The study visa also called study permit is a unique certification that the Canadian government attaches to your temporary resident visa to indicate that you’ve been permitted to reside and study in Canada for a limited number of years as an international student.
Obtaining a study permit, you must first receive an acceptance letter from a designated learning institution in Canada and then you must show that you have enough funds to sponsor your going to Canada, and cover living expenses and other essential fees. This must include that you are capable of coming back to your home country after your studies.
However, you may not need a study permit if your studies are 6 months or less, yet it’s necessary to get one.
However, having a million CAD isn’t a guarantee for the study permit issuance, showing the Canadian government that acquiring such a fund is part of the process but this blog is focused on 8 things to use as proof of funds for your Canada study visa.
There are certain documents the IRCC won’t question their validity when presented as proof of funds, some are self-sufficient, but it’s noble to attach supporting documents for credibility.
Take your time in convincing Immigration, Refugees, and Citizenship Canada(IRCC) how come about the CAD 100k, else, your bank balance, with the 8 things to use as proof of funds for your Canada study visa:
- Show a bank account in Canada that you own.
- A guaranteed investment certificate from a participating financial institution.
- Show proof of a student loan from a bank.
- Your bank statement for the past 4 months, not more than 2 months of collection.
- Provide convertible bank drafts to Canadian currency.
- Proof for Tuition/housing fees in Canada.
- A letter from the person or school giving you sponsorship.
- Proof of funds paid within Canada.
When it comes to studying in Canada, the hamShowing that you own a bank account in Canada to your name is strong proof of funds to the IRCC.
To show your Canadian bank proof of ownership equates to showing proof of funds in the bank. To show proof of a Canadian bank account in your name within Canada is as simple as strolling to the bank and requesting your account statement.
Here are checklist a good statement of account must contain:
- Full name and address to show account ownership.
- After 3 or 4 Months of transaction history, get ready to explain large deposits and credits.
- It should be obtained not more than 1 month.
- Make sure it’s stamped and signed by the bank.
Now that you’re outside Canada, here’s how to go about it:
- Use Online Banking: You can log into your account from any place in the world and access your account history.
- Request via Email or Phone: You should contact your Canada Bank customer service requesting that your account statement be sent to you.
- Mobile Banking Apps: If your bank has a mobile app, confirm whether it permits access to transaction history. However, this might not be accepted.
- International Branch or Correspondent Banks: the best alternative is to visit the international branch in the country you are in and request the bank statement.
PS: you should open a Canadian bank account with financial intuition that sells GIC.
One of the most effective proofs of funds for your Canada study visa is to obtain a Guaranteed Investment Certificate(GIC) from Canadian banks.
GIC is a fixed deposit investment program(at least $10,000 deposit) where you as an investor will deposit a fixed amount in the bank for a stated period, then you’ll be getting a percentage due to the amount you’ve put in.
It’s a safe and secure proof of funds because the parties involved are regulated and you won’t be able to withdraw everything which might result in being broken at some point. Rather, the money is held until the fixed date when your principal and interest will be paid.
This is indisputable proof of funds for your Canada student visa, however, because it has a limit of withdrawal, you might need a back fund for living expenses and fees in Canada.
GICs are sold in both the US and Canada but you can get them from any part of the world. Only register with banks that sell GIC(Scotiabank, CICB, BMO, RBC) and adhere to the policies and guidelines of GIC. Here are step-by-step methods of obtaining the GIC:
- Register for bank-secured email service
- Submit the Student GIC Program Application
- Fund your account
- Apply for a Study Permit/Visa
- Complete the documentation formalities in Canada.
The most friendly and uninvestigated method to show proof of funds for your Canada student visa is to present proof of a student loan from a bank.
This is self-explanatory and the document already stated how you got the fund so there won’t be much digging and delayed approval.
Keep in mind that student loans are not much of a conviction but an explanation of the big credits in your bank balance. Also, you might need more funds for living expenses in Canada.
However, some student bank loans can be enough to the minimum bank balance required as proof of funds. To be on the safer side, always have a legal plan B.
Here are some banks to collect student loans to meet up with the proof of funds requirements for your Canada student visa approval:
#1. MPower Financing;
- For US & Canadian Schools only
- Get a loan up to $100,000
- No cosigner is required, and no collateral or credit history is required.
