What are the bulk funds for a Canadian study permit?
Updated on Dec 15, 2023When applying for a Canadian study permit, you are required to demonstrate that you have sufficient funds to cover all your expenses in Canada. The specific amount of funds can vary based on factors such as your chosen educational institution, the location of your studies and your individual circumstances. However, here are some general guidelines:
- Tuition Fees: You need to provide proof that you can pay your tuition fees for one year. The tuition fees can vary significantly depending on the program and institution you choose.
- Living Expenses: You'll also need to show that you have sufficient funds to cover your living expenses while in Canada. As of my last knowledge update in 2021, you should have at least CAD 10,000 per year for living expenses, although this amount may be higher for certain provinces or cities with a higher cost of living.
- Other Expenses: You may need to demonstrate that you have additional funds for other expenses, such as transportation, health insurance and books and supplies.
It's important to check the most up-to-date financial requirements on the official Immigration, Refugees and Citizenship Canada (IRCC) website, as these figures can change over time.
In addition to showing the required funds, you must also ensure that these funds are readily available and can be accessed during your stay in Canada. This can be in the form of a bank statement, a bank draft or a Guaranteed Investment Certificate (GIC) from a Canadian financial institution.
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