Immigration Canada does not provide any set figure for “Financial sufficiency” determinations (known elsewhere as “show money”). Much of this is in the officer’s discretion. However, please note that CIC indicates a “base amount” of $10,000 CAD to cover your first year in Canada plus the cost of tuition.
The following information was copied from the CIC website (subject to change without notice), under the header “Financial sufficiency”: http://www.cic.gc.ca/english/resources/tools/temp/students/evaluation.asp
Students are required to demonstrate financial sufficiency for only the first year of studies, regardless of the duration of the course or program of studies in which they are enrolled. In other words, a single student entering a four-year degree program with an annual tuition fee of $15,000 must demonstrate funds of $15,000 to satisfy the requirements, and not the full $60,000 which would be required for four years. Officers should be satisfied however that the probability of funding for future years does exist (i.e., parents are employed); scholarship is for more than one year. Applications for extensions made to CPC-V must also meet this requirement.
In assessing the adequacy of a student’s financial resources, officers may exercise discretion in the documentation they request from applicants. In situations where student applicants generally pose a very low risk regarding funds, officers may choose to limit or waive routine requirements for documentary evidence. Low-risk applicants are more likely to be exempted from the requirement to obtain a temporary resident visa. Based on the known incidence of indigent and non-bona fide applicants, reliability of financial documentation, and so forth, individual visa offices are best placed to determine whether routinely requiring banking documentation and/or more extensive financial background information is necessary to ensure program integrity. Students from developed countries who are both visa exempt and from socio-economic backgrounds similar to Canada might only be required to state their available funds.
Conversely, in some very high-risk environments, requiring and systematically verifying substantial history of funds and supplementary individual or family financial and employment documentation may be necessary to ensure that only genuine students capable of supporting their program of studies are accorded study permits.
Officers may take into consideration such sources of funds derived through scholarships, fellowships, assistantships and the like, as well as financial support or support in kind that may be available from relatives in Canada. International students in Canada are ineligible for benefits under the Canada Student Loan program.
Assessing available resources (All provinces except Quebec)
The following base amounts will help to assess financial sufficiency. The base amount for students includes all requirements related to transportation and maintenance, including the cost of books, equipment, and supplies. The size of the community where the student is destined is not a consideration. Some provinces are examining the possibility of imposing fee differentials to children accompanying parents who are in Canada for study or work purposes. Officers should keep abreast of future changes when assessing funds required for the family stay in Canada.
- Student base: $10,000 for twelve-month period, prorated at $833 per month, plus cost of tuition.
- Spouse/common-law partner/first family member base-$4,000 for twelve-month period prorated at $333 per month.
- Dependent child/subsequent family member base-$3,000 for twelve-month period per dependent child of any age, prorated at $255 per month.
Foreign exchange controls
Foreign exchange control measures are in effect in many countries. Where students are dependent on such controlled funds, they should be required to present one of the following:
- a letter from a Canadian financial institution stating that funds necessary for the entire upcoming academic year are on deposit in the applicant’s name;
- a bank draft in convertible currency for an amount equal to the funds required for the upcoming academic year and made payable jointly to the educational institution and the applicant; or
- written assurance from the applicant’s bank that sufficient funds are on deposit and from the foreign exchange control authorities that the applicant will be permitted to export a sum adequate for maintenance costs in Canada.