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Tuesday, May 21, 2024

How Much Funds Are Required For Canada Student Visa In 2023?

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Canada is one of the most popular countries for international students to come and continue their higher education in. It may be expensive, but there are ways to cut down the cost, such as through scholarships. A lot of students interested in studying in Canada have the question: how much funds are required for a Canadian student visa in the year 2023?

The overall funds required for a Canada student visa include the visa processing cost, the tuition fees and the evidence of financial support provided by the student. This article will break down all these costs for the reader and additionally provide pointers on how students can increase their chances of securing a student visa.

Cost Breakdown For Canada Student Visa In 2023

The total funds required for Canada student visa can be broken down into the following:

  • The visa processing cost of CAD 100.
  • The tuition fees for the university you are applying for. These vary depending on university to university but on average, the tuition fees for international students can be anywhere around CAD 15,000 to CAD 35,000 per year.
  • The Guaranteed Investment Certificate (GIC) of CAD 10,000
  • Evidence of financial support of at least CAD 10,000 to CAD 30,000 

Why Is It Required To Show Proof Of Financial Funding For Canada Student Visa?

The reason why international students are required to provide proof of financial support is so that the government is assured that the students will be able to afford their tuition fees as well as living expenses during their stay in Canada. The government does not provide any funding to international students for their expenses, so it’s important for them to receive financial support from their families. 

How To Cut Down The Required Funds For Canadian Student Visa?

While there is no surefire way to cut down the required funds for Canadian student visa, you can apply for need-based scholarships at the particular universities that you are applying for. Make sure to check out the eligibility criteria for scholarships at the official websites of the institutions.

The location of your educational institution also plays an important role in determining the total amounts of funds you would require. For examples, students studying in Quebec require on average a minimum of CAD 12,720 per year. On the other hand, students studying in other parts of Canada require a minimum of CAD 10,000 per year.

Additionally, students are allowed to work part-time for up to 20 hours per work after spending six months of study in Canada. This gives them the opportunity to cover their living expenses and tuition fees.

How Can You Increase Your Chances Of Getting A Student Visa?

To increase your chances of obtaining a Canadian study permit, it is recommended that you achieve a score of at least 6 in all four bands of the IELTS test, hire an ICCRC-certified immigration consultant, start the application process early, demonstrate your intention to return to your home country after completing your studies, apply to a recognized DLI, and maintain good body language during the visa interview. Following these tips can help you minimize mistakes and successfully obtain a student visa for Canada.


International students applying for a Canadian student visa in 2023 must prove that they possess enough funds to cover their living expenses and tuition fees throughout the entirety of their program in Canada. The required amount of funds varies based on factors such as the school’s location, program length, and individual circumstances of the student. Careful consideration of the expenses associated with studying in Canada and thorough financial planning are essential for students seeking to study in Canada.


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