If you are planning to study in Canada, one of the most important requirements for your study permit application is Proof of Funds (POF). Many students get confused about how to calculate the exact amount they need to show in their bank statement.
This guide explains step by step how to calculate your Canada student visa proof of funds based on tuition fees, living expenses, and exchange rates. We’ll also look at how to adjust the calculation if you’ve already paid part of your tuition.
What Is Proof of Funds for Canada Student Visa?
Proof of Funds (POF) is the minimum amount of money required to cover your tuition fees and living expenses in Canada. Immigration, Refugees and Citizenship Canada (IRCC) requires international students to demonstrate that they can pay for their education and cost of living without financial difficulty.
Step 1: Tuition Fees
For this example, let’s assume your tuition fee is 25,000 CAD for one academic year.
Note: Tuition fees vary depending on your program and institution. Some schools charge 15,000 CAD, others 20,000 CAD or more. Always check your admission letter.
Step 2: Living Expenses
According to the latest update, the living expenses requirement for one student is:
- 20,635 CAD per year
This amount covers accommodation, food, transportation, books, and other basic needs.
Step 3: Add Tuition + Living Expenses
Now let’s calculate your total Proof of Funds:
- Tuition: 25,000 CAD
- Living Expenses: 20,635 CAD
Total POF = 25,000 + 20,635 = 45,635 CAD
This is the minimum amount you must show in your bank statement if you haven’t paid any tuition yet.
Step 4: Convert to Naira (for Nigerian Students)
If we assume an exchange rate of ₦1,200 per CAD:
- 45,635 × 1,200 = ₦54.76 million
So, as a Nigerian student, you would need to show about ₦54.8 million in your account.Step 5: If You Have Paid Part of Tuition
Let’s say you already paid 10,000 CAD as a tuition deposit.
- Remaining tuition = 25,000 – 10,000 = 15,000 CAD
- Living expenses = 20,635 CAD
Total POF = 15,000 + 20,635 = 35,635 CAD
In Naira:
- 35,635 × 1,200 = ₦42.76 million
That means your statement of account should show ₦42.8 million instead of the full ₦54.8 million.
Step 6: What If You Have a Family?
The living expenses requirement increases if you are traveling with family members. For example:
- Student (single applicant): 20,635 CAD
- With 1 family member: higher
- With 2–3 family members: even higher
👉 If you’re traveling with your spouse or children, you must add their living expenses to your tuition and show the total amount in your account.
Key Takeaways
- Proof of Funds = Tuition Fees + Living Expenses
- For 2025, living expenses for one student = 20,635 CAD
- With tuition at 25,000 CAD, your total POF is 45,635 CAD (~₦54.8 million)
- If you have already paid part of your tuition, subtract it from the total
- Always check your admission letter for the exact tuition figure
- Families require higher proof of funds than a single applicant
Frequently Asked Questions (FAQs)
1. Can I use my sponsor’s account for Proof of Funds?
Yes, but only if the sponsor is an immediate family member (parents, siblings, or spouse). You must provide legal documents like birth certificates or marriage certificates to prove the relationship.
2. Do I need to pay full tuition before applying for a visa?
No. You only need to show that you can pay the remaining tuition + living expenses. Paying part of your tuition (e.g., 5,000–10,000 CAD) often strengthens your application.
3. Can I borrow money to show Proof of Funds?
It’s risky. Visa officers check if your funds are genuine and traceable. Sudden large deposits without explanation can lead to rejection. Always use funds that have a clear source (salary, business, property sale, etc.).
4. How many months of bank statement do I need?
Most applications require at least a 4–6 month bank statement showing consistent balance and inflows, not just a one-time deposit.
5. What if my Proof of Funds is slightly less than required?
Even a small shortfall can lead to rejection. It’s safer to show more than the minimum requirement rather than less.
6. What is the Proof of Funds for a family of two or three?
Living expenses increase with dependents:
-
One student: 20,635 CAD
-
Student + 1 family member: about 25,000 CAD
-
Student + 2 family members: about 31,000 CAD
(Exact figures may change yearly, so always check IRCC updates.)
Final Thoughts
Showing the correct Proof of Funds is crucial for a successful Canada student visa application. Always calculate your total based on tuition + living expenses, convert it to your local currency, and ensure the amount reflects clearly in your bank statement before submitting your visa application.
If you’re applying with your family or want updated amounts for multiple dependents, drop a comment below and I’ll provide the exact figures.
