What should your proof-of-funds checklist include?
A complete proof-of-funds package covers the three cost categories IRCC requires, backs every amount with evidence, and explains the source of your money. Work through this checklist before you submit.
- Confirm the current living-expense figure for your family size on the official IRCC page
- Add first-year tuition and return travel on top of the living-expense amount
- Budget realistically for the cost of living in your destination city
- Gather four months of bank statements, not a single-day balance
- Prepare a clear explanation and evidence for the source of every significant deposit
- Include a short letter of explanation for how you will fund later years
- If sponsored, add the sponsor's letter, income proof, and statements
Frequently asked questions
How much proof of funds do I need for a study permit?
For applications on or after September 1, 2025, a single applicant outside Quebec must show CAD $22,895 in living expenses for the first year, plus tuition and travel. The living-expense amount rises with each accompanying family member.
What is proof of funds for a student in Canada?
It is documented evidence that you can pay your first-year tuition, living costs, and travel without working in Canada. Acceptable documents include a GIC, bank statements, an education loan, paid-tuition receipts, or a support letter from whoever is funding you.
What is the minimum bank balance for a student visa in Canada?
There is no single fixed bank balance. IRCC looks at whether your available funds cover the required living expenses for your family size plus tuition and travel, and whether the money is genuinely yours and accessible.
What is acceptable proof of funds for IRCC?
A GIC from a participating institution, a Canadian bank account with transferred funds, four months of bank statements, an approved education loan, proof of paid tuition and housing, a funder's letter, or proof of Canadian scholarship or funding.
How does IRCC check proof of funds?
Officers review the amount, whether the funds are liquid and accessible, the source and history of the money, and whether you can likely afford later years of study. Sudden unexplained deposits and hard-to-access assets are common reasons a file is questioned.
How do you get your proof of funds right the first time?
The way to avoid a financial refusal is to show the full amount, from a clear source, in accessible funds, with a short explanation of later years. A refusal on financial grounds is one of the most avoidable outcomes and one of the most frustrating, because the money is often genuinely there and the problem is presentation. As a licensed Canadian immigration firm, we review proof-of-funds documentation before you file so your financial evidence answers the officer's questions before they are asked. If you want your file checked, book a consultation with our team.
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