Financial Proof for Studying in Canada for Vietnamese Students

Preparing financial proof for studying in Canada has become a top concern for Vietnamese families planning to send their children abroad. With the latest changes from the Canadian government and increasingly higher financial requirements, understanding the process and thoroughly preparing the necessary documents are crucial factors in the success of a student visa application.

Why is financial proof important in a Canadian study visa application?

The Canadian government requires financial proof to ensure that international students have sufficient funds to cover their entire course of study without putting pressure on the country’s social welfare system. This requirement is not only mandatory but also demonstrates the applicant’s seriousness and long-term commitment to their studies.

The Canadian government requires financial proof from international students

What sets Canada apart from other countries is the transparency and specificity of its financial requirements. Instead of vague figures, the Canadian government provides clear benchmarks, allowing families to calculate and prepare accordingly.

Financial requirements for studying in Canada

According to the latest regulations effective from January 1, 2024, and continuing through 2025, Vietnamese students are required to demonstrate a minimum financial capability of CAD $20,635 (approximately 380 million VND) for the first year of study.

Detailed breakdown of requirements:

• Basic living expenses: CAD $20,635/year

• Tuition fees: Vary by program and institution (CAD $15,000 – $50,000/year)

• Health insurance: CAD $600 – $1,200/year

• Additional expenses: CAD $2,000 – $5,000/year

In total, a family should prepare between 850 million and 1.4 billion VND to fully meet Canada’s financial proof requirements.

Accepted forms of financial proof

1. Savings accounts and bank statements

This is the most common and preferred method due to its high liquidity:

Various accepted forms of financial proof for studying in Canada

• Term deposits: Should be held for at least 6 months.

• Regular savings accounts: Must have a stable transaction history.

• Certificates of deposit: Demonstrate a long-term financial commitment.

Important note: The account balance should remain stable for at least 4–6 months prior to submitting the application to avoid questions about the source of funds.

2. Guaranteed investment certificate (GIC) program

The GIC is a safe option recommended by the Canadian government:

• Minimum investment: CAD $10,200

• Duration: 12 months

• Authorized banks: Scotiabank, ICICI Bank Canada, SBI Canada

• Advantages: 100% accepted, simple procedures

3. Financial sponsorship from relatives

If a relative resides in Canada:

• Sponsor requirements: Stable income, up-to-date tax filings

• Required documents: Income certificate, tax statements for the last 2 years

• Sponsorship amount: Must cover both the sponsor’s family and the student

4. Scholarships and financial aid

For outstanding students:

• Full scholarships: Completely exempt from financial proof requirements

• Partial scholarships: Reduce the required financial proof proportionally

• School support: Opportunities such as teaching assistant (TA) or research assistant (RA) positions

Documents required for financial proof

Basic documents

1. Bank statements for the past 6 months

   • Must be stamped by the bank

   • English version with notarization

2. Account balance certificate

   • Should have the most recent date

   • Include detailed account information

3. Documents proving the source of funds

   • Employment contract and pay slips

   • Business license and accounting records

   • Real estate sale/purchase contracts

Supplementary documents

4. Proof of assets

   • Land/property ownership certificates

   • Vehicle registration for cars or motorcycles

   • Stocks, bonds, or other financial instruments

5. Proof of family income

   • Salary and allowance statements

   • Long-term employment contracts

   • Retirement certificates (if applicable)

Ensure complete preparation of financial proof for studying in Canada

Financial proof for studying in Canada is not merely an administrative requirement; it also reflects a family’s careful preparation and serious commitment to the study abroad journey. With policies constantly evolving and financial requirements increasing, having a comprehensive preparation strategy, supported by experts, is essential.

Are you planning to study in Canada and need professional support with financial proof? The team at Quốc Tịch Thứ Hai will accompany you every step of the way, from financial planning to completing your Canadian study or immigration visa application.