for an education loan to support your studies then you need to show the loan sanction letter. This letter is used to know that the education loan amount provides the minimum bank balance for Canada student visa. However, during the visa interview, the visa officer will question the interest rate and repayment plan. 

Sponsorship Letter:

A document from the sponsor which states that the sponsor has sufficient funds to cover the study expenses. This does not represent the actual amount in your account as it’s just a capacity certificate. 

Bank Balance Certificate:

Even though you have submitted the bank statement, you are required to obtain a bank balance certificate for Canada visa. This certificate includes the name of the account holder, the bank name, and the average balance of the account along with the current balance. 

GIC Certificate:

When an international student enters Canada they can’t use their Indian bank account thus, they have a GIC certificate. It involves a deposit in a Canadian bank, limiting the monthly transactions during their studies.

List of Documents Unacceptable as Canada Student Visa Proof of Funds

Many students feel that certain documents hold significance in the student visa application. But, in reality, they are regarded as invalid documents during the visa application. You can refer to the list of documents mentioned below:

Fixed Assets:

Documents of your assets like machinery, equipment, or vehicles are not considered valid documents. These assets are not readily available as cash which makes them invalid. 

Stocks:

Many people invest in stocks, however, the fluctuations and risks related to stocks make them an unreliable proof of funds. 

Real Estate:

Property and real estate documents are not considered reliable proof of funds. These investments are not readily available as immediate funds, therefore, making it an invalid proof of fund. 

How to Show the Proof of Funds for a Canada Student Visa?

When you planning the documents of proof of funds, you might find various formats of the documents. However, we have enlisted the acceptable formats/certificates of the proof of funds.

• 
  You are required to submit the GIC Certificate with the immediate funds. 
• 
  If you have found a place to stay then you need to show the agreement and the receipt of the paid housing fee.
• 
  If someone is sponsoring you then you need an official from the individual or the educational institute. 
• 
  You are required to provide the scholarship letter from the university. 

Conclusion

Now you know the required minimum bank balance for Canada student visa and we are confident that you can use this information to your benefit. Remember, that this is an important factor that is evaluated and also affects your visa approval. 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.

Also Read:

• 
  Top Universities in Canada
• 
  Education Loan for Canada
• 
  Cost to Study in Canada
• 
  MBA in Canada

Frequently Asked Questions