Canada Study Permit: Personal savings

Studying in Canada can be very expensive depending on the program of study and its duration. You will need to show proof that you are able to cover your tuition and living expenses. Consider this, if you are unable to show proof of funding, how will you be able to cover your tuition and living expenses while studying in Canada?

When applying for a Canadian study permit, the best option is when you can pay for your tuition and living expenses without having to rely on a sponsor. The amount of money available in your bank account should cover at least one (1) year of tuition and living expenses as stipulated by The Immigration, Refugees and Citizenship Canada (IRCC). However, it is good to show the tuition and living expenses for the entire duration of your studies or show more than the amount stipulated by the IRCC for your first-year tuition and living expenses. When you have more money than what IRCC stipulates, this will better convince the visa officer that you can finance your educational expenses without relying on a sponsor. If you cannot show the funds for the entire duration of your studies, there should be a clear indication as to how you will finance the remaining tuition and living expenses if you’re pursuing a two (2) or three (3) years program-whether it will be from a sponsor or personal savings.

Based on experience, most persons do not have the full amount to show at once, especially those pursuing a two (2) or three (3) years program. However, showing the exact amount of your first-year tuition and living expenses without any clear indications about how you will be able to finance the remaining two (2) or three (3) years of your studies may leave the visa officer with questions and uncertainties about how you will finance the remaining two (2) or three (3) years of your studies, resulting in application denial.

Though you will be working while studying in Canada, this should not be heavily relied on to offset your educational expenses as you are only entitled to work twenty (20) hours per week. Some programs may take up a lot of your time depending on the workload and you might not get to work the full twenty (20) hours per week, thus earning less money. Finally, before considering applying for a study permit, it is paramount that you have sufficient funds available to pay for your studies and living expenses