What Finances Do I Need To Study In Canada As An International Student?

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Saturday May 15 An Important Canada Study Permit Deadline For International Students
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International students wishing to study in Canada must prove set levels of unencumbered available funds to cover tuition and living expenses to secure a Canada Study Permit.

You can prove funding with:

  • Proof of your Canadian bank account showing money you have transferred.
  • Guaranteed Investment Certificate (GIC) from a Canadian bank.
  • Proof of a student or education loan from a bank.
  • Your bank statements for the past four months.
  • A bank draft that can be converted to Canadian dollars.
  • Proof you paid for tuition and housing.
  • A letter from a person or school giving you money.
  • Proof of funding paid from within Canada, if you have a scholarship or are in a Canadian-funded educational program.

Tuition can vary significantly between institutions and study programs.

In addition to tuition, you must have adequate living expenses, calculated as follows:

Funds Required Outside of Quebec

Persons coming to Canada Funds required per year (in addition to tuition) Funds required per month (in addition to tuition)
Yourself $10,000 $833
With a family member $4,000 $333
Any additional family member $3,000 $255

Funds Required Within Quebec

Persons coming to Canada Funds required per year (in addition to tuition) Funds required per month (in addition to tuition)
Yourself $11,000 $917
First family member (18 years or older) $5,100 $425
First family member (under the age of 18) $3,800 $317
Every additional accompanying family member (18 years or older) $5,125 $427
Every additional accompanying family member (under the age of 18) $1,903 $159

How to Calculate Final Amount

Example: Tuition + $10,000 (student) + $4,000 (spouse)

Total proof of funds needed: Tuition + $14,000

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