How to provide proof of financial support/sufficiency to study in Canada?
According to IRCC, the base amounts include:
- The first year of tuition fees
- Travel expenses to get to and from Canada
- The minimum cost of living in Canada for one year
There are 8 different ways to prove financial requirement:
1. Proof of a Canadian bank account in the applicant’s name, if they have transferred money to Canada
2. A Guaranteed Investment Certificate (GIC) from a participating Canadian financial institution
3. Proof of a student or education loan from a bank
4. The applicant’s bank statements for the past four months
5. A bank draft that can be converted to Canadian dollars
6. Proof that the applicant has already paid tuition and housing fees
7. A letter from the person or school giving the applicant money for their living expenses and education
8. Proof of funding paid from within Canada if the applicant has a scholarship or is enrolled in a Canadian-funded educational program.
In cases that the money needs to be transferred from the student’s home country where an applicant’s home country uses foreign exchange control policy then the applicant must provide authorization that he or she is allowed to export funds for all expenses.
