Proof of funds for Canada Student Visa: International students seeking a top-notch education frequently choose Canada as their destination. Canada offers high-quality education and many options for students who wish to remain in Canada after completing their degrees.
What is Proof of Funds (POF) for a Study visa in Canada?
Proof of sufficient funds is one of the most basic requirements for a Canadian student visa. As an international student, you must show that you have the financial means to cover not only your university tuition but also your living expenses during your time in Canada.
The school where you registered will additionally want proof of funding on a one-time basis. Proof of Funds refers to evidence that you would be able to afford to study in Canada. Although there is not any standard list of documents to show POF, there are many ways by which you can show proof of funds.
Why is Proof of Funding Required?
IRCC requires proof of funding to ensure that international students can afford to pay for their education and living expenses in Canada. This requirement helps filter out the students who possess the funds to complete their education in Canada from the ones who cannot afford it and may misuse their student visas for other purposes.
How much do I need as my proof of funds to support my studies in Canada?
As per the CIC website, you need to show the minimum funds of 1 year + 1 year cost of living. I have here the sample computation from CIC website. If you have a huge family coming to Canada, you are expected to show more funds
2. If I will study for two (2) years, do I need to show two (2) years of total expenses/funds?
Ideally, yes! This will give you more chances of getting your study permit, since you can show that you have the capacity to support yourself in your entire study and stay in Canada. If you don’t have cash in your bank for the entire two year’s of your studies, then maybe consider getting a sponsor, or assets, investments, or potential rental/income for your second year.
3. Do I need to explain the big deposit in my bank account?
Yes! Ideally, they will check the incoming/outcoming transactions in your bank statements/ For example, if you have 10,000cad deposited in your bank account, this would be a ref flag, therefore explain in your study plan, where did the money come from. For example, it came from your parents, or maybe someone owed you and paid you within the last four months. Provide a letter from the person who deposited the money so that the immigration officer can verify that the transaction was true and authentic, and you are not just using that money to fake your proof of funds.
3. Can I use my FULL scholarship as my proof of funds?
Yes, you can use the scholarship as your proof of funds provided the right documentation. As stated on the CIC website, “proof of funding paid from within Canada, if you have a scholarship or are in a Canadian-funded educational program”. But this is a rare situation that someone will actually give an international student a full scholarship to study in Canada. Remember, your studies will be around 20-30,000cad in total, so you need to be realistic! 🙂
4. Can I use my property, investment, or rental income as my proof of funds?
If these investments are under your name, you can use it as your secondary proof of funds but not the primary one. The primary proof of funds should still cover the 1 year tuition fee + 1 year cost of living in Cash, CASH that you can actually liquidate anytime you need it.
5. I will live with my relative or friend, and they will provide a proof accommodation or food, do I still need to show my proof of funds for my living expenses?
Depends – if the sponsor will only provided the accommodation and food, keep in mind that you also need to spend for phone bills, transportation, books, and supplied. So I would make sure to provide a bank statement showing some funds that could cover my other expenses as mentioned. Ensure to ask for proper documentation from your sponsor:
a. Affidavit of Support.
b. Bank Statement (stamped by the bank)
c. Income tax return/T4
d. Pay slip/ Certificate of Employment
e. Identification document
6. I have a GIC, do I need to show my bank statement?
GIC is usually used for cost of living, if your available funds will not cover the entire funds required from you, then you need to show extra cash from your bank account, or maybe show some sponsors.
7. Can I open a GIC account from other than my home country?
A GIC is an investment account that offers a guaranteed interest rate over a fixed period of time. With the Scotiabank Student GIC Program you can invest between $10,000 CAD – $50,000 CAD. The money should come from your bank account. For example, you can send a wire transfer for $10,200 CAD from a financial institution in your home country to Scotiabank in Canada ($10,000 CAD for your Scotiabank Investment Account and $200 CAD for the program fee). If you are currently living in the UAE or Singapore, you can still buy a GIC using your home countries’ bank account. Also, you can check if there is a satellite branch in the UAE or Singapore, and ask for further instructions about GIC.
How to calculate the financial statement for a Canada student visa?
Financial statement for a Canada student visa requires the sum of one year tuition fees and one year living expenses in Canada. Here we are showing you the calculation method of bank statement for a Canada student visa.
If you are coming to Canada alone with a study permit:
Tuition fee per year + Proof of funds required = Total financial statement for a canadian student visa.
For example: $15,000CAD ( expected tuition fee per year)+ $10,000 CAD= $25,000 CAD.
If you are coming to Canada with your spouse:
Tuition fee per year + Proof of funds required + proof of funds required for the spouse = Total financial statement for a canadian student visa.
For example: $15,000CAD ( expected tuition fee per year)+ $10,000 CAD + $4,000 CAD= $29,000CAD.
If you want to study in Canada with spouse & one child:
Tuition fee per year + Proof of funds required + proof of funds required for the spouse + proof of funds required for the child = Total bank statement for a canada student visa.
For example: $15,000CAD ( expected tuition fee per year)+ $10,000 CAD + $4,000 CAD+$3,000 CAD = $32,000 CAD.
ALSO SEE: How to Get Canadian Student Visa