How do I show proof of funds for Canada study permit?

When applying for your study permit, you need to submit proof that you have enough funds to sponsor yourself throughout your stay in Canada.

With your proof of funds, you are assuring the Canadian authorities that you have the financial means to sustain yourself while in the country without depending on the Canadian social assistance system.

According to the Canadian government, your proof of funds should show enough money to cover your first-year living expenses, tuition fees and travel expenses.

In addition, it should come in an acceptable format. The format with which you can submit your proof of funds includes:

How do I show proof of funds for a Canada study permit?

To show proof of funds, you can submit:

• Your bank statements

Presenting your bank statement is one of the easiest ways to show proof of funds when you’re applying for a study permit.

If you have up to the required minimum amount for a student visa in your bank account then get your bank statement and submit it along with your application.

Make sure that the statements cover the last 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.

• 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.

• 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.

• 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.

• 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.

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

1. 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.
2. 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.
3. Translation: If your financial documents are not in English or French, you should provide certified translations to ensure clarity and understanding.