If you’re an international student planning on studying in Canada, you’ll need to be aware of the bank balance requirements for your student visa application. Not meeting this requirement can be one of the most common reasons why applications for student visas are rejected. In this guide, we’ll go over everything you need to know about the bank balance requirement for Canada student visas.
What is the Bank Balance Requirement for Canada Student Visa?
When applying for a Canada student visa, applicants must show that they have enough money to support their stay in Canada. This is known as the bank balance requirement. Essentially, the bank balance requirement is a minimum amount of money that students need to have in their bank account to prove that they can support themselves during their stay in Canada.
How Much Money Do I Need?
The amount of money you’ll need to have for your bank balance requirement will depend on the institution and location you’ve chosen. The Government of Canada has set the minimum amount of money that students need to have in their bank account to satisfy the requirement. The funds must be readily available and transferable. The minimum amount of money you need to have is as follows:
- For Quebec, you’ll need to have a minimum of CAD $12,960 for a 12-month period.
- For any other province or territory, you’ll need to have a minimum of CAD $10,000 for a 12-month period.
What Sources of Funds Are Acceptable?
When you’re applying for a Canada student visa, there are specific sources of funds that you can use to meet the bank balance requirement. Some of the acceptable sources of funds include:
- Money held in an applicant’s bank account
- Money held in an account under the name of their parents or legal guardians
- Scholarships or other forms of financial aid
- Loans from financial institutions
It’s essential to note that the funds you present to meet the bank balance requirement must come from a legal source. For instance, you cannot borrow from a friend, relative, or another student to meet the bank balance requirement.
Tips on Meeting the Bank Balance Requirement
Meeting the bank balance requirement can be a challenging task for many international students. Below are some practical tips you can follow to help you meet the minimum bank balance requirement:
- Start saving early: Start saving up for your stay as early as possible. If you’re already working, start setting aside some of your salary towards your bank balance requirement.
- Get a part-time job: You can also get a part-time job to save up some extra cash to meet the bank balance requirement.
- Scholarship grants: Look for scholarship and grants opportunities to finance your studies and meet the minimum bank balance requirement.
- Student Loans or Family Support: If the above options don’t work, consider getting a student loan or asking your family or close relatives to support you financially.
- International students must satisfy the bank balance requirement when applying for a Canada student visa.
- Minimum bank balance requirements depend on the institution and location chosen by the applicant.
- There are specific acceptable sources of funds that can be used to meet the bank balance requirement.
- To meet the requirement, students can start saving early or consider getting a part-time job or family support.
Meeting the bank balance requirement is a necessary step to ensure a smooth visa application process. It’s essential to plan accordingly and start preparing early to avoid any challenges in meeting the minimum bank balance requirement. Remember, your financial support is vital for your success in Canada, so ensure you have it ready before your departure.
1. Can I use borrowed money to meet the bank balance requirement?
No, using borrowed money from friends, family, or another student is not valid sources of funds allowed to meet the bank balance requirement.
2. What happens if I fail to meet the bank balance requirement?
If you fail to meet the bank balance requirement, your application for a Canada student visa will be rejected, and it can also have an impact on future visa applications.