University of Toronto, University of British Columbia, McGill University, Seneca College, Centennial College, Georgian College - Imagine studying in such prestigious institutions in Canada. It is a dream-come-true moment for the student who is dreaming of pursuing a master's in Canada. A Canada Student visa is a pathway to relish your dream of a master's abroad. One of the important factors to acquire this visa is to prove sufficient financial resources to support yourself during your studies. The immigration policies are likely to change with the world trends and high demand. In 2025, the updates made are difficult for the commoner to understand the complicated immigration changes brought by the IRCC.
This blog breaks down the extensive information about the financial knowledge and the changes with the IRCC in a simpler way.
Why Financial Proof is Crucial for a Canada Student Visa
The Immigration, Refugees and Citizenship Canada (IRCC) requires all International student applicants to furnish their details regarding sufficient funds while applying for the Student Permit in Canada. The details demonstrated by the student applicant will be evaluated to ensure the applicant's ability to pay for the following:
- Tuition fees for the master's degree
- Living expenses while staying in Canada
- Return transportation after completion of the degree
- Accompanying family members' needs during your study period (if needed)
This is not only the procedural process of the Student’s application, but IRCC also ensures to welcome the students who are financially prepared to meet their needs without depending on Canadian social assistance.
Financial Requirements gist (2024 as a Baseline)
- Living expenses (outside Quebec): CAD 20,635 is required to fulfil all the living needs annually for a single student.
- Tuition fees: Tuition fees mostly vary by institution and program selected by the students. Approximately, it would range from CAD 15,000–30,000 per year.
- Additional for spouse: If your partner or spouse is going to accompany you during the educational venture, then the financial ability to take care of them alone will be CAD 4,000
- Additional per child: If your children are going to stay with you, then show the bank balance of CAD 3,000, the approximate living expense estimated for them.
These amounts are expected to increase in 2025 due to inflation and updated cost-of-living. It is essential to plan your finances accordingly and stay updated through official IRCC announcements.
Minimum Bank Balance Requirements for 2025
Students who are applying for the 2025 intake must submit documents of proof of funds demonstrating their ability to cover both tuition fees and living expenses.
Based on the 2024 CAD 20,635 is needed for living expenses, but now applicants should show the balance of at least:
- CAD 35,000–50,000 for the first year of study, which includes the tuition fees, living expenses, and travel.
- Additional amounts of CAD should be disclosed for the dependents accompanying, if applicable.
Breakdown of Estimated Costs for One Year
This list may vary with the IRCC update, and also according to the province you are applying with.
Understanding the Guaranteed Investment Certificate (GIC)
A Guaranteed Investment Certificate (GIC) is a financial instrument provided by the banks in Canada for Indian Students who are applying under the Student Direct Stream (SDS). It is one of the secure ways to submit the proof of funds as they are locked in and released monthly upon arrival in Canada.
Key Points About GIC:
- Minimum amount required to show as proof of funds: CAD 10,000
- Monthly disbursement: Around CAD 667
- This financial instrument is offered by banks like Scotiabank, ICICI Bank Canada, SBI Canada, etc.
- This is required under SDS Canada
GIC only covers the portion of the living expenses, it is also mandatory for faster processing under the student direct stream.
How to Show Proof of Funds
It is mandatory to submit proof of funds while applying for the Canadian Student Visa. The documents should reflect your stability and ability in the financial aspects to support your stay during the study tenure. Listed below are the documents that should be submitted as proof, those include:
Accepted Documents:
- Applicants’ or the sponsor’s bank statements from the past 4-6 months, which should clearly show account balance and transactions.
- A letter of financial support, if proof of funds is shown from your parents or sponsors.
- Guaranteed Investment Certificate - GIC from a Canadian bank.
- Education loan approval letter from a recognised bank
- Proof of tuition fee payment from the applied University
- Housing deposits to validate the stay
- Scholarship letters - (if awarded)
If your parents are showing their proof of funds when they fund your Master's program, additionally, the following documents must be submitted:
- An affidavit of financial support
- Parents’ bank statements and their pay stubs
- Proof of relationship documents, like a birth certificate
Sudden large deposits in the account might be assumed as borrowed money and may let the application to a delay or refusal, hence, it is important to maintain the funds to be stable and traceable.
Special Considerations for Indian Students
Indian students are of large population in Canada, pursuing their master’s programs, and the completed ones have settled with the brightest future. With many options like Student Direct Stream and Indian-Canadian diaspora, some of the special considerations for the Indians are listed below:
Key Considerations:
- The Indian applicant must have completed Class 12 to apply for an Undergraduate degree and hold a bachelor's degree if applying for post-graduation.
- The applicants are required to have an IELTS score of 6.0+ in each band for the Student Direct Stream.
- It is Mandatory for the Indian applicants to have a GIC account and a balance of CAD 10,000.
- Payment of the first-year tuition fee should be paid in advance.
- Applicants must use World Education Services (WES) for credential evaluation, especially for PG programs.
Work & Post-Graduation Opportunities:
- Students can work up to 20 hours/week during academic sessions to support their living expenses
- The master's program holders are Eligible to apply for Post-Graduation Work Permit (PGWP) after studies, which facilitates job security.
- PGWP is valid for up to 3 years based on program length.
Common Mistakes to Avoid during the Application Process
Many visa rejections are caused by minor errors and mistakes that can be easily avoided with careful preparation.
Frequent Pitfalls:
- Having an Insufficient or inconsistent bank balance, even after knowing the amount to be demonstrated to IRCC.
- If you are not submitting a GIC or related document
- You should not submit fixed deposits instead of liquid funds
- You cannot be using unverified third-party sponsors
- Missing the Provincial Attestation Letter (PAL), newly required for study permits in some provinces
- It is important to avoid last-minute fund transfers to the bank accounts
- Always check get your documents are signed or notarised
- Seek Expert guidance from a reputed consultant like Croyez Immigration to have a smooth and stress-free application process and minimise errors.
Common Mistakes to Avoid
How Croyez Immigration Can Help
A Top Consultant like Croyez Immigration will support throughout the application process, with their experience, they will tackle any complicated profile by planning a proper strategy and give end-to-end support.
Services Offered:
- Guidance in Financial documentation
- Assisting with to setup of GIC and bank account
- The study permit application is completely processed by the experts
- Guidance and Support for choosing the right program and college, aligning your profile
- Reapplication support for previously refused applicants
Why Choose Croyez:
- Croyez is an ICCRC-registered consultant, hence, we are aware of the changing trends and updates
- Give support to Indian students, especially with the Canadian visa
- Croyez have a high success rate and positive client testimonials
Contact: +91 99962 99982 today to get your free consultation
Visit: croyezimmigration.com to get an idea about the visa and the services
Conclusion: Plan Smart, Study Confidently
It is important to plan smartly and confidently when it comes to finance for Study in Canada. Students have to meet the minimum bank balance for a Canada Student Visa in 2025 for a smooth application process.
It is crucial to start the preparation at least 6-8 months before your intended intake. Always keep track of the latest IRCC updates for the Study Visa For Canada.
