Canada continues to be a top destination for international students, thanks to its world-class education system and welcoming immigration policies. However, before applying for a Canadian study permit, prospective students must prove they have enough financial resources to support themselves during their studies. Maple News reports that this requirement ensures students can focus on their academic pursuits without becoming reliant on public funds or employment.
The Canadian government requires international students to demonstrate that they can cover tuition fees, living expenses, and return transportation. This financial assurance is key to securing a study permit, as it helps immigration officials assess whether applicants are likely to comply with study permit conditions and maintain a stable stay in Canada.
Living costs vary based on location. Outside Quebec, individual students must show they have at least $10,000 per year in addition to tuition. If bringing family members, the requirement increases — $4,000 for the first accompanying person and $3,000 for each additional family member. For students living in Quebec, the base amount rises to $11,000, with higher additional costs for spouses and children.
Proof of funds can be submitted in various ways. Acceptable documents include four months of bank statements, bank drafts convertible to Canadian dollars, approval letters for student loans, proof of scholarships or financial aid, a Guaranteed Investment Certificate (GIC) from a Canadian bank, and receipts for tuition or accommodation payments. Additionally, letters from sponsors or family members offering financial support must be backed by financial documents such as tax returns or payslips.
It’s important to note that tuition fees differ significantly depending on the institution and program of study. Students are advised to research tuition costs thoroughly and add these to the required living expenses to estimate the total amount of funds they must show.
Failing to meet the financial requirements could result in the denial of a study permit application. This highlights the importance of submitting complete, clear, and translated documentation — in English or French — demonstrating that all financial obligations can be met.
As Maple News previously reported, study permit holders are subject to work restrictions during their stay in Canada. The proof of funds requirement reduces the need for excessive work, ensuring students can maintain focus on their studies and remain in good standing with immigration regulations.
Planning ahead and being financially prepared is crucial for a successful Canadian study experience. For many, this financial readiness is the first step toward building a long-term future in Canada.