Proof of funds is one of the most important documents that is required by IRCC when applying for your student visa application.
A lot of people’s study visa application has been rejected just because they have little or no money in the bank account they are applying with. While for some other persons, their study visas have been rejected not because they don’t have the money in their bank account, but because a little percentage of that money in their bank account has been removed either by bank charges or by them.
If you don’t want to make these same mistakes, make sure to read to the end because, In this article, I am going to tell you how much proof of funds is required for Canada student visa by IRCC, and how to show your proof of funds to IRCC and get your student visa approved.
What is proof of funds for Canada
Proof of funds is a financial document that shows a certain amount of money in your bank account from a particular month to the visa officer in charge of your study application. Canada immigration officers made this a part of your study visa application documents you are to submit because they want to know if you can take care of yourself or your family when you finally arrive in Canada.
So, How much proof of funds is required for Canada student visa?
Depending on the number of persons that are traveling to Canada, According to the IRCC website, the amount you should have as your proof of funds should be $10, 000 (Canadian dollars) for one person. If an additional person is traveling with you, add an additional amount of $3,706 Canadian dollars to the $10,000 dollars. find a detailed guild below.
From my experience as a resident in Canada, Have it in mind that the dollar exchange rates in your home country also influence the amount you should have in your account so that you don’t go below the required amount as this can get your visa rejected if you are not careful.
If you want to increase your chances of getting your visa application approved by IRCC, I would advise you to have more than the required money in your bank account. For example, if you are required to provide $13,757 proof of funds by IRCC, make sure to have $15,000 – $25,000 Canadian dollars in your account.
This does not mean that if you have the amount of funds IRCC requires you to show as your proof of funds you don’t have a high chance of getting your visa approved, but just to be on the safer side, you want to top-up the money.
| Number Of Persons/Family | Proof Of Funds To Show in Canadian Dollars |
|---|---|
| 1 | $13,757 |
| 2 | $17,127 |
| 3 | $21,005 |
| 4 | $25, 564 |
| 5 | $28, 994 |
| 6 | $32, 700 |
| 7 | $46, 407 |
Is Proof Of Funds Required For Canadian Student Visa?
One of the important reasons why Immigration visa officers request proof of funds document is because they want to know if you would be able to take care of yourself when you finally get to Canada. They don’t want you to become a burden to the country when you finally arrive, hence the proof of funds requirement.
So, proof of funds is required for you to get your Canada student visa. If you don’t have it, don’t make an application until you are sure that you have the proof of funds available.
Is 2 months bank statement enough for Canada student visa?
At least 4-6 months of your bank statement is required as your proof of funds. Do not use a 2-month bank statement to apply if you don’t want to get your visa rejected.
According to my experience, IRCC wants to know how active that bank account has been for the last 4-6 months.
Can I study in Canada without proof of funds?
You can not go to Canada without a bank statement if you are applying for a visa using the study route, Federal Skilled Worker Route, and Federal Skilled Trade program route.
If you using the CAC(Canadian Work Experience Route) and you are authorized to work in Canada, you don’t need a bank statement to show that you can take care of yourself in Canada.
Can I go to Canada without a bank statement?
Make sure you carry the bank statement along with you when traveling as you might be asked to present it at the Canadian point of entry. If you do not have it included in your travel document, that could be a problem.
How many months is Canada proof of funds?
If you are applying for a Canada visa, you are to provide a 4-6 month proof of funds. Anything lesser than that could decrease your chances of getting your visa approved.
Is a bank statement enough for proof of funds In Canada?
You can show other assets as proof of funds, but for the most part, your bank statement is enough to show as proof of funds. Just make sure you have the required amount in your bank account and then you are good with just the bank statement.
In Conclusion
Out of 100%, 50% of visa applicant has been rejected because they don’t have enough funds to show as proof of funds in their bank statement.
Make sure you take this part of your document very seriously as any changes in your bank account statement after submission can pose a threat to your application.
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