Proof of Funds: How to Calculate the Amount You Need for Studying in Canada
Studying abroad can be a life-changing experience, but it can also be expensive. That's why it's important to consider the total cost needed in your preferred country before making a decision.
Are you considering studying in Canada, but unsure how much money you'll need to demonstrate proof of funds? If so, you're not alone. The Canadian government requires international students to provide evidence of their ability to support themselves financially during their studies, this is often referred to as Proof of Funds. In today’s newsletter, we will guide you through the process of calculating the amount of proof of funds you need for studying in Canada.
The amount of proof of funds required can vary depending on several factors, such as the length of your course, where you'll be studying, and whether you're applying as a dependant or as the main applicant. However, as a general rule of thumb, you'll need to demonstrate that you have enough money to cover your tuition fees and living expenses for the duration of your course.
The minimum amount of proof of funds required for studying in Canada is CAD $10,000 for each year of your studies, in addition to the cost of your tuition fees. Therefore, if you're studying for a two-year course, you'll need to demonstrate proof of funds of at least CAD $20,000. However, if your course is shorter or longer than two years, you'll need to adjust the amount of proof of funds accordingly.
You can demonstrate proof of funds in several ways, such as providing bank statements, investment statements, or a letter from your financial sponsor. It's important to ensure that the funds you're using to demonstrate proof of funds are readily available and have been in your account for at least 28 days before you apply for UK visa and a 6 month period for Canada visa application.
It's also worth noting that some universities or colleges may require a higher amount of proof of funds than the minimum required by the Canadian government. Therefore, it's important to check with your chosen institution to ensure you meet their specific requirements. While a number of International applicants have some funds for their application, many do not have access to funding to demonstrate their funds. Need help on how to get proof of funds? Click here
Finally, calculating the amount of proof of funds required for studying in Canada can be a daunting task, but by understanding the minimum requirements and ensuring your funds are readily available, you can demonstrate your ability to support yourself financially during your studies. You can demonstrate Proof of Funds through:
Personal Bank Statements
Investment Certificates
A bank draft that can be converted to Canadian dollars
Proof of a student or education loan from a bank.
By doing so, you can focus on achieving your academic goals and making the most of your experience in Canada.