How to Get Proof of Financial Support for Your Canadian Study Permit

March 19, 2025

Thinking about becoming an international student in Canada? Before you begin applying, make sure you understand everything you may need to provide along the way. From biometric requirements to a study plan, there are many documents that go into a complete student visa application!

One of the key things you’ll need to submit when applying for your Canadian study permit is “proof of financial support” or “proof of funds.” In fact, according to Immigrations, Refugees and Citizenship Canada (IRCC), over 40% of students who had their Canadian study permit application rejected in 2023 and early 2024 were refused due to a lack of proof of financial support.

Why was this such a common refusal reason? And what are some ways to increase your chances of study permit approval? We’ll answer these questions below, and we’ll show how ApplyBoard can help you get verifiable proof of financial support with a Guaranteed Investment Certificate (GIC).

Find out more about GICs and how they can help you study in Canada.

How Does Proof of Financial Support Work?

Proof of financial support, sometimes also called proof of funds, means showing that you have enough money to take care of yourself while you study abroad. Destination countries also want to make sure that you or the people helping you (like your parents) have a steady income. Most major study abroad destinations have some kind of financial support requirement, including Canada.

Immigration officers are more likely to approve your visa if you have the funds to support yourself for the entire length of your program. If you’re planning to bring dependents (like your children or partner) with you, you’ll need to prove you can take care of them too.

That said, don’t worry: you don’t need to have the funds for your entire study duration ready when you apply. You’ll need to meet the minimum financial requirements for your first year of study (C$20,635), and you’ll also need to prove that you’ll be able to secure additional funds in future years (from working part-time, getting more funds from family, or other means).

Ways to Show Proof of Financial Support

Depending on your circumstances, you can show proof of financial support by providing any of the following financial documents:

A Guaranteed Investment Certificate (GIC) from an eligible Canadian bank
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 study program)

While all of these documents can meet proof of funds requirements, using a GIC is one of the most reliable ways to strengthen your study permit application.

Banking Terms and Definitions

Before we dive into what a GIC is, let’s go over some financial terms related to showing proof of financial support:

Bank statements: A type of report from the bank that shows how much money you have in your account and all the transactions you’ve made.
Savings account: A bank account where you can keep your extra money. The bank keeps it safe and helps it grow a little by giving you a small amount of interest over time.
Interest: Extra money that you get over time when you keep your funds in a bank or invest it. You can think of it as payment for letting the bank use your money. It’s important to note that not all types of bank accounts offer interest.
Stocks: Small percentages of ownership in a company that you can buy. If the value of the percentages increases or decreases, you will either make or lose money.
Mutual funds: Money invested by many people that are used to buy different types of investments, where everyone who invested in it will either make or lose money.

Just getting started planning your finances? Read about some important financial questions to ask when you’re planning to study abroad.

GICs for Proof of Financial Support

In most cases, the most reliable proof of financial support involves banks. For example, you could open a Canadian bank account under your name, secure a loan from a bank, or provide bank statements. However, there’s one especially easy banking solution for students who need to show proof of financial support: a Guaranteed Investment Certificate (GIC).

What is a GIC?

A GIC is a type of secured investment that offers a fixed interest rate for money that’s invested over a set length of time. This means that if you deposit money into your GIC account, you’ll not only receive your deposit back (which is why it’s called a “guaranteed investment”), but you’ll also gain additional money by keeping it in the bank longer.

The interest you gain from a GIC is often higher than what you might receive from a savings account, but you won’t be able to withdraw money whenever you want. However, GICs are more secure than stocks or mutual funds because you’ll never risk losing the money you put in.

Lastly, a GIC is one of the most reliable and verifiable ways to show proof of financial support. Talk about a win-win scenario!

How to Apply for a GIC

Thinking about getting a GIC to support your student journey in Canada? ApplyBoard has partnered with the Royal Bank of Canada (RBC) and Toronto Dominion (TD) Bank, two of Canada’s largest banking institutions, to help international students like you get proof of financial support.

Here’s how to apply:

Submit your program application to an eligible Canadian university or college.
Once you have your letter of acceptance (LOA), you can begin your GIC application with RBC or TD through ApplyBoard.
Complete and submit your GIC application.
After approval, set up your investment account following the instructions provided by the bank.
Once your account is set up, deposit funds in your GIC account and activate your account.
When you submit your study permit application, be sure to include your new GIC documentation to strengthen your submission.
Once you’ve got your study permit and arrive in Canada, visit your nearest RBC or TD branch in Canada to set up your GIC payments.

We hope this guide has helped you better understand what your proof of financial support options are for your Canadian study permit. Remember: GICs are one of the easiest ways to strengthen your study permit application, so be sure to check out our partnerships with RBC and TD. Best of luck on your study journey!