Travel and Immigration

Minimum Bank Balance for Canada Student Visa 2024/2025: The Best Guide.

Often, students ask this question: what is the minimum bank balance for Canada student visa? Many students are ignorant of their chances of being accepted into Canada. To help you, we’ve decided to answer your question in this post and even go deeper into all that concerns Canada student visas.

Applying for a Canadian student visa has not been as easy as you think. Apart from completing the visa application form and providing evidence of English language proficiency, every candidate should meet the country’s financial requirements. You need enough money to support yourself, even as a student. 

minimum bank balance for Canada student visa

Sometimes, you can blame yourself for not being informed with the right information like student visa in Canada requirements, the minimum bank balance for Canada student visa, Canada student visa application,  how to apply for a student visa in Canada, evidence of funds for Canada students visa, letter of explanation Canada study permit, etc. This article is here to unveil the answer to these questions. 

Significantly, knowing the minimum balance for a Canada student visa will help you fund your account before applying for a Canada study permit. However, many students who aren’t rich enough to meet their educational needs can apply for scholarships for International Students in Canada to avoid being stranded. If you want to study in Canada, you must have between $10,000 and $25,000 in cash or a checking account from a sponsor to register in any academic institution in Canada to cover everyday costs. 

To improve your chances of getting your student visa or study permit, you must provide evidence that you have sufficient funds to live on once you are admitted. In this article, we’ll give a detailed answer to the minimum bank balance for a Canada student visa, which many students are ignorant about. So, if this is interesting to you, stay glued with us.

What is a Canada Study Permit?

A Canada study permit is an authorized document or paper issued to international students who want to travel to Canada to pursue their educational career at any distinguished citadel of earning. With a study permit, you have a legal right to study in Canada.

Minimum balance for Canada student visa

Family members who want to accompany an international student to Canada can also apply for visas. The spouse or partner who wants to work for any Canadian employer can receive an open work permit. The dependent children may obtain a study permit at Canadian elementary and secondary schools.

Moreover, as a student who wants to study in Canada, you must know the difference between a Canada visa and a Canada study permit. A student visa permits you to travel to Canada to study without considering your residence, while a study permit authorizes you to stay in the country while studying. 

Students should start applying for schools and study permits fast, as it may take up to 6 months to get a school acceptance letter. Also, it may take up to 4 months for the Canadian government to approve your visa. Most international students always arrive weeks early in Canada to adjust to a brand-new environment.

Applying for a study visa requires some regulations and restrictions, which you must complete. To ease the process, you must check all your documents properly before applying. On the other hand, many steps are involved in applying for a Canada study permit, which you will find below this article. 

Important Article: Thomas K. Evans Memorial Scholarship

What are the document requirements for a Canada Study Permit? 

To secure a residence in Canada as a student, you need a Canada study permit. You must provide documents before applying for any study permit in Canada. 

To receive a Canadian study permit, a prospective international student must provide the following documents: 

  • An acceptance letter from a Designated Learning Institution (DLI) in Canada.
  • A valid passport.
  • Proof of sufficient funds to cover tuition fees, living expenses, and return transportation.
  • Passport-sized photos.
  • Proof of a clean criminal record (police clearance certificate).
  • Evidence to prove to the Canadian immigration officer that you will leave Canada at the end of your authorized stay.
  • A medical report showing that you are medically sound to study abroad 
  • Evidence shows you are registered at a designated learning institution (DLI).

Once you provide these documents, if Immigration, Refugees, and Citizenship Canada (IRCC) accepts and approves your application, IRCC will issue you a legalized visa to enter Canada and your study permit.

How to Apply for a Canada Study Permit 

Applying for a Canada Study Permit can be an exciting and life-changing experience. It’s a process that authorizes you to study in Canada. 


Canada students visa

To apply here are the nine (9) ways to apply for a Canada Study Permit :

  • Select Your Program 
  • Confirm Your Eligibility 
  • Gather all required documents 
  • Apply Online 
  • Biometrics Appointments 
  • Medical Examination 
  • Attend Interview 
  • Wait for a Decision
  • Travel to Canada 

Select Your Program

The first thing to do when applying for a Canadian study permit is to select your program. Selecting the right program and educational institution is the first significant step in your study permit application journey. Do research about Canadian universities, colleges, and schools to find the one that aligns with your academic and career goals. Ensure that your chosen institution is a Designated Learning Institution (DLI) recognized by the Canadian government.

