Requirements of Finance for Foreign Students to Study in Canada -26th August, 2019

Study in Canada
Canada is a favorite destination for foreign students throughout the world. In order to continue studies in the country of Canada, proof of unencumbered accessible funds is needed to cover both tuition fee and expenses for living in Canada.

List of Financial Requirements

You can prove the fund with:

  • Evidence of your Canada bank accounts revealing that the moneyyou have transferred.
  • A Certificate of Guaranteed Investment (GIC) from a bank in Canada.
  • Evidence of education or student loan from a bank.
  • Your personal bank statement account for the preceding four months.
  • A draft from the bank and that can be changed to Canadian dollars.
  • Evidence that you paid for housing and tuition fee.
  • Evidence of funding paid when within Canada, only if you have a scholarship or when is in a Canadian-funded academic program.

Tuition fee in Canada may vary significantly among the institutions of Canada and Canadian study programs. In addition to the Canadian tuition fee, you need to have sufficient living expenses in Canada, calculated as below: 

Funds Needed Within Canada (Excluding Quebec)

Number of Persons coming to Canada

Funds required per year (in addition to the tuition fee)

Funds required per month (in addition to the tuition fee)

Yourself

CAD 10,000

CAD 833

With a family member

CAD 4,000

CAD 333

Any additional family member

CAD 3,000

CAD 255

Funds Needed Within Quebec

Persons coming to Canada

Funds required per year (in addition to tuition)

Funds required per month (in addition to tuition)

Yourself

CAD 11,000

CAD 917

First family member (18 years or above)

CAD 5,100

CAD 425

First family member (below 18 years)

CAD 3,800

CAD 317

Every extra accompanying family member (18 years or above)

CAD 5,125

CAD 427

Every extra accompanying family member (below 18 years)

CAD 1,903

CAD 159

Rough Estimation for Calculating Final Amount

Example: Tuition fee+ $10,000 for student + $4,000 for spouse

Entire proof of funds required: Tuition fee + $14,000

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