Proof of funds is simply your way of showing the visa authorities that you have enough money to cover your tuition, living expenses, and other costs during your stay. Both the UK and Canada require this, but the specific amounts and accepted documents are different for each country.

How Much Money Do You Need?

Canada uses a straightforward formula. You need to show:

• Full first-year tuition fees for your program
• At least CAD 10,000 for living expenses (or CAD 833 per month if applying for less than a year)
• Return airfare cost

So if your tuition is CAD 15,000, you would typically need to show around CAD 25,000 or more in accessible funds.

What Documents Does Canada Accept?

• Bank statements from the last four to six months showing consistent funds
• Guaranteed Investment Certificates (GICs) from a Canadian bank, which is actually the preferred option for many students
• Proof of a student or education loan from a recognised financial institution
• Scholarship or funding letters from your institution
• A sponsor letter with their financial documents if someone else is funding your studies

How Much Money Do You Need?

For the UK, the amount depends on where you will be studying:

• London: At least GBP 1,334 per month for up to nine months (so GBP 12,006 total)
• Outside London: At least GBP 1,023 per month for up to nine months (so GBP 9,207 total)
• You must also show you have enough to cover your full course fees

What Documents Does the UK Accept?

• Official bank statements showing the required amount held for at least 28 consecutive days before you apply
• An official financial sponsorship letter if a government or organisation is funding you
• A student loan letter from a recognised student loans company

• Submitting statements that do not cover the full 28-day period for UK applications
• Showing funds that have only recently appeared in your account with no clear source
• Using informal loans or unverified transfers as evidence
• Not getting bank statements officially stamped or certified

Proof of funds is one of the most important parts of your UK or Canada student visa application. Know the exact amount required, gather the right documents, and make sure your bank history looks clean and consistent. A well-prepared financial file can be the difference between approval and rejection.

Confused about which course to apply for before you even get to the visa stage? Edvia.ai helps international students find the right programs in the UK and Canada based on their profile, goals, and budget. Visit Edvia.ai to get started today.

Q1. Can I use my parents' bank account as proof of funds?

Yes, you can use a sponsor's account. You will need to include a sponsorship letter and your sponsor's bank statements, along with proof of their relationship to you.

Q2. How recent do my bank statements need to be for a Canadian student visa?

Most applicants submit statements from the last four to six months. Make sure they are recent and show the funds have been maintained consistently, not just deposited right before applying.

Q3. Does a GIC count as full proof of funds for Canada?

A GIC covers your living expenses portion, but you still need to show separate proof that your tuition fees are covered, either through a loan letter, scholarship, or additional bank statements.