In Canada, there are eight methods for foreign students to demonstrate their financial stability.

As to the IRCC report, the department’s need for cost of living is stated in “base amounts” that encompass “all expenses related to transportation and other costs, such as books, equipment, and supplies.” These sums demonstrate that Canadian candidates for study permits have enough money to pay for the following expenses:

The initial year’s tuition expenses, as specified in their designated learning institution’s (DLI) Letter of Acceptance (LOA)

Costs associated with traveling to and from Canada

The annual minimal cost of living in Canada

The IRCC provides applicants for study permits with eight methods to demonstrate their ability to satisfy the cost-of-living requirement:

• If the applicant has moved money to Canada, evidence of a Canadian bank account in their name
• A Canadian financial institution that participates in the program and issues Guaranteed Investment Certificates (GICs)
• Evidence of a bank loan for education or for students
• The candidate’s last four months’ worth of bank statements
• A bank draft convertible into Canadian currency
• Evidence that the candidate has already covered their housing and tuition costs
• a letter from the individual or institution providing the applicant with funding for their living and educational expenses
• If the applicant is enrolled in an educational program financed by the Canadian government or has a scholarship, proof of money paid from inside Canada is required.

Note: The IRCC makes clear that an applicant must provide evidence if their native country has foreign exchange controls.So that money for all of their costs can be exported.