Confirm Your Eligibility

Before you start the application process, double-check your eligibility. Ensure that you have a valid passport that won’t expire soon. You should also have received an official acceptance letter from your chosen DLI confirming your enrollment in a program. Additionally, ensure you have enough financial resources to cover your tuition fees, living expenses, and return transportation.

Gather Required Documents

To successfully apply for a study permit, you must assemble several important documents. These documents include a valid passport, letter of acceptance, evidence of funds, passport-sized photos, Police clearance certificate, etc. 

Apply Online

Once you have your documents in order, create an account on the official website of the Government of Canada. Fill out the study permit application form (IMM 1294) thoroughly and accurately. Upload all the required documents as specified and pay the application fee.

Biometrics Appointment

After applying online, the next step is the biometrics appointment, which depends on your nationality. You might need to visit a local Application Support Center (ASC) to provide biometrics, including fingerprinting and a photograph. You will receive instructions on when and where to complete this step.

Medical Examination

Certain applicants might be required to undergo a medical examination by an approved panel physician. You will receive instructions on how to complete it. 

Attend Interview 

To study in Canada, there is a need to attend an interview. After submitting your application with adequate documents, you must give your bio-metrics. After following the method, you will receive an interview. 

Wait for a Decision

The processing time for study permit applications can vary, so patience is essential. You can check the status of your application online, and it’s a good idea to keep an eye on your email for any updates.

Travel to Canada

If your study permit application is approved, you will receive a Port of Entry (POE) Letter of Introduction. This document is crucial for entering Canada, so keep it safe and readily accessible. Remember to take your studies seriously as you get to Canada. 

Minimum Bank Balance for Canada Student Visa 

As a student, The standard first-year tuition at a Canadian university or college is approximately $15,000. The minimum bank balance for a Canada student visa is $10,000. Additionally, you will need $10,000 to cover everyday costs while waiting for a decision from Immigration, Refugees, and Citizenship Canada (IRCC).

Students in Canada

This sum should cover your tuition, and living costs for the first year of study should be covered. The Canadian immigration authorities may also require evidence that you have enough money to cover your living expenses and tuition for the entire duration of your studies.

There are several factors to consider when deciding where to reside, including the cost of living, the accessibility of financial aid and scholarships, and the job market. You may choose a location and a course of study that matches your budget and satisfies the requirements of a student visa to be on the good side of the application. 

This information is essential in assisting you in making arrangements for all of the associated expenditures if you are thinking of studying abroad. Under these circumstances, you must consider every fee that might apply.

Start the process as early as possible to give yourself ample time to collect all the required paperwork.

Frequently Asked Questions (FAQs) 

Q1: What is the minimum bank balance for a Canada student visa in 2023?

A: $10,000 is the minimum bank statement for a Canada student visa. Nonetheless, the minimum evidence of funds for a Canada student visa is ($15,000 + $10,000), which is mathematically = $25,000 on average.

Q2: How long does it take to get a student visa for Canada?

A: It takes ten weeks to 3 months, depending on the processing time. The study permit from outside of Canada depends from country to country. 

Q3: What is the simplest visa to get in Canada?

Express Entry is the fastest and most eminent immigration program in Canada. Applicants who apply through the Express Entry system can earn permanent residence status in six months. 

Q4: Do I get a refund if my visa is refused in Canada?

No, the money you spent on your visa can not be refunded even when Canada rejects your visa. 

Q5: Can I change my student visa to a visitor visa in Canada?

You can apply to alter your status as a tourist, but you won’t be able to apply from within Canada for a new study or work permit once your existing one expires.

Conclusion on Minimum Bank Balance for Canada Students Visa 2024/2025 

What is the minimum bank balance for a Canada student visa? This is a question every student should ask before traveling to Canada. 

However, knowing the minimum balance will aid you in saving enough money before applying for the visa to avoid applying for a school you can not afford. Additionally, it allows you to make proper choices. You can decide whether to go by self-sponsorship or by scholarship. 

Thankfully, writerlywonders has written the minimum balance every student must have for their visa, the Canada study permit requirements, how to apply for a study permit, and other relevant information. 

Take your time and review them again; it will serve as a perfect guide for you. 


Priceless Ukachukwu Deborah

Priceless Ukachukwu Deborah is a lady that has expertise in teaching. With the knowledge of teaching-learning experience, she will be equipping you with everything education, scholarship, and job opportunities. She is a professional SEO content writer, an evangelist, a coach, and a virtual assistant.
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