Are you planning to make your future in Canada? Well, one of the biggest challenges in building a fortune is to manage your fortune spending. But, having a good amount of savings won’t suffice at times. You need a reliable set of proof of funds to acquire your student visa to Canada.
Here’s our list of suggestions that you can show to your immigration officer for a smooth entry—
1. Guaranteed Investment Certificate (GIC)
One of the most widely accepted proof of funds for student visas to Canada is the Guaranteed Investment Certificate. It is a safety deposit offered by some Canadian banks that you can earn interest from, during your stay. You can withdraw a certain portion of the money, each month for one year. This ensures that you won’t be financially broke during the study period. Thus, this proof of funds is highly taken into note by the IRCC or say the immigration officer.
2. The Payment Receipt
Always look out for the simplest options. You surely won’t be traveling without securing all your academic requirements, right? Then why not show your tuition fee receipts as your proof of funds? In most of the Canadian institutes, you are required to make a full payment of your first sem or first year of tuition fee for international students. Submitting this receipt as your proof of funds for our student visa to Canada is a legitimate option to be in the good eyes of the immigration officer (because in most cases the payment is non-refundable).
3. Bank Statement
Another simple yet effective proof to prove your financial stability is the bank statement of your personal savings account. Provide a snapshot of your financial health. The key is to show a consistent history of sufficient funds over a specific period, typically the past four to six months.
The highlighting factors of this proof—
- Make sure the statements are in your name, and clearly display your account balance.
- The statement is verified and authenticated by the bank.
- Should have recent transaction details.If any large transaction is done, the reason must be explained clearly beforehand.
If someone else, such as your parent or guardian, is funding your education, a sponsorship letter, attested by them will be a valuable proof of fund. Hence, this letter should outline the relationship between you and the sponsor, their commitment to covering your expenses, and include supporting documents such as their bank statements and employment verification. Ensure that the letter is notarized for added credibility.
5. Loan Certificate
Not everybody can secure a loan capability certificate. In order to get a green flag, even your bank needs a trusted source of recovery. As getting an educational loan is a common phenomenon for students planning to study abroad, producing detailed loan documents is also a solid proof of funds. But make sure you apply only to those banks approved by Immigration, Refugee, and Citizenship Canada.
Hope we are able to give you a notion about the required documents for proof of funds for a student visa to Canada. By choosing the right combination of financial instruments and providing comprehensive documentation, you increase your chances of a successful visa application. Do remember to stay informed and up to date about any latest changes in the regulation by IRCC and consult with a registered immigration consultant.
At Shersom Immigration Inc., we will guide you at every step of your career building. With the right combination of proof of funds, you will get closer to your dream with ease. Good Luck to your future endeavors!
- What is the minimum Proof of Funds required for Canada Student Visa Approval?
According to the recent norms, CAD 10000 is the minimum requirement of bank balance for proof of funds for 1 year.
- Can I use my parent’s bank statement as proof of funds?
Surely you can. As a direct guardian, they can always fund your education and living costs. But you cannot get help from any relatives or friends for that matter.
- Can a student work full-time in Canada?
According to the latest regulation laid by IRCC, a student who is already studying in Canada, and the ones who have applied for a study permit by December 7, 2023, can work as a full-timer, but only till April 30, 2024.