Pro Tips In Preparing Your Proof Of Finances For Study Permit Applications

When preparing a study permit application, it will not surprise you that you must show that they you have the financial capacity to support yourself during your studies in Canada. You can demonstrate this through bank statements and/or Guaranteed Investment Certificates. 

Immigration, Refugees, and Citizenship Canada (IRCC) requires this to ensure that incoming international students support themselves throughout their studies without having to rely on social assistance while in Canada.

What Documents Do I Have to Prepare?

You must present evidence that you have the financial capacity to pay for your living expenses and tuition through their bank statements. 

When submitting these documents, make sure that the contents are readable – especially the account number, account name, and balance.

Look for your local visa office instructions. Each visa office outside Canada requires different documents. Some visa offices require bank statements spanning six (6) months past while others require less.

You can find your local visa office instructions by visiting this link: https://www.canada.ca/en/immigration-refugees-citizenship/corporate/contact-ircc/offices/international-visa-offices.html.

When you find your local visa office, click on it. Read the next page carefully and find the prompt to your local visa office instruction guide. What you are looking for is a checklist for a study permit application.

IRCC wants to see your banking history to determine if your funds were not recently deposited to make it seem that you have money, but you do not. The visa officer must be satisfied that the funds were not put there for show.

If your bank statements show large movement of funds, explain them. If you have documents that support your explanations, include them. Examples are commissions, dividends from investments, proof of sale of property among other things.

Next, create a table of contents for all your bank statements and other evidence of financial means. This will help the visa officer understand the documents you submitted. At the bottom of the table, add the numbers up. The total amount is what you may use in your application form for a study permit.

How Much Should I Have?

The study permit instructions state that applicants must show proof of sufficient funds for the first year of studies. However, you must satisfy a visa officer that you have a high probability of financing the whole duration of your studies.

In other words, you must show evidence that even if you do not have the funds now, that you will receive funds in the future to finance your studies. For example, if your family has a business, you must show evidence of the revenue projections along with proven revenues made in the last few years. This may be done by submitting documents such as financial statements, tax filings, and corporate reports.

If you are receiving support from your parents and their primary source of income is their employment, you must show their proof of source of income, along with their savings.

You can read more on the IRCC's requirements for the proof of financial sufficiency here: https://www.canada.ca/en/immigration-refugees-citizenship/corporate/publications-manuals/operational-bulletins-manuals/temporary-residents/study-permits/assessing-application.html

If you have any questions about your proof of finances, please book a consultation with us. We will be happy to assist.