Comparison of financial proof between studying in Canada and studying in the USA

Published on April 24, 2024

Comparison of financial proof between studying in Canada and studying in the USA

Which is suitable for you, studying in Canada or studying in the US? Let's compare the conditions, costs, and financial proofs required when applying between these two countries to help you make a reasonable decision. 

Should international students choose Canada or the US?

Advantages of studying in Canada

- Reasonable costs

Canada is one of the most affordable places for living expenses and tuition fees among developed countries. Compared to countries like the US or the UK, the cost of living in Canada is often lower, even in major cities like Toronto and Vancouver.

- Permitted to work up to 20-40 hours/week

A significant advantage of studying in Canada is that you're allowed to work up to 20 hours per week during study periods and 40 hours per week during breaks. Therefore, students have the opportunity to earn extra income, support living expenses, and experience real-world work environments.

- Many job and settlement opportunities

Canada is one of the strong and expanding economies, so there are numerous job opportunities in various fields. Especially, Canada has a high demand for specialized workers in sectors like healthcare, information technology, engineering, and many others. International students are allowed to stay and work for up to 3 years after graduation. Additionally, Canada's immigration policies are flexible, allowing students to apply for permanent residency with 6 months to 1 year of work experience.

- Safe and friendly living environment

Canada is renowned for being one of the safest and friendliest places to live in the world. With high security indices and stable political systems, residents and visitors can explore and enjoy the country without worrying about safety issues. Furthermore, cultural diversity, respect for everyone, along with an open and welcoming spirit, have made Canada an ideal destination for international students.

Studying in Canada saves costs

What are the advantages of studying in the USA?

- Highest economic development

The USA is one of the strongest and most developed economies globally, with a diverse and powerful economic system. Students studying here will have many opportunities to access a dynamic economy with the most advanced sciences and technologies. This provides valuable knowledge and experience for students' careers.

- Numerous top-ranked institutions

The USA has one of the highest-tier higher education systems globally, with many leading universities and colleges such as Harvard, MIT, Stanford, and many others. Students can study and research at internationally renowned institutions, while interacting with top professors and researchers in their fields.

- Many valuable scholarships for international students

The USA provides various types of scholarships and financial support for international students, helping to reduce the financial burden of studying abroad. These scholarships may be sponsored by the USA government, non-profit organizations, universities, and other educational institutions.

- More pleasant climate

The US has a diverse climate, from temperate climates in the north to tropical climates in the south. Many major cities in the US also have mild climates, shorter winters, and less cold than Canada, which is advantageous for Asian students to adapt and study.

Studying in the USA with modern development

Conditions for studying in Canada and the USA

Conditions for studying in the USA 

  • High School: Achieve 5.5 IELTS or pass the school's entrance exam
  • Community College: IELTS from 5.5 and GPA from 6.5
  • University: IELTS from 6.0 and GPA from 7.0
  • Master's: IELTS from 6.5 and GPA from 7.5

These are average requirements, and highly-ranked institutions will have higher standards. Additionally, US universities often require and emphasize personal essays during the application process. Competition for admission to US universities is very high, so to pursue the American dream, you need early preparation in academic grades, English, and a convincing personal essay.

Conditions for studying in Canada

  • High School: No IELTS required, students will participate in an entrance exam and be placed according to the results
  • Community College: IELTS from 5.5 - 6.0 and GPA from 6.0
  • University: IELTS from 6.0 and GPA from 6.5
  • Postgraduate: IELTS from 6.5 and GPA from 7.0

Canadian institutions mainly consider applications based on academic grades and English proficiency (a master's program may require work experience and GMAT/GRE). Therefore, when meeting the basic requirements of the school, you will have a relatively high acceptance rate.

How are the costs of studying in Canada and the USA?

Tuition fees

High School: $23,000 – $29,000 CAD/year (public schools) and $25,000 – $40,000 CAD/year (private schools)

College: $13,000 – $20,000 CAD/year

University: $18,000 – $40,000 CAD/year

Postgraduate: $17,000 – $25,000 CAD/year

High School: $10,000 – $50,000 USD/year

College: $9,000 – $12,000 USD/year

University: $17,000 – $50,000 USD/year

Postgraduate (Master's, Ph.D.): $12,000 – $50,000 USD/year

Accommodation costs600 – 900 CAD/month 800 – 1,500 USD/month 
Food costs300 – 500 CAD/month200 – 400 USD/month​
Transportation costs128.15 CAD/month (Toronto)129 USD/month
Insurance500 – 1.500 CAD/year2,000 – 3,000 USD/year
Other costs100 – 150 CAD/month100 – 200 USD/month
  • US Dollar exchange rate: 25,445.00 VND/USD
  • Canadian Dollar exchange rate: 18,585.40 VND/CAD

 (*) Reference exchange rates are taken on 24/4/2024

How is financial proof different for studying in Canada and the USA?

In general, studying in Canada has lower tuition and living expenses than the USA, helping international students save on study costs.

Both USA and Canadian international students need to demonstrate the financial ability to support their study abroad. Specifically, students need to prove they have enough finances to cover at least one year of tuition fees and all living expenses for that year. Additionally, the sponsor's monthly income must be relatively stable to ensure financial support throughout the study period.

Both countries, Canada and the USA, can use the following documents to prove financial capacity:

  • Confirmation of bank deposits within the past 2 months
  • Savings account statements
  • Employment contracts, social insurance, income tax returns, salary account statements, etc., to prove employment and income
  • Business licenses, tax receipts (within 6 months) if parents are self-employed
  • Ownership certificates for houses, land, cars, etc.

(*) Note: When applying for a US student visa, students must bring original documents to the direct interview with the Consulate and will know the results immediately after the interview. For Canadian student visa applications, the approval process can be handled online with notarized documents and no need for direct interviews.

Is financial proof required for studying in Canada?

Vietnam is one of the countries exempted from providing financial proof for studying in Canada through the Study Direct Stream (SDS) program. To qualify for this visa, students need to meet the following requirements:

  • IELTS Academic 6.0 overall, no specific skill score required
  • Confirmation of purchase of Guaranteed Investment Certificate (GIC) from a Canadian bank of 20,635 CAD.
  • Documents certifying payment of tuition fees for the first year

What do you need to prepare for studying in Canada without financial proof?


The choice between Canada and the US depends on individual goals, financial conditions, and priorities of each international student. Before deciding, carefully consider all aspects, including costs, career opportunities, living environment, and cultural integration. Making the right choice will help you enjoy the best study abroad experience and develop yourself comprehensively.


Canada study abroad, Financial proof