Proof of financial resources for studying in Canada | IDP Vietnam

Proof of finance is a step that helps the Government of Canada assess an international student's ability to pay for themselves during their time studying and living here. Proof of finance typically aims at three main purposes including:

1.1. Make sure you can afford your studies and living

The cost of studying in Canada includes not only tuition fees, but also the cost of accommodation, travel, insurance, and other incidentals. You need to prove that you can afford to pay for the following expenses, without depending on part-time work in Canada.

• Tuition fees for the course or program you are enrolled in

• Living expenses for yourself and accompanying family members (if any)

• Travel expenses to and from Canada for yourself and accompanying relatives

When you provide sufficient proof of your finances, the Consulate will rest assured that you have the resources to maintain a stable life throughout your studies.

1.2. Show seriousness and commitment to learning

A clear, transparent financial record shows that you are seriously prepared for your study abroad journey. This increases the credibility of your visa application, and shows that you really have serious academic goals, not for the purpose of temporary immigration.

1.3. Minimize financial risks during study abroad

When you can prove a stable financial source, you will be more assured during your time studying in Canada, without worrying about lack of tuition fees, having to work overtime or having difficulties with living expenses. As a result, you can devote yourself to your studies and at the same time meet the requirements for self-financing in the Canadian student visa regulations.

When applying for a Canadian student visa, you will need to provide financial documents to prove that you (or your sponsor) can afford to pay for tuition, living expenses, and other expenses during your studies. Depending on the form of financial proof, the dossier may include the following groups of documents:

• Bank account statement for the last 4 months

  , which can be an account in Canada or in the host country. You should maintain a stable account and open a book for at least 3–6 months before applying for a visa to increase your financial credibility and persuasiveness.

• Proof of a bank account in Canada in the student's name (if the money has been transferred to Canada)

• Confirmation of a student loan or student loan from a bank or financial institution.

• Bank bills in foreign currencies are convertible to Canadian dollars.

• Receipt of payment of tuition fees and housing costs (especially for multi-year courses, you need to prove that you have paid the first year's tuition fees).

• Guaranteed Investment Certificate (GIC) from a financial institution in Canada.

• A letter of financial sponsorshipfrom an individual or organization, accompanied by documents proving the financial capacity of the sponsor.

• A confirmation letter from the scholarship granting institution, stating the amount of funding and the period of application, if you are receiving tuition assistance.

• If you are traveling with a spouse or children, you need to prove the cost of living for each member.

A clear, consistent, and transparent set of financial documents will help your Canadian student visa application be processed faster and more conveniently. If you are unsure about how to prepare your application or would like detailed instructions on the necessary documents, contact IDP for a completely free consultation.

3.1. If you study in provinces outside of Quebec

When applying for a Canadian student visa, you need to prove that you have a minimum of CAD 22,895 to cover living expenses each year (if studying in provinces other than Quebec). You must also show that you can afford tuition fees for the first year of study – this will vary depending on the school, level of study and field of study you choose.

If you are accompanied by a relative, you need to prove the corresponding living expenses for each member, specifically as follows:

For example, in the case of international students traveling with two relatives in provinces outside of Quebec, the total expected cost of living for a year is 35,040 CAD.

Note: This fee does not include tuition and travel expenses. This cost is updated annually and may vary by region.

For more: How much does it cost to study in Canada?

3.2. If you study in Quebec

When applying to study in the province of Québec, you will need to demonstrate that you can afford the following expenses:

• Tuition fee: The amount you must pay to the school to study the program you are enrolled in.

• Travel expenses: Includes round-trip air tickets from Vietnam to Québec, Canada.

• Living expenses: Daily expenses for the duration of your studies in Québec.

From January 1 to December 31, 2025, you need to prepare a minimum amount (in Canadian dollars) according to the following regulations:

• Applicants under 18 years of age: 7,756 CAD

• Applicants 18 years of age and older: CAD 15,508

• Two applicants 18 years of age or older: CAD 22,745

In addition, you also need to calculate more:

• First Year Settlement Fee: 500 CAD

• Health and hospital insurance costs: You must prove that you can afford to pay for yourself and your accompanying loved ones for the entire duration of your stay in Québec.

You don't need financial proof for health insurance if:

• You already have valid health insurance in Québec, or

• Your country has a social security agreement with Québec.

To complete your application for a Québec Certificate of Acceptance (CAQ) and a Canadian student visa, you must provide documents proving your ability to pay for all of the above expenses.

4.1. Demonstrate a reasonable and transparent source of income

The Canadian consulate is always interested in the legal origin of the money you use to prove your finances. All documents, bank accounts, cash or savings books must be legal, transparent and have clear grounds for the Canadian Consulate to have a basis for the student visa application to be approved.

In fact, many Vietnamese students face difficulties in this process because:

• The family's income is not clearly declared or disclosed.

• The family has not paid attention to declaring and paying taxes in full every year.

• Financial records lack documents or inconsistent information, which can easily make the Consulate doubt transparency.

Therefore, ensuring transparency and legality for all documents about sources of income, assets, and bank accounts not only makes your visa application more convincing, but also significantly shortens the processing time.

4.2. Prepare documents early and thoroughly

Submitting documents proving your finances to study in Canada early helps you be proactive about your time and avoid the risk of errors. If problems arise, you still have enough time to adjust to keep up with the progress for the admission period.

First, carefully research the application requirements from the Canadian Consulate, and then make a detailed list of documents to prepare and missing items to supplement in time. This will help the application process take place faster and more accurately. In addition, all documents need to be notarized and fully translated (into English or French) to ensure your application is accepted as valid.

4.3. Present a clear study plan

A clear and reasonable study plan is an important factor in making your financial proof of studying in Canada more convincing. This plan shows that you have carefully researched the curriculum, have a clear understanding of your personal development path, and have specific learning goals.

Because the education systems of Vietnam and Canada have many differences, you should carefully research training programs to choose the right major for your abilities and career orientation. If you need assistance, contact IDP for detailed instructions.

Proof of finances when studying in Canada can be daunting for many of you, but with careful preparation, a clear plan, and proper guidance, you can complete a strong, transparent, and convincing financial profile. Start by understanding the regulations, determining the right amount of money to prepare and arranging the documents properly, as this is the first step on your journey to study in Canada.

If you are dreaming of studying in Canada and want to learn about the application preparation process as well as proof of finances, IDP is the official admissions partner of more than 200 universities and colleges in Canada, with more than 56 years of experience accompanying international students around the world. When you sign up for an IDP consultation, you will receive:

• Advice on choosing a school and major:

  Suggesting a study program that suits your goals and abilities. IDP always organises study abroad seminars that take place throughout the year. You can meet directly with school representatives, consider scholarships on the spot.

• Admission Application Guide:Detailed instructions for you to complete your application accurately and completely, ensuring that all requirements of the school are met.

• Check your financial documents for free: IDP will help you review and complete your financial records quickly and accurately, helping you improve your chances of getting a visa.

• English Certificate Preparation: Support you in for the IELTS test with many attractive offers.

• Scholarship Assistance: Stay up-to-date with the latest scholarship information and guide the application process to increase your chances of receiving a scholarship.

• Visa consulting: Assisting in preparing documents and guiding the process of applying for a Canadian student visa.

Book a consultation with IDP today!

Free study abroad consultation hotline: 19006955