How much money do you need to show in your bank account?
TCL Global
TCL Global Supports International Students to Study Higher Education in the UK, USA, Canada & Australia since 2011.
Canada: a sought-after study destination for students all over the world. Every year numbers of students submit applications for Canadian student visas. With our experiences of serving international students for over a decade, to get a student visa, the most complicated part of visa processing is to show financial evidence.
On that note, financial proof is certainly a crucial requirement for visa processing. You must prove your funds by showing the maintenance amount (minimum funds) in your bank account.
But the question is how much money do you need to show in your bank account? We have discussed this topic in the following segment. Scroll down to explore!
Minimum funds required to support yourself as a student
The maintenance amount refers to the minimum funds required to support you when you are staying in Canada. A student needs CAD 10,000 of funds per year to carry out his living expenses. This amount doesn’t include tuition fees.
If a student wants to bring his dependant along with him, it will add CAD 4000 (yearly) for the first family member. And for every additional accompanying family member, you will need 3,000 Canadian Dollars.
If you are set to study for less than a year, you need to show a set amount of money for each month accordingly. For instance, 833 Canadian dollars per month for living expenditures.
Wrap-Up
If your country uses foreign-exchange controls, you must demonstrate that you'll be permitted to export funds when needed. Besides financial proof, there are more documents to process and requirements to meet.
So, if feel overwhelmed by information, reach out to TCL Global experts for assistance. Our dedicated team will guide you (at no service charge).