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.
Tuition for the first year at a Canadian post-secondary university can be as high as $15,000 in most cases. Immigration, Refugees, and Citizenship Canada (IRCC) the applicants are required to show a living expenditure fund of approximately $10000. This implies you'll have to prove a total of $25,000 to back up your application for a study permit in Canada.
Canada also allows student applicants to sponsor their families. For this, you must demonstrate that you can support yourself (and any accompanying spouses or family members) while studying in Canada. International students must show proof of funds of at least $25,000 in their bank accounts or on their sponsor's account statement to study at a Canadian high school in 2022-23. A separate sum of money is required for the accompanying spouse and each dependent kid.
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.
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
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
Any of the four documents listed below may be combined with another to establish sufficient proof of funding:
1. Bank Account Statements
Your bank account statements or your sponsors' bank account statements for a specified period may be required by the visa officials or the university. The statements should be written in the name of the person.
The bank statements should be a scanned copy of the original statement that has been stamped and signed by the bank. The bank statement must be original, printed on the bank's letterhead, and signed by the bank in order to prove financial capacity. It should also explicitly mention the duration (typically 6 months' bank statements) that the embassy or university requires.
Check out this quick interactive video explaining the right age to apply for a study visa in Canada!
2. Loan Approval Letter
As proof of money, you can also give a Loan Approval Letter. Obtaining it from the bank where you applied for the loan should not be difficult. While banks may have a standard structure, the letter should normally reflect the bank's acceptance of the precise amount loaned to you for your higher education overseas.
On the bank's letterhead, the loan approval letter must be signed and stamped. It must also include the amount to be disbursed in the student's name, as well as a pledge to disburse cash as agreed.
3. Scholarship Letters
If you have been awarded a scholarship, you can upload your scholarship letter as proof of financial capacity. The university, donor agencies, or institutions awarding the scholarship normally provide this letter. If you have received a government scholarship or grant, you must include a copy of it with your application.
4. Loan Capability Certificate
A lending capacity certificate differs from a loan approval letter in a few ways. If a financial institution or bank issues you a capability certificate, it means the bank is willing to lend you money if you get accepted to a university overseas. The Loan Capability Certificate should include your name, loan eligibility, and the financial institution's prima facie assurance to grant the loan. On the bank's letterhead, it should also be stamped and signed.