If you want to study in Canada, you have to prepare for the financial demands, Canada’s education system is one of the best in the world but it doesn’t come cheap.
Tuition fees (which are always higher for International students), living expenses, and other associated costs can add up quickly.
The Canadian government is aware of this fact which is why the immigration authorities always demand proof of your financial capacity before issuing you a study permit.
Canada wants to make sure that you can fund your academic journey in the country before accepting your request to enter Canada for academic purposes.
This financial requirement is not only a part of the visa application process but also reflects the Canadian government’s commitment to ensuring that international students can comfortably support themselves while studying in the country.
If you are applying for a study permit, you will be required to demonstrate proof of funds to cover your tuition fees, living expenses, and other associated costs.
We are here to show you how you can show proof of funds for a Canada study permit.
How do I show proof of funds for a Canada study permit?
With your proof of funds, you are assuring the Canadian authorities that you have the financial means to sustain yourself throughout your academic program without becoming a burden on the Canadian social assistance system.
To show proof of funds, you can submit any of the following. They are all acceptable forms of Proof of Funds
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Bank Statements
One of the most common and straightforward methods is providing recent bank statements.
Yes, it’s the easiest and most students use it, if you have the required amount (the minimum amount required for a student visa) in your bank account then get your bank statement.
Make sure that the statements cover a specified period, usually the past four to six months, and clearly show your name, the name of the bank, the account number, and the balances.
Additionally, make sure the statements are in English or accompanied by a certified translation.
Your statement must also show a consistent and adequate flow of funds to cover your tuition, living expenses, and other associated costs throughout your academic program.
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Guaranteed Investment Certificate (GIC)
If you can’t get your bank statement, the Canadian government accepts the use of a Guaranteed Investment Certificate (GIC) as proof of funds.
A GIC is a Canadian investment that provides a fixed interest rate over a specific period.
You need to purchase a GIC from a participating financial institution and submit the certificate as part of your application.
The GIC not only serves as proof of your financial capacity but also ensures that you have access to a predetermined amount of funds upon your arrival in Canada to cover initial expenses.
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Scholarships and Financial Assistance
If you have been awarded scholarships or financial assistance, these can also be presented as proof of funds.
Include official letters or documents from the awarding institution that clearly outline the details of your financial support.
This could include tuition waivers, stipends, or any other form of financial aid they are offering you throughout your stay in Canada.
Before presenting your scholarship or financial aid documents, make sure that the documents are comprehensive and demonstrate the duration and amount of the financial support you will receive.
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Sponsorship Letters
If you are being financially supported by a sponsor, such as a parent, relative, or friend, you need to get a sponsorship letter from your sponsor – the letter is the only way to provide proof of funds when you are being sponsored.
The letter should include information about the sponsor’s relationship with you, their willingness to financially support you, and details of their financial capacity.
You can also strengthen your chances by attaching supporting documents such as your sponsor’s bank statements, employment letters, or any other evidence that substantiates their ability to fulfil the commitment made in the sponsorship letter.
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Affidavit of Support
In some cases, an Affidavit of Support is just fine. This legal document is a sworn statement by a third party, affirming their commitment to financially support you during your studies in Canada.
The affidavit usually includes details about the affiant’s relationship to you, their financial stability, and the specific terms of their support.
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It serves as a formal and legally binding assurance of financial backing and can strengthen your application by providing additional documentation of your ability to cover your expenses in Canada.
Tips for presenting proof of funds
- Currency conversion: You need to make sure that all the financial documents you will present are in Canadian dollars. If your documents are in a different currency, you should provide a clear and recent exchange rate.
- Your documents must be consistent: If you want to get approval for your study permit, you must maintain consistency in the information presented across all your documents. Any discrepancies will raise concerns during the application process.
- Translation: If your financial documents are not in English or French, you should provide certified translations to ensure clarity and understanding.
How much do I need as proof of funds to support my studies in Canada?
According to Canadian Minister Marc Miller, if you are planning to study in Canada, you will need to show you have $20,635 in funds, in addition to your first year of tuition and travel costs, to get approval for a study permit.
Does the Canadian Embassy verify bank statements?
Yes, the Canadian embassy verifies your bank statement and ensures that it is authentic and issued by a recognized financial institution before approving your study permit application.
They check for any signs of tampering or fraudulent activity. If you are caught – if you submit a fake bank statement, your application will be rejected and your chances of getting future approval may be affected.
Conclusion
If you are applying for a Canadian study permit, you must present proof of funds even if you are on a scholarship or under a funded program.
The Canadian government requires you to demonstrate that you can financially support yourself throughout your studies.
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Your proof of funds ensures that you can afford your tuition fees, accommodation, living expenses, and other incidentals without becoming a burden on Canada’s social services.
You can present any of the documents listed above to serve as your proof of funds, they are all acceptable.