To study abroad in Canada as an international student, you must show adequate proof of financial support (also sometimes called ‘proof of funds’). Your available funds must cover both your study costs and living expenses, plus a minimum amount for any family members who plan to come with you. Although international students may often work part-time while studying, most part-time salaries can’t cover all your costs.
That’s why immigration officials will evaluate your proof of financial support as part of your application. Providing adequate proof of funds is important: Immigration, Refugees, and Citizenship Canada (IRCC) shared that since 2023, nearly 20% of student visa rejections were because IRCC wasn’t convinced the applicant had enough funds to pay for their studies. Don’t let this happen to you—learn how to prepare for this assessment below.
Check out our undergraduate and postgraduate guides to the full application process for international students in Canada.
What Does ‘Proof of Financial Support’ or ‘Proof of Funds’ Mean?
Proof of Financial Support (or ‘Proof of Funds’) refers to your ability to support yourself—and any family coming with you—while studying abroad. Immigration officials will look to ensure you have enough money to cover at least your first year of tuition and living expenses in Canada. They will also look for financial patterns which indicate that you (or the people supporting you, like your parents) have the necessary income to support your study abroad journey.
Note: As of January 1, 2024, cost of living expenses have increased in Canada. To prove your financial capacity, the minimum financial requirements for students increased from C$10,000 to C$20,635.
In general, it helps to show sufficient funding for multiple years, if your program is longer than a year. Immigration officers are more likely to approve applicants who appear capable of financing the full length of their program. So, even if you don’t have all the money up front, showing that it’s likely you’ll have it in the future can help your application.
Want to know how much rent, utilities, groceries, and more might cost while studying in Canada? Find out more about the cost of living in Canada in our updated blog. Also check out our recommendations on how to budget as an international student in Canada.
How Can I Show Proof of Financial Support?
Depending on where you choose to study and your personal circumstances, you can prove your capacity in different ways. Eligible financial documents 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
- A Guaranteed Investment Certificate (GIC) from a Canadian bank
- 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 with a GIC
A Guaranteed Investment Certificate or GIC is one of the most reliable documents you can provide to prove adequate financial support.
What is a GIC? GICs are a type of investment product that’s available in Canada, similar to a Certificate of Deposit in the United States. GICs guarantee the return of your initial investment, plus a specific rate of return on your investment over a pre-set amount of time. (Essentially, you’re lending the money to the bank, and you’re paid interest in return.)
Note: A Canadian GIC is not the same as a GIC in the US. While they share acronyms and some characteristics, these Canadian investments aren’t the same as a Guaranteed Investment Contract, which is an agreement between an insurance company and an investor in the US.
ApplyBoard has partnered with the Royal Bank of Canada (RBC) and Toronto Dominion (TD) Bank to strengthen your study permit application with the added trust and security of a GIC.
Strategies for a Strong Application
Want to learn more about how you can strengthen your proof of financial support, aside from using a GIC? Here are some of our top tips:
Provide Multiple Original Bank Statements
As noted above, a common form of proof is multiple original bank statements. This helps the team reviewing your application understand your financial history, or that of those who are supporting you.
Include Explanations for Large Transactions
If there are unusually large deposits or withdrawals shown in the bank statements you plan to provide, it’s a good idea to include a note explaining what the large transactions relate to. In general, it’s important to establish that the money needed wasn’t suddenly deposited just for your study permit application.
Detail 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, as well as 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.
Learn more about how to improve your study permit application by understanding the top 5 reasons Canadian student visas are rejected.
With these strategies, you can make your study abroad application convincing from a financial perspective. Best of luck on your student journey!
Considering a GIC for your Proof of Financial Support? Click the links to find out more about the RBC International Student GIC Program and the TD International Student GIC Program.
