How to Calculate Proof of Funds for Canada Student Visa

This post will review how to calculate your proof of funds for Canada student Visa as an international student.

Annually Canada welcomes thousands of international students for various academic and vocational studies.

The high number of international students moving to Canada annually may not be unconnected to the top notch state of art learning facilities as well as bubbling economy which the north American country offers.

One of the important requirements for obtaining student visa to study in Canada is proof of having adequate funds and money to cater for both your academic tuition and needs as well as your living expenses within the period of study.

This is usually called Proof of Funds (POF). This is a basic requirements for Canada student visa application.

Proof of funds for Canada student visa by international students is very delicate as it is a major determiner if the student would be granted visa or not.

There are many information online about how much is required as proof of funds for Canada student visa.

Some of these information are misleading while others are very shallow and does not provide in-depth analysis of how to calculate Canada proof of funds for student visa.

This post will provide you will simple way how to calculate your Proof of Funds for Canada student visa. It will help you answer questions boardering on how much is required or needed as Proof of Funds for Canada student visa.

How Much is Proof of Funds for Canada Student Visa?

The amount required as proof of funds for Canada student visa is relative. How much one can use as Proof of Funds for Canada student visa is determined by the following factors:

Annual Tuition Fee

Dependent / Number of Dependents

These are two major factors that determines how much you will need as proof of funds for Canada student visa.

From the above factors, you can deduce that how much students present or is required to present as proof of funds for Canada cannot be the same.

This is because the tuition fees in Canada is not same among all schools. Also, not every international students moves with dependent.

Hence, living expenses differs from students with dependents and those that is moving alone.

According to IRCC, Canadian federal department that facilitates the arrival of immigrants to Canada, Below is one year estimate living expenses for immigrants moving into Canada.

Student – $20635 CAD

First Family Member – $4000 CAD

Every Additional Fee Family Member – $3000 CAD

What this entails is that for an international student who is coming alone without dependent or family member, they will require $20635 CAD for one year living expenses.

Also, If the international student is coming with another family member, they will require $14,000 CAD for one year living expenses.

Moreso, if a student is coming with more than one dependent, they will require to prove $3000 CAD for each of them.

Proof of Funds Calculator for Canada Student Visa

Here is how to calculate or know how much you need for Canada student visa proof of funds.

1 Year Tuition Fee + 1 Year Living Expenses +flights &entry logistics = Proof of Funds for Canada Student Visa.

From the above analogy, if you want to find out how much Canada student visa Proof of Funds is or will be, simply add up your annual tuition fee with your living expenses and you will ascertain how much you need as proof of funds for Canada student visa.

Example: If Joshua secures admission into a college in Canada with an annual tuition fee of $11,000 CAD.

If Joshua will be moving to study in Canada alone and without any dependent, here is what Joshua’s Proof of Funds for his Canada Student Visa will be.

$11,000 CAD (one year tuition) + $20635 CAD (one year living expenses) = $31635 CAD .

Inotherwords, Joshua will need to provide proof of funds showing minimum balance slightly $31635 CAD because this has to include his flight tickets and other entry logistics.

This is also same formula can also be used to calculate Proof of Funds for students coming to Canada with dependents.

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The Author

Emmanuel Igwenagu

Igwenagu Emmanuel is the founder of Nigerian Informer. He holds B.A, M.Sc in Mass Communication. He is a Communication researcher and 112 emergency help line dispatcher.

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