If you are an international student who is planning to study in Canada, you need to apply for and get a Canadian student visa before Canadian immigration authorities allow you to enter the country.
Your visa is a compulsory requirement – without your visa, you can be allowed into Canada to study.
After your international passport, your student visa is next in demand. To apply for a Canadian student visa, you need to present a bunch of documents.
Also, read: Who can sponsor me to study in Canada?
One of the most important documents you will be asked to present when applying for your student visa is “proof of funds”.
Take it as the go or no go of student visa application – If you have it, you will automatically increase your chances of getting your student visa application approved.
What is proof of funds for international students in Canada?
Proof of funds for international students in Canada is a document that shows your financial ability to cover your tuition fees, living expenses, accommodation, healthcare, transportation, and other costs while studying in Canada.
Canadian immigration officers take your proof of funds seriously, it is one of the major documents that they look out for.
Also, read: Living expenses in Canada for international students per month
Why proof of funds is important?
Proof of funds is important because it shows that you are financially capable of supporting yourself while in Canada.
It assures Canadian immigration authorities that you have sufficient funds to cover your tuition fees, living expenses, accommodation, healthcare, transportation, and other important costs while you are in Canada.
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Canadian immigration authorities want to make sure that you have a planned means to pay for your fees while you’re in the country.
They don’t want you to come to Canada and depend on the country’s social services.
Also, read: New Rules for international students in Canada
If your proof of funds doesn’t convince the immigration authorities that you can handle paying your fees while in Canada, your visa application will not be approved.
In your proof of funds, you need to show the immigration authorities how you plan to pay for your fees til the end of your program in Canada.
Tip: In your proof of funds, make sure you don’t include working a part-time job as a way you plan to pay your fees even if that’s your plan – it’s a red flag.
How do you get proof of financial support that will convince the immigration authorities that you can handle your fees while in Canada?
Also, read: Can I extend my parents tourist visa in Australia?
What to use as Proof of funds for a Canada student visa
Seeing how important proof of financial support is and the role it plays in your visa approval, you have to get it right.
Make sure that your proof of funds is coming from the right source – this is the only way it will be convincing to the immigration authorities.
You can get proof of financial support from your savings, family support, scholarships or grants, employment income, loans, investment portfolio, income from business or self-employment and trust funds or inheritance.
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Your savings
If you have personal savings, you can use information about it as your proof of funds.
It is a strong indicator that you are capable of sponsoring yourself while you are in Canada.
To show your PS as proof of funds, you need to submit your recent bank statements that show a stable balance over time.
This balance should be able to cover your tuition fees, living expenses, and any other costs.
Make sure the statements are in your name and display the available balance.
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Documents you need to submit: Your recent and certified bank statements.
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Family support
If your family is paying for your education in Canada, you need to get a formal sponsorship letter that will show everything about the support like the amount contributed, the duration of support (e.g., per semester or year), and the relationship between you and the sponsor (e.g., parent, guardian).
Documents you need to submit: Sponsorship letter from family members.
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Show your scholarships and grants letter
There are many scholarships and grants offered by universities, governments, organizations, or private entities in Canada.
If you applied for any scholarship or grant and you got it, you need to get an official letter from the sponsors – the letter will serve as your proof of funds.
The letter must show the amount, duration, and conditions of the financial support.
You will submit this letter together with your student visa application form.
Documents you need to submit: Official letters or certificates from the institutions awarding you the scholarship.
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Present evidence of your employment income
If you have a job that pays you which you can also do even as a student in Canada – maybe you work remotely, you can present evidence of your income as proof of funds.
You can show your job contracts or agreements with employers, recent pay stubs showing regular income, or income tax returns that verify your earnings.
Documents you need to submit: Employment contracts, pay stubs, or income tax returns.
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Did you get an educational loan?
If you secured a student loan from a reputable financial institution.
You can submit the loan approval letter or agreement that details the loan amount, interest rate, repayment terms, and disbursement schedule.
This will show that you have access to funds for your educational expenses.
Documents you need to submit: Loan approval letter or agreement from the lending institution.
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Evidence of government sponsorship
If your government is sponsoring your education, you should get an official sponsorship letter or certificate that confirms the financial commitment and terms of the sponsorship.
You should also include any relevant government documents supporting the funding arrangement.
Documents you need to submit: Official sponsorship letter or certificate from the government.
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Show proof of employer sponsorship
If your employer is sponsoring your education in Canada, you should provide a sponsorship letter from your employer showing details about how you will get the financial support they are providing.
It should also show the duration of the sponsorship. The letter is your employer’s commitment to your education.
Document you need to submit: Sponsorship letter from your employer.
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Your investment portfolio
If you have investments such as stocks, bonds, or real estate, that you want to use for your education in Canada, you can provide documents to verify the value of your investments.
Also, read: How to choose a course that fits you
You can present your brokerage statements showing investment holdings, property deeds for real estate assets, or valuation reports from certified professionals.
Documents you need to submit: Brokerage statements, property deeds, or valuation reports.
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Income from your business or self-employment
If you are self-employed or run a business, you have to submit your financial statements, tax returns, or business licenses that demonstrate your income and financial stability.
If there are any other documents to support your case, you can provide them.
Documents you need to submit: Financial statements, tax returns, business licenses.
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Trust funds or inheritance
If you have funds in a trust or have received an inheritance, you can also use it as proof of funds.
Get legal documents or letters from trustees or executors that confirm your access to these funds and their availability for your education expenses.
Submit the letter with your student visa application form.
Documents you need to submit: Legal documents from trustees or executors.
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Evidence of Sponsorship from Organizations
If you are sponsored to study in Canada by an organization or foundation, you need to get a sponsorship letter from them.
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The letter must outline the terms of the sponsorship, including the financial support they will provide to you, the purpose of the sponsorship, and any conditions attached.
Document you need to submit: Sponsorship letter from the sponsoring organization.
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Use a combination of Funding Sources
Finally, you can use a combination of the above methods as proof of financial support.
If you want to combine two or more methods, make sure that you have documents for each funding source.
You can combine personal savings, family support, scholarships, loans, sponsorships, and other sources.
The total amount should meet or exceed the financial requirements set by immigration authorities.
Documents you need to submit: Clear documentation for each funding source.
How much do I need for proof of funds for a Canada student visa?
According to the Canadian government, the amount you need for proof of funds is CAD 10,000 to CAD 15,000 per year for living expenses, in addition to your tuition fees.
How does Canada verify proof of funds?
Canada verifies proof of funds by reviewing the authenticity of the financial documents you submitted as part of your visa application.
Also, read: What to do when your brain is tired from studying
Final words
When applying for a student visa, you can use any of the methods here as a way to present your proof of funds.
If you have access to more than one method, you can also combine two or more methods, the most important thing is that your accumulated financial source is higher than the total amount you are expected to spend in your first year in Canada.