Proof of Financial Support to Study Abroad

International students who wish to study abroad in Canada must provide adequate proof of financial support. Your funds must be enough to cover for both your studies and living expenses, as well as a minimum amount for any accompanying family members. Even though there are part-time jobs for international students, most part-time salaries are inadequate to pay for all of your expenses.

Therefore, as part of your application, immigration officials will review your proof of financial support. This needs to be accurate, so pay attention: Immigration, Refugees, and Citizenship Canada (IRCC) reported that between 2019 and 2021, 10% of student visa applications were rejected because IRCC was doubtful the applicant had adequate funds to pay for tuition. Learn how to prepare for this evaluation below to avoid experiencing this.

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What Does ‘Proof of Financial Support’ Mean?

Your ability to support yourself while studying abroad is shown in your proof of financial support. Immigration officials will be searching for funds to cover for at least your first year of tuition and living expenses in Canada, as well as for financial proof that show you (or the persons sponsoring you, like your parents), have the required income. Do you intend to bring your family? You’ll need to demonstrate your ability to provide for them financially as well.

In general, if your program is more than a year, it helps to demonstrate enough funding for multiple years. Immigration officials are more likely to grant visas to applicants who demonstrate their ability to pay for their programs for the full term.

Therefore, even if you don’t have the whole amount of money now, demonstrating that it’s possible you will in the future can help your application.

Budgeting

In all Canadian provinces and territories (with the exception of Quebec), you must be able to show that you have the necessary funds to pay the program’s annual tuition plus living expenses for one person up to C$10,000. Would you like to bring a family member? For the first family member, you will require an additional C$4,000 each year, and for each additional member you will need C$3,000.

The numbers are slightly different if you’re planning to study in Quebec. Depending on your living situation,  here we’ve broken down the costs in a list:

• You’re under 18: C$6,569 in living expenses per year, plus the cost of tuition
• You’re over 18: C$13,134 in living expenses per year, plus the cost of tuition
• If there are 2 adults: C$19,264, plus the cost of tuition
• 2 adults and 1 minor child: C$21,579, plus the cost of tuition
• 2 adults and 2 children: C$23,290, plus the cost of tuition

How Do I Provide Proof of Financial Support?

You can prove your capacity in a different ways, depending on where you decide to study and your personal circumstances. Financial documents that are acceptable include:

• Proof of a Canadian bank account in your name with the required amount in it
• Proof of a student or educational loan from a bank
• Bank statements from the past four months
• A bank draft that may be converted into local currency
• Proof that you’ve paid tuition and housing fees
• A letter from the person or school giving you money
• Proof of funding paid from within the destination country, if you have a scholarship or are in a government-funded educational program

Show Your Proof  of Financial Support with a GIC

If you’re eligible for Canada’s Student Direct Stream visa process, you must provide proof of a C$10,000 Guaranteed Investment Certificate, or GIC, as your proof of financial support. Those applying through other visa streams may also choose to show their proof of financial support through a GIC.

GICs are a sort of investment that is available in Canada and is similar to a Certificate of Deposit in the US. The return on your initial investment and a particular rate of return over a predetermined period of time are both guaranteed by GICs. (In essence, you are lending the bank the money and getting interest in return.)

The Guaranteed Investment Contract, which is a contract between an insurance company and an investor in the US, is not the same as these Canadian investments, despite the fact that they have share some similarities and acronyms in common.

Strategies for a Strong Application

1. Multiple Original Bank Statements

Multiple original bank statements are a typical kind of proof of financial support, as mentioned above. This aids the group examining your application in comprehending your financial background or that of individuals who are financially supporting you.

2. Explanations for Large Transactions

It’s a good idea to attach a note explaining the purpose of any unusually large deposits or withdrawals. In general, it’s critical to prove that the required funds weren’t suddenly deposited for show.

3. Proof of Employment and Savings

If someone else (like your parents or a family member) is supporting you, include proof of their employment and savings as supporting documents. If they run a business, you should also include documents that show the business’ projected revenue, and proven revenue from the last couple of years. These help you to establish the business’ history and legitimacy. Supporting documents may include corporate reports, taxes, or financial statements.

These strategies help strengthen the proof of financial support from a financial perspective for your study abroad application. Wishing you well as you pursue your education! If you want to start your Canada application and you needed a professional team to handle it for you and for your proof of financial support to study abroad. kindly click here

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