#2. Prodigy Finance;
- You don’t need a cosigner, collateral, or good credit score
- Get Loans for tuition and living expenses.
- Varying interest rate
- No extra charges.
- The best international student loan, 2021 winner.
- Lowest interest rates; Forbes Advisor
- No cosigner required US citizens or permanent residents only.
- Repaymentingers up to 9 months after school.
- Get up to $200,000 in loans due to your credit score.
- Get 1% when you graduate.
Contact the lender bank to send you letters stating the transaction history and signatures.
Use your local bank account as proof of funds. You may not have the opportunity to get hold of a Canadian bank account in your name or bank loan but you have enough funds in your local bank account in your home country.
Remember, the IRCC officers just want to confirm that there are enough funds that meet the requirements for proof of funds in Canada.
Keep in mind that you may be asked to transfer the funds to a Canadian bank account to measure the equivalence, yet in the meantime, you’ll have to present the account statement.
Visit your bank in your country and request a proof statement. This time, the bank document should state transactions in the last 4 months, and make sure the bank stamps and seal the paper for authentication. The bank statement shouldn’t be more than 2 months of collection.
Presenting a Bank draft as proof of funds is a no-brainer. A Bank draft is a document written by the person collecting the money from the bank. The bank draft works like the typical check but better.
A Bank draft is an indicator that money is available for cash out, unlike a cheque that may bounce due to insufficient funds.
You’ll need a bank draft to transfer a large amount of money because some institutions would turn down a check for a significant amount like a thousand dollars or more.
To get a bank draft, visit your local bank and request the amount you wish to withdraw at the teller.
After identity verification, the money will be withdrawn from your account to one of the bank’s accounts. Then, a bank draft will be prepared for you.
It’s not a wholesome idea to mail a bank draft to avoid lost in transit rather, do this if you want to deposit your fund into a Canada account with a bank draft:
- Request a bank draft from your local bank and state the amount you wish to transfer to Canada.
- Provide the beneficiary details which should be the bank in Canada you’re transferring to.
- Be ready to pay the fees associated with the bank draft.
- The amount will be debited from your account and then a bank draft will be issued to you.
- Deliver the bank draft preferably by a courier, or in person if you are in Canada.
- The beneficiary will deposit or cash the bank draft.
You can prove everything dime in your bank account but still be refused the student study permit if you can’t show that you have already paid for tuition and accommodation awaiting your arrival in Canada(unless you’re staying on campus).
Therefore, proof of your paid tuition and housing fees is a necessity. Presenting these is enough proof of funds.
All you have to do is scan the house and tuition payment receipt and other accompanying documents and send it via mail to IRCC.
Another acceptable means of proof of funds by the IRCC is provided
in a letter from your sponsor or school of the sponsor, this serves as confirmation that your financial needs are in capable hands.
That said, you may be required to write a letter of explanation to show what the type of relationship is between you and your sponsor.
This wouldn’t be an issue, some documents from the end of your sponsor will put things to check.
You can get a letter to present proof of funds from your school or sponsor on request. Kindly write to the school’s financial or admissions office explaining the purpose of the letter then you’ll be guided on what to do.
Providing proof of funds within Canada is authentic, it shows that you’re already a resident, possibly in the workforce contributing to the Canadian economy.
On top of that, it’s a confirmation that essentials like accommodation and living expenses are taken care of. However, the authenticity of the funds may be affected by your proving source(s) of funds.
These are measures to make sure that you’re in no way going to be a threat or burden to the Canadian social welfare system.
The average tuition fee per annum in Canada is CAD 15,000. You should have at least CAD10,000 for a bank statement. Altogether, you should have at least CAD25,000 in your account. To be on the safer side, have at least CAD30,000 at the bank.
None is best, all 8 things to use as proof of funds for your Canada study visa are best when the situation arises.
As friendly as it may sound, the inability to show proof of funds can frustrate your efforts to become a scholar in Canada. It’s only wise to pay attention to requirements per time to know which option fits. If you’re within Canada,
Note: you may be required to present other documents as proof that the funds are genuinely available to you and are borrowed or acquired through prohibited means.
In case of special demands that relate to your school. Kindly reach out to them for more information and guidelines. Good luck.