How Much Bank Balance Is Required For A Canada Visitor Visa?

Written by

Mynaz Altaf

Fact check by

Afreen Abbasi

Updated on

Jul 14,2024

alt image

Planning your Canada PR
Free last minute checklist

Canada is the second largest nation in the world, with 10 provinces and 3 territories. The shore of the province expands from the Atlantic Ocean to the Pacific Ocean. This beautiful nation has numerous places to attract tourists from all over the world. 

Tourists who visit Canada often say that Canada is the best country when it comes to: 

  • The Education System

  • The Social System

  • The Healthcare System

  • The Standard Of Living

Therefore, if you are planning to visit Canada for leisure, tourism, or medical treatment, among other reasons, you require a visitor's visa. This visa is essential for your legal identity in a country where a visitor visa is made available by the government itself. 

To get it, you need to: 

  • Follow certain processes

  • Meet essential requirements

  • Fulfill eligibility criteria

Finding out how much bank balance is required for a Canada visitor visa is one of the most essential steps among these. Therefore, in this article, we have mentioned all the details about applying for a Canada visitor visa, along with the processing time and visa fees. Read on to know more. 

How Much Bank Balance Is Required For A Canada Visitor Visa In 2024?

The terms and conditions associated with attaining a Canada visitor visa, along with the processing requirements and an estimated cost, are given below.

Terms and Conditions

There are certain conditions that you must fulfil for a visitor's visa:

  • A comparable process is followed for minors applying for a Canada visitor visa. 

  • It is suggested that for minors to travel with adults. But if they are traveling by themselves, then they should make sure that they have made the necessary changes that are required in the paperwork.

  • Along with these, the applicants must keep themselves informed about the latest news regarding how much bank balance is required for a visitor visa. 

  • The applicants are expected to give information about the amount of bank balance they have. 

  • Moreover, it is necessary to give proof that you have access to the amount of funds that you are stating i.e. the funds should be free and not be a part of a fixed deposit or any such investment scheme. 

  • This implies that the applicant is supposed to submit proof of bank balance if they are applying for a Canadian visitor visa. 

How Much Bank Balance Is Required For A Canada Visitor Visa? An Estimated Cost Overview

In the above section, we have described all the terms and conditions that you need to fulfill when you're trying to get a Canadian visitor visa. It is necessary to meet all the requirements for the betterment of your visiting experience. 

Coming back to how much bank balance is required for a Canada visitor visa in 2024. Well, the answer to this question will vary for every individual based on individual factors and circumstances. 

For example, if you are planning to travel alone, your bank balance requirement is approximately 5-6 lakhs of Indian rupees. 

  • It is compulsory to show proof of your bank balance because it is evidence stating that you will be returning to your homeland. 

  • Suppose the expense of your travel/ trip is sponsored by someone in Canada, even then you are supposed to give proof of income and bank balance. 

Individuals who are planning to go to Canada must keep in mind the criteria for the bank balance. 

What Are The Fees For Visitor Visas In Canada In Indian Rupees In 2024? 

A Canada visitor visa allows you to stay in Canada for up to 6 months. However, for a trouble-free stay, you have to be aware of the visa fees when applying for a visitor visa. It is also crucial to have an in-depth understanding of how much bank balance is required for a Canada visitor visa. 

The Canadian visitor visa fee for Indians will be $75, which is approximately 4600 Indian rupees (4600 INR). Therefore, if you are planning to visit Canada, you should be prepared to fulfill the requirements of the visitor visa in 2024. 

The process of documentation and the visa application includes a series of steps and you require a sufficient amount of funds for the same. Thus, you must plan carefully.  

Canadian Visitor Visa For Indians: Requirements For 2024

If you're seeking a Canadian Visitor and belong to India, you need to know the latest requirements for a visitor visa in 2024 and abide by them. 

Indian emigrants should be aware of the guidelines for the Canadian visitor visa. Minor mistakes or ignorance of the conditions shall result in the revocation of your visa.

Requirements related to documents and eligibility criteria are essential components of the answer to how much bank balance is required for a Canada visit visa. 

While applying for a Canadian visitor visa,  you must consider obtaining the documents listed below.

