Canada Student Visa Required Bank Balance 1

Canada Student Visa: Required Bank Balance

Canada Student Visa: Required Bank Balance

What’s New for Student Visas?

Hey there! Are you thinking about studying in Canada? That’s awesome! But wait, there’s some important stuff you need to know. The rules for getting a student visa have changed. Don’t worry, we’ll explain everything in easy words.

What’s a Canada Student Visa?

First, you need a Study Permit if you want to study in Canada for more than six months. It’s like a special pass letting you live in Canada and attend school there. Cool, right?

Who Needs This Special Pass?

You need this pass if:

  • You’re going to study in Canada for more than six months
  • Do you want to work off-campus while studying

Some people might not need it, but it’s best to check with someone who knows all the rules.

Show Me the Money!

How Much Money Do You Need?

Here’s the big news: You must show you have more money than before. As of February 2024, you must have at least 20,635 Canadian dollars. That’s a lot more than before when it was only 10,000 dollars!

What’s This Money For?

This money is to show that you can:

  • Pay for a place to live
  • Buy food
  • Get around town
  • Pay for some of your school costs
  • Have enough to go back home when you’re done

How do you figure out how much you need?

Here’s a simple way to think about it:

  1. Think about how long you’ll be studying
  2. Add up how much you’ll need each month
  3. Add some money for school
  4. Add money for a trip back home

It’s like this: (Months of study x Money for each month) + Some school money + Trip home money = Total money you need.

Waiting for Your Visa

How Long Does It Take?

Usually, it takes about 7-9 weeks to get your visa. But it might take 10-16 weeks or even longer right now! That’s a long time, so you need to plan.

Why Does It Take So Long?

A few things can make it take longer:

  • If your application is tricky
  • If lots of people are applying at the same time
  • If you didn’t fill out everything correctly

How to Make It Go Faster?

Here are some tips:

  1. Start early! Don’t wait until the last minute.
  2. Make sure you fill out everything right.
  3. Follow all the instructions carefully.
  4. If they ask you for more info, answer quickly.
  5. Look into something called the Student Direct Stream. It can be faster, but it’s harder to get.

Proving You Have the Money

What’s Proof of Funds?

When you apply for your visa, you must show you have enough money. This is called “proof of funds”. It’s important because you might not get your visa if you can’t show this.

Why Do They Want to See Your Money?

They want to ensure you can pay for school and living in Canada. They don’t want students to come and then have money problems.

What Can You Show as Proof?

Here are some things you can use to show you have the money:

  1. Bank statement: This shows how much money you have in the bank.
  2. Loan approval letter: If you’re borrowing money for school, this letter shows you got a loan.
  3. Sponsor letter: If someone is helping pay for your school, they can write a letter.
  4. GIC certificate: This is a particular bank account in Canada.

What Can’t You Use as Proof?

Some things don’t count as proof:

  • Things like cars or machines
  • Your paycheck
  • Stocks or bonds
  • Houses or land

Significant Changes to Know About

More Money Needed

Remember, you now need to show you have 20,635 Canadian dollars—double what it used to be!

Why the Big Change?

They made this change because:

  • Some students were coming to Canada and running out of money
  • There’s not enough housing in Canada, so they want to make sure students can afford a place to live

What If You’re Bringing Family?

If you bring someone, like your husband or wife, you must show an extra 4,000 Canadian dollars annually.

Tips for Success

  1. Start planning early! Don’t wait until the last minute.
  2. Make sure you have all the proper documents.
  3. Fill out everything carefully and correctly.
  4. If you’re not sure about something, ask for help.
  5. Think about getting a student loan if you need help with the money.

Wrapping It Up

Going to study in Canada is super exciting! But there’s a lot to think about. The most important things to remember are:

  • You need more money now than before
  • It might take longer to get your visa
  • You have to prove you have enough money

If you’re worried about having enough money, don’t give up! Some people can help you get a student loan. They can even help you get a letter showing you have a loan in 7-10 days.

Questions People Often Ask

  1. How much money do I need in the bank for a Canada student visa? You need 20,635 Canadian dollars annually, not counting your first year’s school costs.
  2. Is a GIC good for proving I have money? Yes! A GIC is excellent, especially if you’re applying for an SDS visa. It’s even better if you have a bank statement too.
  3. What counts as proof of money for a Canada visa? A GIC certificate, bank statement, loan approval, or sponsor letter can be used.
  4. Can I borrow money to show I have enough? Yes! Getting a student loan is a smart way to show you have enough money for school in Canada.

Remember, studying in Canada is a big adventure! Getting ready might seem like a lot of work, but it’s worth it. Take it one step at a time, and don’t hesitate to ask for help. Good luck with your application!