As part of your application you must prove that you can support yourself and any dependent family members with you in Canada for a year.
Increase to proof of funds requirement
As of January 1, 2024, the minimum cost-of-living financial requirement for one year has increased from $10,000 to $20,635 for 2024. The cost-of-living amount will be adjusted each year based on Statistics Canada’s low-income cut-off. The amount required for additional family members depends on how many dependents you have.
In your Temporary Resident Visa application, you should show proof of funds which would be sufficient to cover:
- One year of living expenses: The cost-of-living amount for 2024 is $20,635 for a single person. The cost-of-living amount will be adjusted each year based on Statistics Canada’s low-income cut-off. If you have dependents (spouse, common-law partner, and/or children), you’ll need to show additional proof of funds based on the number of family members. If you have less than a year remaining to finish your program, you can prorate this amount to $1719.59 a month.
- One year of tuition fees: You need to show proof of funds to cover one year of tuition fees. If you have less than a year remaining to finish your program, you could show proof of funds for the remaining tuition fees.
You may provide a combination of financial documents and sources, as long as the total exceeds the minimum cost-of-living financial requirement for yourself and any dependents plus one year of tuition fees, such as:
- An official bank statement issued within the past 30 days that has been stamped or signed by your Canadian bank account showing the balance.
- A letter from parent(s) stating their relationship to you and that they will financially support you along with their financial documents. The letter should be signed by your parent(s). You must also provide an official bank statement(s) of your parent(s) issued by their bank and that has been signed or stamped. It must also be in English or French (or accompanied by an official translation). To write a letter of financial support, they can download our template (docx).
- A letter from your sponsor (e.g. sponsorship organization, scholarships, loans) or employer (e.g., teaching assistantships, research assistantships) stating their relationship to you and the amount that they will provide you.
- If you have already paid tuition fees for a future term, get proof of payment from your Student Services Centre (SSC) by selecting "Tuition History" under Finances.
See IRCC’s proof of financial support page for further examples.
While you only need to show proof of funds for one year, the officer must be satisfied that the possibility of funding for additional years of studies exists, such as your parents are employed or that your scholarship is for more than 1 year.
If providing a combination of financial documents and sources, include a summary or an index page of all the documents you are submitting for this section. This will also allow you to clarify or explain the connection between documents, if applicable. You can download a template for the summary (docx).
If you are having challenges with providing proof of funds, contact International Student Advising for support.
Important: If the balances in any of the documentation above are in foreign currency, provide a screenshot of the currency converter result. (if your currency is not listed, use xe.com).