Canada student visa financing

The importance of financial ability to obtain a Canadian study visa

Financial ability is one of the most important documents required for a Canadian student visa. The financial empowerment department has many details and just preparing a few bank letters and bank statements and other property documents does not make you financially eligible to receive a Canadian study visa.

 

Three basic principles in financing the Canadian study visa

The first principle You must prove that you can afford the expenses

According to the Canadian Immigration Law, an applicant to study in Canada must be able to provide the cost of studying in Canada and the cost of living in Canada for the first year. For example, if the applicant’s tuition is $15,000 per year, he must prove this amount to the embassy along with the cost of living for the first year and travel expenses to Canada (Canadian ticket money) through his bank account or his sponsor. . 

When applying for a master’s permit, the amount of financial support is checked only for the first year, but the officer also pays attention to the family’s income and other things that make it possible that money will be available in the coming years. 

The second principle You must show that you are in good financial condition

In other words, you have to prove that you can support yourself and your family members who accompany you during your stay in Canada. This issue is considered separately from the issue of financial capability. Here, your overall strength in terms of finances and the financial ties you have to your country are taken into account. 

The third principle It is better to show where your financial resources came from

It is interesting that according to the instructions given in Document No. 12 of Canada, depending on the type of country you are applying from, the amount of strictness of the officers varies. For high-risk countries (Iran is one of these countries), officers must control complete documents regarding financial circulation, bank letters, etc. In the case of low-risk countries (such as European countries), only a one-day bank account is enough to obtain a visa. 

 

What is the minimum financial capacity for a Canadian student visa?

But the question of all applicants to study in Canada is, what is the minimum amount we should show to the embassy?

In response to this question, let us explain that according to the law of the Canadian Immigration Department, you must have the ability to support at least 12 months of education and living expenses in Canada. Naturally, if you are married, you should also calculate the expenses of your companions for one year.

But how is this financial capability of Canada calculated? The answer is very simple:

Find the amount of your tuition for one year from the Canada study acceptance letter or from the education center website. Then add that number with the lower values. For example, if your tuition is $16,000 per year and you are single and you are going to British Columbia, you should do the calculation like this:

16000 + 10000 = 26000

Yes, $26,000 is the minimum amount you need to show you have in your bank account. Naturally, the higher this amount is, the more confidence the officer will have that you will be able to support yourself. The minimum amount of money required to cover the expenses of a student (and his accompanying family members) is as follows:

 

Minimum financial capacity required outside Quebec province in 2023

People traveling to Canada Annual cost of living
(without tuition)
Monthly living expenses
(without tuition)
Student 10,000 833
The first member of the family 4,000 333
Any other family member 3,000 255

 

For example

If you and two members of your family want to live outside the province of Quebec, Canada, you will need the following amounts:

  • Living expenses (for students): $10,000
  • Living expenses (for the first family member): 4 thousand dollars
  • Living expenses (for the second family member): 3 thousand dollars
  • Total: 17 thousand dollars

 

Minimum financial capacity required in the province of Quebec in 2023

People traveling to Canada Annual cost of living
(without tuition)
Monthly living expenses
(without tuition)
1 person under 18 years old 6,569 547
1 person with 18 years of age or older 13,134 1,095
2 people with 18 years of age or more 19,264 1,605
2 people with 18 years of age or older and 1 person under 18 years of age 21,579 1,798
2 people with 18 years of age or older and 2 people under 18 years of age 23,290 1,941

Amounts are in Canadian dollars.

Note: The financial capacity for a student visa in Canada is also calculated with the same formula.

 

Proof of financial ability for student companions

If your spouse and children accompany you on your trip to Canada, you must add their living expenses for one year to your expenses. Financial documents proving your spouse’s financial ability include bank statements, bank statements, employment letters, legal slips, insurance records, or employment contracts. 

If you have a registered company, related documents such as the official gazette, articles of association and other documents can show your spouse’s financial capacity as a companion. Having any type of real estate document that we mentioned in the previous section proves their financial ability. 

If your wife has a joint bank account with you or her income is entered in your account, it shows her financial ability. Even if your spouse is not working and cannot provide financial documents, as long as you can show the cost of living in Canada for one year through the bank amount in your account, there is no problem in proving your spouse’s financial ability.

What is the financial capacity for a Canadian tourist accompanying visa?

If you are a student’s mother or father, or if your spouse has a student visa or a work visa, you must provide financial support.
But how much?

As much as you need for the trip. For example, if your trip costs $10,000, you must provide at least $10,000 in financing. Remember to include unforeseen expenses such as medical problems in this amount. 

The funding amount for a Canadian tourist visa is different from that of a student visa. On average, you should pay about $2,000 for a month’s stay in this country. Therefore, if we consider the maximum time of 6 months, you should provide about 12,000 dollars as the financing of your tourist visa.

Examining rejected cases due to financial means

In another article, we reviewed all the issues related to Canadian visa rejection. Here we are only referring to the issue of financial resources. 

 Do not doubt the principles and rules!

In Canada’s rejection letters, a series of default items are given, one of which is the subject of your financial conditions. If you are rejected despite following all the points listed in this article, and the rejection officer’s letter mentions the financial issue, don’t doubt anything. You have done your job right.

The issues related to the ability that the officers raise in the rejection letters are placed in one of the following categories.
  • The source of the money in the bank is unknown. 
  • The outcome of the applicant’s financial and economic conditions for studying in Canada and paying tuition does not seem reasonable. 
  • It seems that the applicant has stable economic conditions in his country.