How Much Money Should Be in the Account for Canada Visa Application?
The amount of money required for a Canadian visa in 2024 varies depending on the type of visa applied for.
Applicants for a Canadian visa must demonstrate that they have sufficient financial resources to cover their expenses during their stay in Canada. Applicants for a Canadian visa must provide personal bank statements and other supporting financial resources to prove their financial eligibility.
In Canadian visa applications made by receiving Vizem.net consultancy service, bank account transactions are reviewed by the Canadian visa department before the visa application is made.
How Much Bank Guarantee Do I Need to Move to Canada?
To settle in Canada, the bank guarantee must be 13,213 Canadian dollars. The amount of money that foreign nationals who will go to Canada with a Canadian express entry visa must have in their bank accounts varies depending on the relevant immigration program and the number of family members who will go to Canada with the applicant.
The amount of funds required based on the number of people settling in Canada and the number of family members who will accompany them to Canada is given in the table below.
| Number of family members | Amount of funds required |
|---|---|
| 1 | 13,213 Canadian dollars |
| 2 | $16,449 CAD |
| 3 | 20,222 Canadian dollars |
| 4 | 24,553 Canadian dollars |
| 5 | 27,847 Canadian dollars |
| 6 | 31,407 Canadian dollars |
| 7 | 34,967 Canadian dollars |
| For each additional family member | 3,560 Canadian dollars |
The individual, their spouse or partner, and each of their dependent children must be included in the calculation of funds required to settle in Canada.
How Much Money Do I Need in the Bank for a Canadian Student Visa?
The amount of money required to be in the bank account for a Canadian student visa is determined as 10,000 Canadian dollars for each year of stay, in addition to the tuition fees. Students who will study in Quebec must have 11,000 Canadian dollars in their bank accounts for each year.
Students applying for a Canadian study visa must have sufficient funds in their bank account to cover the cost of returning from Canada.
What are the Valid Financial Resource Documents for a Canadian Student Visa?
Documents that qualify for a Canadian student visa include bank statements, the applicant’s Canadian account details if money has been transferred, a bank draft in a convertible currency, proof of payment of tuition and accommodation fees, a letter from a person or institution that provides financial resources to the applicant or a document that serves as proof of a scholarship, and proof of funding if the applicant is pursuing a Canadian-funded program.
For a Canadian student visa, the blocked account includes 10,000 Canadian dollars for each year of study in Canada (11,000 Canadian dollars if studying in Quebec) and an average amount that can cover tuition, accommodation, transportation and personal expenses.
How Much Money Do You Need in Your Bank Account for a Canadian Start-Up Visa?
For a Canadian startup visa, you must have 13,213 Canadian dollars in your bank account.
Foreign nationals who want to start a business in Canada must apply for a Canadian startup visa.
How Much Money Do You Need in Your Bank Account to Go to Canada as a Tourist?
There is no clear information determined by IRCC regarding how much money is required in a bank account to go to Canada as a tourist. Canadian visa applicants need to make up-to-date research and cost calculations depending on their travel duration and plans.
The average cost of a trip to Canada can be calculated by considering the average monthly expenses of a person in Canada. A person living in Canada needs 1,230 Canadian dollars per month for monthly expenses, and applicants who will travel to Canada for touristic purposes need to have 2,000 Canadian dollars per person for 30 days.
What are the Bank Account Requirements for a Canadian Visa?
The bank account specifications required for a Canadian visa are listed below.
- The bank account must show the transaction history of the last 3 months.
- The bank statement must be printed on the financial institution’s letterhead.
- The name and surname of the account holder must be stated in the bank account statement.
- The bank statement must include contact information such as the account holder’s address, telephone number and e-mail address.
- The bank account holder’s loans and credit card debts must be listed on the account statement.
- In the bank statement, for each current bank and investment account; account numbers, the date each account was opened, the current balance of each account and the average balance of the last 6 months must be stated.
People who will travel to Canada for touristic purposes only need to have an average of 66 Canadian dollars in their daily bank account when applying for a Canadian visa.
How old is the bank account required for a trip to Canada?
For travel to Canada, the bank account must have been actively used for at least 6 months and regular money movements must be made. Depositing money into the bank account immediately before applying for a Canadian visa may result in the visa application being rejected. The source of the money in the bank account used for the Canadian visa application must be explainable.
In Canadian visa applications made by receiving Vizem.net consultancy service, consultants examine the bank account movements of the applicants and if any unusual account movements are detected, the applicants are informed.
What are the Other Financial Resource Documents for Canada Visa Application?
Other financial source documents for Canada visa application are listed below.
- Letter of employment : A letter of employment showing the applicant’s annual income can be submitted.
- Proof of financial support : Documentary evidence showing that the applicant will receive financial support from friends or family to cover expenses during their stay in Canada may be submitted.
- Proof of Income : The income proof of the person with whom the applicant will be staying during his/her stay in Canada can be presented.
- Material resources : Financial resources such as title deeds, shares, fixed deposits and public assistance funds belonging to the applicant can be shown as financial evidence.
- Tax Return : The applicant’s tax returns for the last 3 years can be submitted.
Who does not have to show financial resources for a Canadian visa?
People who do not have to show financial resources for a Canadian visa include foreign nationals who have a valid job offer from Canada and foreign nationals who will go to Canada under the Canadian Experience Class program.
