Education

Proof of Financial Support for Canadian Student Visa

Published on December 31, 2023

“What should I show as Proof of Financial Support for Canadian Student Visa?”

International students who plan to study in Canada must meet several requirements before creating and submitting their Study Permit application to IRCC, including proof of funds or financial support. IRCC currently accepts proof in many formats, and students should carefully understand each of these formats and requirements to ensure they provide proof acceptably.

International students admitted to a Canadian University, or College must meet several requirements when applying for their student visa. This includes a Canada student visa funds requirement. You may wonder how much students need to possess to meet this requirement. The amounts for students who intend to study outside Quebec are summarized below.

Students coming to Canada alone: CAD 10,000 per year (excludes tuition)
Cost of bringing one family member to Canada with you: CAD 4,000 per year (excludes tuition)
Cost for each additional family member coming to Canada: CAD 3,000 (excludes tuition)

Based on the above information, a student coming to Canada with family members would need to prove that they possess an amount of CAD 17,000 plus the tuition fees for each year of study.

IRCC requires proof of funding to ensure that international students can afford to pay for their education and living expenses in Canada. This requirement helps filter out the students who possess the funds to complete their education in Canada from the ones who cannot afford it and may misuse their student visas for other purposes.

You may be wondering how to show funds for Canada Student Visa. IRCC accepts proof of funds or proof of financial support in many different formats. This includes:

Proof that you own a Canadian bank account under your name. This account must contain the funds you intend to show.
A Guaranteed Investment Certificate (GIC) from a Canadian bank such as Scotiabank, CIBC, or ICICI Canada.
Proof of education or a student loan from a bank
Bank statements from the last four months
An official bank draft whose currency can be converted to Canadian dollars
Proof of payment for your tuition and housing
A letter that was written by the person or education institution giving you money
Proof funds paid inside Canada for candidates awarded a scholarship or have received admission to a Canadian-funded educational program.

Also Read: The Ultimate Guide to GIC for Canadian Student Visa

IRCC accepts the following documents as proof of financial support for Canadian Student Visa. Each student visa proof of funds mentioned below has unique requirements, and students should understand each requirement thoroughly before submitting these documents as proof of funding or support.

1. Bank Statements

Bank statements offer the most straightforward method for offering proof of funds or financial support. Your local visa office may require you to provide your bank account statements or your financial sponsor’s bank account statements for a certain period of months preceding your application. If you intend to provide bank account statements, you must ensure the account is under your name.

This proof shows that you possess the funds you will use for your tuition and living expenses in Canada. Alternatively, it demonstrates that someone can provide funding for your education and your stay in Canada.
Such statements can be scanned copies of original statements stamped and signed by the bank. The original statement must be printed on the bank’s official letterhead and specify the tenure length required by the university of the visa consulate.

2. Loan Approval Letters or Disbursement Letters

Students who do not possess funds but can secure a loan from a bank must provide a valid loan approval letter. You can acquire this from the bank that granted you the loan. However, this letter must specify that the bank loaned you the amount specified to pursue higher education in Canada.

Like the bank statements mentioned earlier, this approval letter must be signed and stamped by the bank and include their official letterhead. This letter should include the total amount to be disbursed and the promise to disburse the funds as specified.

3. Scholarship Letters

Students who could secure scholarships from the educational institute they will be studying at must submit a valid scholarship letter. You can acquire this letter from the educational institution or the donor agency offering the scholarship. Students who have received a Governmental Grant or Scholarship must provide a copy of this as proof of financial support.

4. Loan Capability Certificates

Loan capability certificates should not be confused with loan approval letters. Banks and financial institutions issue these to students if they are willing to give them loans on the condition that they receive admission to a university abroad.

Suppose you are submitting a loan capability certificate as proof of financial support for Canadian student visa. In that case, you must ensure it clearly states your name, your eligibility for the loan, and the conditional promise from the financial institution to grant you the loan. As with other bank documents, this certificate must be stamped and signed on the financial institution’s official letterhead.

IRCC may reject your proof of funds for many different reasons. See the various proof of funds rejection scenarios below:

Insufficient Funds

The most obvious reason for a student visa rejection is insufficient funds. As mentioned earlier, students coming to Canada alone must possess a minimum of 10,000 CAD plus funds to cover their tuition expenses per year. Tuition expenses in Canada vary between 20,000 CAD and 30,000 CAD per year, so you may need to show proof of at least 30,000 CAD or 40,000 CAD, depending on the education institution you are enrolled at.

Offering proof of funds below this amount gives the impression you will sustain yourself and complete your education in Canada. All international students must meet the minimum fund requirements before submitting their applications.

Bulk Deposits

Students who make a significant or “bulk” deposit to their account before submitting their student visa application are likely to get rejected. Such deposits offer the impression that these funds are not yours and were simply added to the account for proof of funds purposes.

If you intend to transfer a large sum to your account and use it as proof of financial support for Canadian student visa. You should ensure the transfer has been completed a minimum of four months in advance.

Personal Loans

Some international students may show proof of funds by obtaining personal loans. As mentioned earlier, you can obtain an education loan and use that as proof of funds. Some banks also issue personal loans for education purposes. However, IRCC often views these as being different from official education loans. Providing a personal loan as proof of funds increases the odds of your student visa application being rejected, so this practice should be avoided.

Prospective international students may have trouble choosing the correct method for showing proof of financial support for Canadian student visa. Our team is led by a regulated immigration consultant familiar with IRCC’s accepted proof of funds formats. We can help you select the best proof of funds method for your unique situation. You can contact our licensed experts here.

Source link