Is it your dream to study in Canada? Or maybe you are already there roaming in picturesque cities like Toronto, Vancouver, or British Columbia in your mind. But one thing that can hinder your plan of pursuing higher education in Canada is how to show proof of funds for a student visa to Canada.
We are going to break down everything you need to know.
Why Do You Need Proof Of Funds For Student Visa To Canada?
Proof of funds indicates the documentation that gives an idea about your financial ability to stay in Canada while studying. This confirms that you can bear all the expenses regarding your educational fees, accommodation, day-to-day costs, and transportation throughout your stay.
The Canadian government wants to confirm that you can meet the expense of your education without affecting Canada’s social assistance programs.
How Much Money Do You Need As Proof Of Fund For Student Visa To Canada?
You need to show enough funds for your cost of living and tuition fees for one year, according to the Citizenship and Immigration Canada (CIC) website. There is no specific amount, as your location and education program may vary.
Suppose your education fee for a year is CAD 20,000 and the approximate annual cost of living is CAD 10,000, your proof of funds should be at least CAD 30,000. If your family members are also coming with you to Canada, you will need to present additional funds.
Which Documents Will You Need To Show As Proof Of Funds?
1. Bank statement
Your bank statement is one of the major proofs that shows you have enough funds to bear your educational expenses in Canada. You need to provide bank statements for the previous four months.
The statements should include;
- Your name,
- Account number,
- Current balance, and
- Latest transactions.
This shows that you have enough funds to use for your tuition fees and other expenses in Canada.
2. Educational Loan Approval Letter
A letter of loan approval from a financial institute can be a great choice to show that you are eligible for an educational or student loan. This approval letter must consist of the sign and stamp of the bank with their official letterhead.
3. Scholarship Letters
There are plenty of educational institutions that offer international scholarships. If you find yourself eligible, you can apply for one. If you get a scholarship, you can show your scholarship letter to prove that you have support from your institution.
4. Other Options For Proof Of Funds
Other acceptable forms are:
- A bank account in your name in any Canadian bank stating that you have sent money to Canada
- Proof of property ownership
- A letter from the school or a person providing you money
- A Loan Capability Certificate affirming that you can bear the expenses and tuition fee.
What Are The Ways To Show Proof Of Funds For Student Visa To Canada?
a). Receipt Of Tuition Fee That You Have Paid
As proof of funds, you can show a receipt that you have paid your tuition fees. To ensure the approval of your visa application, a prepaid tuition fee receipt is a great option.
b). GIC Certificate
A Guaranteed Investment Certificate (GIC) is one of the best ways to prove that you have enough funds for studying in Canada. For this, you must deposit a certain amount to a Canadian bank and receive the amount with interest while studying in Canada.
c). Bank Statements From A Personal Bank Account
Bank statements are the most effortless way of providing proof of funds. These statements clarify the income and savings you need to support yourself in Canada.
d). Canadian Bank Account In Your Name
A bank account in your name with any Canadian bank will simplify the Canadian authorities’ task to confirm that you are eligible to bear all the expenses regarding your education and day-to-day costs.
e). Proof Of An Educational Loan From A Bank
One of the excellent proof of funds options is showing your educational loan details from your bank. A letter regarding this can help you secure the chance of approval of your application.
f). Proof Of Tuition Payment Or Accommodation Fees
Showing that you have paid tuition or accommodation fees in advance, can help you with getting a student visa to Canada. If you have permanent accommodation for yourself, that will make your application even stronger.
g). Scholarship From Your Educational Institution
If you have received any scholarship from your educational institution, show it to Immigration, Refugees, Citizenship Canada (IRCC) to verify your eligibility to study in Canada.
Important Insights
To get your student visa you must provide proof of your eligibility to fund yourself during your stay in Canada. The most acceptable forms of proof of funds consist of your bank statements, proof of your educational loan, prepaid tuition fees, etc. You must demonstrate that you can bear all the living expenses as well as educational fees properly. It is advised that you should research well on the living costs of the particular place you are thinking of staying.
We hope you find this article helpful for your easy collection of proof of funds for a student visa to Canada. To increase the chances of a successful application process, feel free to contact our expert team at Shersom Immigration Consulting Inc. Our well-experienced team will assist you with all your needs.
Also, read our other blog: Top Ways To Exhibit Proof Of Funds For A Canadian Student Visa
