When it comes to studying in Canada, one of the biggest challenges is having the money to do it. But even having a million dollars does not guarantee approval, if you don't show your proof of funds correctly. In this blog we will show you 5 legal and trusted methods, to show the Immigration Officer that you really have the funds to support your stay in Canada.
Tuition fee payment receipt
One of the most trusted ways is to pay your tuition fees in advance and us the payment receipt as proof. This way the Visa Officer can see that at least a portion of the tuition is already paid.
This proof will most likely not be questioned, as it is usually very difficult to get that money back from the school (in most cases only if your study permit got refused)
GIC Certificate from a bank
This is another highly trusted method to prove you have the money and is also unlikely to be questioned. Most big banks offer GICs(Scotiabank, CICB, BMO, RBC) It’s basically a savings account that you deposit CAD $10,000 to CAD $ 20,000 into and earn interest while it's sitting there. Once you enter Canada and visit their branch, they will pay you a small portion out and then a portion each month for one year. The idea is that the bank will only allow to withdraw a certain amount each month. This way it's hard to just quickly borrow money from someone and give it back. It also ensures that you can not spend all your savings quickly and then be broke. Lastly, the Visa Officer trusts the money is there, as a Canadian bank guarantees it.
See CIBCs product here: https://www.cibc.com/en/special-offers/international-student-gic.html
Show bank statements from a personal bank account
This is the most common way and should make out a portion of everybody's proof of funds.
You show that you have the money in your checking or savings account.
Noteworthy is that this money is accessible to you at any time and not fluctuating in value (do not use investments or similar)
The best way is to go to your bank in person and request a printed bank account statement or bank certificate:
- it should show your full name and address as the account holder
-
Have at least 4 months of transaction history for each account with no large recent deposits or withdrawals
- it should be a recent statement, no more than 1 month old
-
it should be stamped and signed by the bank.
NOTE If there are large deposits or withdrawals, explain them in your Letter of Explanation. Maybe a relative gave you a large sum or you just sold your car or a property.
Sponsorship
A sponsor can either support you financially or provide you with things like food and shelter, if they live close to the School you will be attending.
Show a letter from them explaining how and why they are supporting you and with how much money. Same as with your personal bank account, they should have the following:
it should show their full name and address as the account holder
Have at least 4 months of transaction history for each account with no large recent deposits or withdrawals
it should be a recent statement, no more than 1 month old
it should be stamped and signed by the bank.
If there are large deposits or withdrawals, explain them in their Letter of Explanation.
They also need to explain how they can afford to sponsor you, showing proof of income/employment and or owing their property helps. A Sponsor should not be a primary proof of funds.
Scholarship
There are some scholarships available for international students but it is important to know that this route is not easy and they usually do not pay for all your expenses. However if you have managed to get one, the Visa Officer will see this as trusted proof, as long as you provide the proper documents with it.
Scholarships are:
- Very program and country of origin specific
- Highly competitive
- require applying long in advance, doing extensive research, writing of letters justifying why you should get the scholarship, etc.
- If you can’t make it through the application process for the scholarships yourself, you likely won't get one.
This is a good website for Scholarships in Canada:
https://www.educanada.ca/scholarships-bourses/non_can/index.aspx?lang=eng
It is important that you explain all your proof of funds, no matter what they are and where they came from in your Letter of Explanation.
We recommend showing different types of proof of funds, and not just relying on a single one, especially if you just meet the funds requirements.
Here are some of the mentors that will help you make the perfect choice for you, click here to fill out an application and speak to a real human (ex-international student - Mc, and Dex) - and see if we're a fit to work together inside the SLE Premium Coaching Program.
Each student has a unique story and something valuable to share - hearing these testimonials will give you insights into studying at a university in another country, suggest potential challenges and rewards, and show you that no matter where you are from or what your background is, there are others just like you who have succeeded in doing so. Read on for some amazing stories!
