Canada is a popular choice for overseas students seeking a high-quality education. Not only does Canada offer high-quality education, but it also gives several options for those who want to stay in the country after completion of their degree.
However, proof of sufficient funds to cover tuition and living expenses is necessary to pursue studies in Canada. Your ability to sustain yourself financially when you arrive in Canada plays a big role in your prospects of getting a student visa or study permit. It is critical to be able to demonstrate that you have unencumbered finances during your stay in Canada.
In most circumstances, the first year of tuition at a Canadian post-secondary university can cost up to $15,000. Applicants must present a living expense fund of around $10000 to Immigration, Refugees, and Citizenship Canada (IRCC). This means you’ll have to prove a total of $25,000 to support your study permit application in Canada.
Student applicants in Canada can also sponsor their families. You must show that you (and any accompanying spouses or family members) can support yourself while studying in Canada. To study in a Canadian high school in 2022-23, international students must produce proof of funds of at least $25,000 in their bank accounts or on their sponsor’s account statement. There is a distinct sum of money.
What is Proof of Funds (POF) for a Canadian Study Visa?
One of the most basic prerequisites for a Canadian student visa is proof of sufficient cash. As an international student, you must demonstrate that you have the financial resources to pay for both your university tuition and your living expenses while in Canada.
On a one-time basis, the school where you registered will also want confirmation of funding. Proof of Funds is documentation that shows you can afford to study in Canada. Although there is no standard list of documents to prove proof of finances, there are numerous ways to do it.
To establish financial adequacy, you can submit the following supporting evidence:
You can present the following supporting evidence to demonstrate financial sufficiency:
- bank account statements from the account that are in your name if money has been transferred to Canada
- proof of education/student loan from a financial institution
- your bank account statements for the past six months
- bank drafts
- evidence of payment of tuition and accommodation fees
- a letter from your sponsor or institution providing you with sponsorship
- evidence of funding paid from within Canada if you are in a Canadian-funded educational program or have a scholarship.
Supporting documents accepted as proof of funds in 2022-23
Statements from Bank Accounts
The visa officials or the institution may request your bank account statements or the bank account statements of your sponsors for a defined period. The declarations should be written in the person’s name.
The bank statements should be a scanned copy of the original statement with the bank’s stamp and signature. To demonstrate financial capacity, the bank statement must be authentic, printed on the bank’s letterhead, and signed by the bank. It should also explain the length of time the embassy or university requires (usually six months’ bank statements).
- Letter of Acceptance for a Loan
A Loan Approval Letter can be presented as proof of funds. It should not be difficult to obtain from the bank where you applied for the loan. While banks may have a set format, the letter should usually show the bank’s acceptance of the exact amount loaned to you for your international higher education.
Loan approval letters must be signed and stamped on the letterhead of the bank. It must also state the amount to be disbursed in the student’s name, as well as a promise to disburse funds according to the agreement.
- Letters of Scholarship
You can attach your scholarship letter as proof of financial capacity if you have been given one. This letter is usually sent by the university, donor agencies, or institutions that give the scholarship. You must provide a copy of any government scholarship or award you have received with your application.
- Certificate of Loan Capability
In a few areas, a lending capability certificate differs from a loan acceptance letter. A competence certificate from a financial institution or bank indicates that the bank is willing to lend you money if you are accepted to a university abroad. Your name, loan eligibility, and the financial institution’s prima facie guarantee to grant the loan should all be included on the Loan Capability Certificate. It should also be stamped and signed on the bank’s letterhead.