Canada Student Visa: Required Bank Balance

Canada Student Visa: Required Bank Balance

What’s New for Student Visas?

Hey there! Are you thinking about studying in Canada? That’s awesome! However, there’s some critical information you need to know. The rules for getting a student visa have changed. Don’t worry, we’ll explain everything in easy words.

What’s a Canadian Student Visa?

First, you need a Study Permit if you want to study in Canada for more than six months. It’s like a special pass letting you live in Canada and attend school there. Cool, right?

Who Needs This Special Pass?

You need this pass if:

You’re going to study in Canada for more than six months
Do you want to work off-campus while studying

Some people might not need it, but it’s best to check with someone familiar with all the rules.

Show Me the Money!

How Much Money Do You Need?

Here’s the big news: You must show you have more money than before. As of February 2024, you must have at least 20,635 Canadian dollars. That’s a lot more than before, when it was only 10,000 dollars!

What’s This Money For?

This money is to show that you can:

Pay for a place to live
Buy food
Get around town
Pay for some of your school costs
Have enough to go back home when you’re done

How do you figure out how much you need?

Here’s a simple way to think about it:

Think about how long you’ll be studying
Add up how much you’ll need each month
Add some money for school
Add money for a trip back home

It’s like this: (Months of study x Money for each month) + Some school money + Trip home money = Total money you need.

Waiting for Your Visa

How Long Does It Take?

Typically, it takes approximately 7-9 weeks to obtain your visa. However, it might take 10-16 weeks or even longer at this time. That’s a long time, so you need to plan.

Why Does It Take So Long?

A few things can make it take longer:

If your application is tricky
If lots of people are applying at the same time
If you didn’t fill out everything correctly

How to Make It Go Faster?

Here are some tips:

Start early! Don’t wait until the last minute.
Make sure you fill out everything right.
Follow all the instructions carefully.
If they ask you for more info, answer quickly.
Consider the Student Direct Stream. It can be faster, but it’s more challenging to obtain.

Proving You Have the Money

What’s Proof of Funds?

When you apply for your visa, you must demonstrate that you have sufficient funds. This is referred to as “proof of funds.” It’s important because you may not be able to obtain your visa if you cannot provide this.

Why Do They Want to See Your Money?

They want to ensure that you can afford to pay for school and living in Canada. They don’t want students to come and then face financial difficulties.

What Can You Show as Proof?

Here are some things you can use to show you have the money:

Bank statement: This document shows the amount of money you have in your bank account.
Loan Approval Letter: If you’re borrowing money for school, this letter confirms that you have been approved for a loan.
Sponsor letter: If someone is helping pay for your school, they can write a letter.
GIC certificate: This refers to a specific bank account in Canada.

What Can’t You Use as Proof?

Some things don’t count as proof:

Things like cars or machines
Your paycheck
Stocks or bonds
Houses or land

Significant Changes to Know About

More Money Needed

Remember, you now need to show you have 20,635 Canadian dollars—double what it used to be!

Why the Big Change?

They made this change because:

Some students were coming to Canada and running out of money
There’s not enough housing in Canada, so they want to make sure students can afford a place to live

What If You’re Bringing Family?

If you bring someone, such as your spouse, you must show an additional 4,000 Canadian dollars annually.

Tips for Success

Start planning early! Don’t wait until the last minute.
Ensure you have all the necessary documents.
Fill out everything carefully and correctly.
If you’re not sure about something, ask for help.
Consider taking out a student loan if you need financial assistance.

Wrapping It Up

Studying in Canada is extremely exciting! But there’s a lot to think about. The most important things to remember are:

You need more money now than before
It might take longer to get your visa
You have to prove you have enough money

If you’re worried about having enough money, don’t give up! Some people can help you get a student loan. They can even help you obtain a letter confirming you have a loan within 7-10 days.

Questions People Often Ask

How much money do I need in the bank to obtain a Canadian student visa? You need approximately 20,635 Canadian dollars annually, excluding your first year’s school costs.
Is a GIC a good way to prove I have money? Yes! A GIC is excellent, especially if you’re applying for an SDS visa. It’s even better if you have a bank statement too.
What counts as proof of money for a Canadian visa? A GIC certificate, bank statement, loan approval, or sponsor letter can be used.
Can I borrow money to show I have enough? Yes! Obtaining a student loan is a smart way to demonstrate that you have sufficient funds for school in Canada.

Remember, studying in Canada is a big adventure! Getting ready might seem like a lot of work, but it’s worth it. Take it one step at a time, and don’t hesitate to ask for help. Good luck with your application!