Q&A: How can I show proof of funds for my Canadian study permit?
Over one million international students flocked to Canada in 2023 to earn a degree at one of its several hundred universities. If you’re hoping to study abroad in Canada, you’ll need to show proof of funds to obtain a Canadian study permit.
This means showing you have sufficient funds to pay for tuition and living expenses while you live in Canada. That money may come from savings, scholarships, student loans or a combination of sources.
If you’re wondering how to show proof of funds to study in Canada, read on to have all your questions answered.
What’s proof of funds?
Proof of funds means providing evidence you can support yourself financially while you study in Canada, along with any family members who are coming with you. Canadian immigration services, or Immigration, Refugees and Citizenship Canada (IRCC), wants to see evidence you’ll be able to cover the costs of studying in Canada.
Why do you need to show proof of funds?
Living and studying in Canada comes with a variety of expenses, including tuition, university fees, textbooks, housing, food and travel. International students, however, are not eligible for government student loans or other benefits under the Canada Student Financial Assistance Program.
That’s why IRCC asks for proof you have enough funds on hand to cover your first year in school. You don’t usually need to show proof of funds for all four years of schooling upfront.
However, a Canadian officer will review your documentation to make sure there’s a high probability you’ll be able to afford future years.
What are the proof of funds requirements to study in Canada?
To study in Canada, you’ll need to show that you have or can access enough money to pay for tuition and fees. If your program costs CAN$15,000 per year, you’ll need to show at least that much to cover costs.
In addition to tuition fees, you’ll also need to show you can access CAN$20,635 for living expenses in all provinces except Quebec. The requirement is higher if you’re bringing family members with you:
| Number of family members (including the student) | Amount required per year (doesn’t include tuition) |
| 1 | CAN$20,635 |
| 2 | CAN$25,690 |
| 3 | CAN$31,583 |
| 4 | CAN$38,346 |
| 5 | CAN$43,492 |
| 6 | CAN$49,051 |
| 7 | CAN$54,611 |
| Each additional family member beyond 7 people | CAN$5,559 |
What documents do you need to provide?
When applying for your Canadian study permit, you’ll need to provide at least one of the following documents to verify your proof of funds, including:
- Bank statements, either from a Canadian bank account in your name or your home country bank account with statements for the past four months
- Bank draft that can be converted to Canadian dollars
- Guaranteed Investment Certificate (GIC) from a Canadian financial institution
- Proof of a student loan from a bank or other acceptable lender
- Proof you already paid tuition and housing fees upfront
- Letter from a person or a school that’s giving you money
- Proof you’re receiving funding from within Canada, such as a Canadian scholarship or funded educational program
Depending on the documents you provide to support your application, you may not be required to provide all of the documents listed above. Applicants with more complex or incomplete applications may have to go through a more thorough vetting process.
Preparing financially to study abroad in Canada
The cost of studying in Canada can vary significantly depending on the university you choose and the area where you live. To prepare financially, check out the cost of tuition and fees on your university’s website.
Do some research into the cost of living in your area, and estimate your expenses for housing, food, supplies and other daily expenses. You might also need extra money for traveling or extracurricular activities.
By doing this research upfront, you can prepare yourself financially to live and study in Canada. Even with savings and scholarships, you may find yourself in need of a student loan to cover costs.
MPOWER Financing specializes in student loans for international students studying in Canada and the U.S. MPOWER education loans don’t require a cosigner or collateral, so you don’t have to worry about asking your parents to take on debt with you.
Plus, MPOWER provides visa support assistance to help you through the Canadian study permit process if you’re approved for a loan. Learn more about MPOWER’s educational loans here.