  • The invitation from relatives or members of the family

  • Income proof 

  • Relation among invitees and residents of Canada

  • Covering letter

  • Passport copy 

  • Relevant pictures and photographs

  • Concerning documents and forms of application for visa

  • Travel plan

These 8 elements come together to formulate the answer of how much bank balance is required for a Canada visitor visa in 2024. Below is a brief description of each of these elements.

1. Invitation Letter 

If the individual is visiting their friends, family, or grandchildren, it is important to transparently and clearly mention your reason for seeing your family. Hence, the invitation from family proves to be of great help in justifying your visit.

2. Income Proof 

Proof of income is the most crucial requirement in 2024 for natives of India who seek a Canadian visa. 

The documents presented by the applicant must clarify that he has enough funds to support his visit to Canada, including all other expenses and stay while he is on a visitor visa. 

Indian natives seeking the visa shall submit their:

  • Employment Letter

  • A Statement From Their Bank

  • Financial Proofs

  • Ppf Shares

  • Tax records

  • FDs

3. Proof of Bank Balance

Providing solid proof of your current bank balance is one of the most essential elements of how much bank balance is required for a Canada visitor visa. The required bank balance varies from individual to individual, and you must make sure you maintain the needed amount in your bank. 

4. Relation Between The Invitee And The Resident Of Canada 

Documents that specify the relation between the invitee and the person inviting ultimately result in efficiency in the process. Therefore, the applicants must make sure to discuss their relationship with the person who they are visiting (if the visit is related to meeting a person)

5. Cover Letter

The applicants must make sure they compose a cover letter highlighting their qualifications for a visitor visa to Canada. 

You are supposed to write a letter to the Canadian government stating: 

  • Your reasons for visiting

  • The dates on which you want to visit

  • The duration of your stay in Canada 

Along with these, it is also important to mention basic details about yourself such as your name, nationality, income, etc. 

6. Travel Itinerary

A travel itinerary is basically a roadmap for your trip. It mentions: 

  • Why are you visiting Canada?

  • What places will you visit?

  • The tickets you will use (while entering and exiting Canada)

  • The pathway you will take..etc

Individuals are supposed to submit a travel itinerary to the Canadian government when applying for a Canadian visitor visa.

7. Passport Copy

The individuals seeking the visa must provide a copy of their passport along with all the above documents. 

Bottom Line

Individuals must make sure that before they apply for a Canadian visa, they fulfill the above criteria and make themselves aware of how much bank balance is required for a Canada visitor visa in 2024.

While you can perform your own research, it is best to contact a migration consultancy agency to make the process of obtaining a Canadian visitor visa smoother and trouble-free. TerraTern is one such place where you can find expert advice relating to visiting places like Canada, Japan, the UK..etc. Get in touch with us today for more details. 

Get all the details on Australia PR with this visa checklist

Why Trust TerraTern

At TerraTern, we adhere to a stringent editorial policy emphasizing factual accuracy, impartiality and relevance. Our content, curated by experienced industry professionals. A team of experienced editors reviews this content to ensure it meets the highest standards in reporting and publishing.

Frequently Asked Questions

Exactly how much bank balance is required for a Canada visitor visa in 2024?

The slab of the required amount is revised every year according to the inflation rate. However a rough estimate of how much bank balance is required for a Canada visitor visa is about 5-6 lakhs Indian rupees

What if I don't have the required amount of funds in my savings account?

In such a case, you can't apply for a Canadian visitor visa because, for a Canadian visitor visa, you must make sure that you have the required amount in your savings account. Having the minimum stated amount of money is an absolute necessity.

What documents are needed to demonstrate the individual's financial capacity?

Individuals are required to provide: Recent Bank Statements Employment Proof Income Tax Return Sponsorship Letters (if applicable) These, plus any other financial documents that may be relevant to their application.

If I have a higher bank balance, will my chances of getting to Canada increase?

Yes, your chances of getting to Canada increase because a healthy bank balance can demonstrate your financial stability. However, your chances of getting a visitor's visa also depend on completing the formalities.

Will a sponsor's financial support strengthen my application for a Canadian visitor visa?

If the individual has a sponsor in Canada, their financial support can help strengthen their application. You must have a letter of invitation from your sponsor.

Are there expectations or reduced financial requirements for certain categories of visitors?

Some visitors, such as those attending conferences or sponsored by organizations, may have specific arrangements or reduced financial requirements.