Required Bank Balance for Canadian Visa

Canada is a popular travel destination with a lot of opportunities for immigrants. If you’re thinking about applying for a Canadian visa, there are several requirements you need to meet. One of these requirements is having a certain bank balance.

Why is a Bank Balance Required?

A bank balance is required for Canadian visa applications to ensure that the applicant has enough funds to support themselves financially while in Canada. The Canadian government wants to ensure that applicants are not dependent on public funds and can support themselves and their family members if they are traveling with them.

How Much Bank Balance is Required?

The amount of bank balance required varies depending on the type of visa you’re applying for and the length of your stay in Canada. However, as a rule, you should have enough funds to cover your living expenses while in Canada. According to Immigration, Refugees, and Citizenship Canada (IRCC), a single person planning a short-term visit should have at least $2,500 in their bank account.

If you’re applying for a study permit, the required amount increases. You’ll need to show that you have enough funds to cover your tuition fees, living expenses, and return transportation. This amount is determined by the educational institution you’ll be attending and the location of your studies.

What Should Be Included in the Bank Balance?

The bank balance must be in the name of the applicant, and it should be in a liquid form such as a savings account or current account. The amount must also be readily available and accessible to the applicant. IRCC should be able to verify the amount in the account easily; therefore, it’s essential to provide accurate information.

What Happens If I Don’t Meet the Required Bank Balance?

If you don’t meet the required bank balance, it could have a negative impact on your visa application. Your application could be refused on the grounds of not meeting the financial requirements. Therefore, it’s crucial that you ensure that your bank balance meets the required standard before submitting your visa application.

FAQs

1. I’m traveling to Canada with my family. Do I need to show a higher bank balance?

Yes. If you’re traveling with your family, you’ll need to show a higher bank balance to cover the expenses of your dependents.

2. Can I use investments or assets instead of a bank balance?

No. Investments or assets cannot be used instead of a bank balance. Only liquid funds held in the applicant’s name are accepted.

3. How long should the bank balance be held for?

The bank balance should be held for at least three months before the visa application submission.

4. What if my bank balance drops after the visa application submission?

If your bank balance drops after the visa application submission, it could result in a refusal of your visa application. Therefore, it’s crucial to maintain a stable bank balance until the visa is issued.

5. What documents do I need to provide to show my bank balance?

You’ll need to provide bank statements for the last three months. These statements should show your name and the balance in your account.

Conclusion

Meeting the required bank balance is an essential component of the Canadian visa application. Applicants must ensure that they have enough money to cover their expenses while in Canada to avoid any hiccups in the application process.