March 21, 2024

Discover Eight Methods to Prove Financial Stability as an International Student in Canada

For international students aspiring to study in Canada, showcasing financial stability is essential for a successful study permit application. Immigration, Refugees and Citizenship Canada (IRCC) requires applicants to demonstrate their capacity to finance tuition fees, living expenses, and other educational costs. Below, we delineate eight IRCC-approved methods to validate financial support and sufficiency.

  1. Canadian Bank Account: Providing proof of a Canadian bank account under the applicant's name, especially if funds have been transferred to Canada, is acceptable.
  2. Guaranteed Investment Certificate (GIC): Holding a GIC from a participating Canadian financial institution is another valid method to demonstrate financial readiness.
  3. Student or Education Loan: Presenting documentation of a student or education loan obtained from a bank serves as evidence of financial support.
  4. Bank Statements: Submission of bank statements covering the past four months offers a comprehensive overview of the applicant's financial stability.
  5. Bank Draft: A bank draft convertible to Canadian dollars is recognized by IRCC as proof of financial capability.
  6. Prepaid Tuition and Housing Fees: Furnishing documentation confirming the advance payment of tuition and housing fees contributes to demonstrating financial sufficiency.
  7. Letter of Support: A letter from a sponsor, such as a family member or educational institution, pledging financial assistance for living expenses and education, is deemed acceptable.
  8. Funding from Within Canada: Providing evidence of funding received within Canada, such as scholarships or enrollment in Canadian-funded educational programs, fulfills the financial requirement.

The revised financial requirement by IRCC

As of January 1, 2024, IRCC has adjusted the cost-of-living financial requirement to $20,635 for study permit applicants outside Quebec. This sum, along with tuition fees and travel expenses, must be proven annually.

Variations in Financial Requirements Among Provinces/Territories

Financial requirements differ across provinces/territories based on application submission date. Until December 31, 2023, minimum funds vary by the number of family members. From January 1, 2024, the new requirement applies, annually adjusted according to Statistics Canada's low-income cut-off release.

Quebec's Specific Financial Requirements for International Students

International students heading to Quebec must meet specific financial prerequisites established by Quebec’s ministère de l’Immigration, de la Francisation et de l’Intégration (MIFI). Comprehending and fulfilling IRCC's financial standards is crucial for those aiming to study in Canada.

By employing one or a blend of the endorsed approaches to exhibit financial adequacy, candidates can improve their prospects of a successful study permit application. Stay abreast of updates and refer to official IRCC resources for precise and current information concerning financial responsibilities for international students in Canada.

How Pelican Migration Consultants Can Enhance Your Study Permit Application

Navigating the intricacies of proving financial stability as an international student in Canada can be challenging. However, Pelican Migration Consultants specialize in facilitating seamless immigration journeys, including the study permit application process.

Here's how we can assist you:

  • Benefit from our comprehensive knowledge of Canadian immigration regulations and financial requirements, ensuring accurate and thorough application submissions.
  • Allow us to assist you in gathering and organizing the necessary documentation to effectively showcase your financial stability.
  • Rely on our experienced consultants to guide you through each step of the application process, providing personalized assistance tailored to your unique circumstances.
  • Stay informed about any changes or updates regarding financial obligations for international students in Canada, ensuring compliance with the latest regulations.
  • Receive continuous support and guidance from our dedicated team, alleviating any concerns or uncertainties you may have throughout the application process.

Require assistance with your student visa application profile? Fill out our complimentary online assessment form.