Proof of financial support for the Canadian student visa

“What do I need to show as proof of financial support for a Canadian student visa?

International students planning to study in Canada must meet several requirements before creating and submitting their study permit application to IRCC, including proof of funds or financial support. IRCC currently accepts evidence in many formats, and students should carefully understand each of these formats and requirements to ensure they provide evidence in an acceptable manner.

The proof of funds requirements for a Canadian student visa have been updated for 2024. Here are the new requirements:

Students coming alone to Canada: 20,635 CAD per year (excluding tuition fees).
The cost to bring a family member to Canada with you is 4,000 CAD per year (excluding tuition fees).
The cost for each additional family member coming to Canada is 3,000 CAD per year (excluding tuition fees).

Thus, a student coming to Canada with members of his family will have to prove that he has a certain number of 27,635 CAD plus tuition fees for each year of study.

IRCC requires proof of funding to ensure international students can afford to pay for their studies and living expenses in Canada. This requirement helps filter students who have the funds to complete their studies in Canada from those who do not and could use their student visa for other purposes.

You may be wondering how to show funds for Canada student visa. IRCC accepts proof of funds or proof of financial support in many different formats. This includes:

Proof that you have a Canadian bank account in your name. This account should contain the funds you intend to show.
A guaranteed investment certificate (GIC) from a Canadian bank such as Scotiabank, CIBC or ICICI Canada.
Proof of studies or student loan from a bank
Bank statements for the last four months
An official bank draft whose currency can be converted into Canadian dollars
Proof of payment of your tuition fees and accommodation
A letter written by the person or educational institution giving you money
Proof funds paid within Canada for candidates who have received a scholarship or been admitted to an educational program funded by Canada.

IRCC accepts the following documents as proof of financial support for the Canadian student visa. Each student visa proof of funds mentioned below has unique requirements, and students should fully understand each requirement before submitting these documents as proof of funding or support.

1. Bank statements

Bank statements offer the simplest method of providing proof of funds or financial support. Your local visa office may ask you to provide your bank account statements or your financial sponsor’s bank account statements for a certain period of months preceding your application. If you intend to provide bank account statements, you must ensure that the account is in your name.

This proof shows that you have the funds that you will use for your tuition and living expenses in Canada. Alternatively, it demonstrates that someone can finance your studies and stay in Canada.
These statements may be scanned copies of original statements stamped and signed by the bank. The original statement must be printed on official bank letterhead and specify the tenure period required by the visa consulate university.

2. Loan approval letters or disbursement letters

Students who do not have funds but can obtain a loan from a bank must provide a valid loan approval letter. You can purchase it from the bank that granted you the loan. However, this letter must specify that the bank has loaned you the specified amount to pursue higher education in Canada.

Like the bank statements mentioned previously, this approval letter must be signed and stamped by the bank and include its official letterhead. This letter must include the total amount to be disbursed and a promise to disburse the funds as specified.

3. Scholarship letters

Students who could obtain scholarships from the educational institution in which they will study must submit a valid scholarship letter. You can acquire this letter from the educational institution or donor agency offering the scholarship. Students who received a Government subsidy or the scholarship must provide a copy as proof of financial support.

4. Loan capacity certificates

Loan readiness certificates should not be confused with loan approval letters. Banks and financial institutions provide these loans to students if they are willing to give them loans on the condition that they get admission in a university abroad.

Let’s say you submit a Certificate of Loan Ability as proof of financial support for a Canadian student visa. In this case, you must ensure that it clearly states your name, your eligibility for the loan and the conditional promise of the financial institution to grant you the loan. As with other banking documents, this certificate must be stamped and signed on the official letterhead of the financial institution.

IRCC may reject your proof of funds for many different reasons. See the different proof of funds denial scenarios below:

Insufficient funds

The most obvious reason for refusing a student visa is lack of funds. As mentioned previously, students coming alone to Canada must have a minimum of 10,000 CAD plus funds to cover their tuition fees per year. Tuition fees in Canada vary between 20,000 CAD And 30,000 CAD per year, so you may need to show proof of at least 30,000 CAD Or CAD40,000depending on the educational establishment in which you are registered.

Offering proof of funds below this amount gives the impression that you will be able to support yourself and complete your studies in Canada. All international students must meet minimum funding requirements before submitting their application.

Group deposits

Students who make a large or “bulk” deposit into their account before submitting their student visa application are likely to be rejected. Such deposits make it appear that these funds do not belong to you and were simply added to the account for proof of funds purposes.

If you intend to transfer a large sum to your account and use it as proof of financial support for a Canadian student visa. You must ensure that the transfer has been made at least four months in advance.

Personal loans

Some international students can show proof of funds by obtaining personal loans. As mentioned earlier, you can get an education loan and use it as proof of funds. Some banks also provide personal loans for education purposes. However, IRCC often considers these loans to be different from official education loans. Providing a personal loan as proof of funds increases the chances of your student visa application being rejected, so this practice should be avoided.

Prospective international students may have difficulty choosing the right method to submit proof of financial support for the Canada student visa. Our team is led by a regulated immigration consultant who is familiar with the proof of funds formats accepted by IRCC. We can help you select the best proof of funds method for your particular situation. You can contact our approved experts here.