Financial Proof?

[resilientflora]

Hello all,

Due to COVID I've been receiving government help on top of a part time job (I'm a US Citizen), and just secured a higher paying job starting July, so by the time I am planning to enter Canada, I will have paid tuition and have the funds necessary. Currently, I only have approximately $10K CAD in my accounts right now and have yet to pay tuition (the school has not yet charged this year's tuition so I actually cannot pay it until later in July). I am still making money from my job(s) but don't know how to prove that I will have enough by the time I enter.

My questions are:

• Do I need to have $10K CAD in my account before even applying for a study permit?
• What are the best documents to prove financial stability? I've listed them below for reference
  • your bank statements for the past four months
  • a bank draft in convertible currency
  • pay stubs
  • an employment letter
  • proof of assets or business
  • proof of payment of tuition and accommodation fees
  • tax reports, declarations or statements
  • proof of a student/education loan from a financial institution
  • a letter from the person or institution providing you with money
  • proof of funding paid from within Canada, if you have a scholarship or are in a Canadian-funded educational program
  • proof of a Canadian bank account in your name if money has been transferred to Canada
• What happens if I don't have $10K + tuition at the time of application?

Thanks everyone!

 

[scylla]

Hello all,

Due to COVID I've been receiving government help on top of a part time job (I'm a US Citizen), and just secured a higher paying job starting July, so by the time I am planning to enter Canada, I will have paid tuition and have the funds necessary. Currently, I only have approximately $10K CAD in my accounts right now and have yet to pay tuition (the school has not yet charged this year's tuition so I actually cannot pay it until later in July). I am still making money from my job(s) but don't know how to prove that I will have enough by the time I enter.

My questions are:

• Do I need to have $10K CAD in my account before even applying for a study permit?
• What are the best documents to prove financial stability? I've listed them below for reference
  • your bank statements for the past four months
  • a bank draft in convertible currency
  • pay stubs
  • an employment letter
  • proof of assets or business
  • proof of payment of tuition and accommodation fees
  • tax reports, declarations or statements
  • proof of a student/education loan from a financial institution
  • a letter from the person or institution providing you with money
  • proof of funding paid from within Canada, if you have a scholarship or are in a Canadian-funded educational program
  • proof of a Canadian bank account in your name if money has been transferred to Canada
• What happens if I don't have $10K + tuition at the time of application?

Thanks everyone!

To apply for the study permit successfully, you need to show a bank balance that covers first year tuition + $10K in living expenses. IRCC wants to see a bank statement confirming you have these funds.

If you don't have first year tuition + $10K when you apply for the study permit you can expect refusal.

 

[resilientflora]

To apply for the study permit successfully, you need to show a bank balance that covers first year tuition + $10K in living expenses. IRCC wants to see a bank statement confirming you have these funds.

If you don't have first year tuition + $10K when you apply for the study permit you can expect refusal.

Thanks for this! I’m not entirely sure what tuition will be as it’s not yet confirmed for the entire year, but I’m guessing that doesn’t matter to anyone.

basically what I’m hearing from you is that even before applying, I need to have $10K + tuition in the bank - not by the time I arrive. Is that right?

thanks again!

 

[jweekend]

Thanks for this! I’m not entirely sure what tuition will be as it’s not yet confirmed for the entire year, but I’m guessing that doesn’t matter to anyone.

basically what I’m hearing from you is that even before applying, I need to have $10K + tuition in the bank - not by the time I arrive. Is that right?

thanks again!

Yes at the time of application you need to show you have the minimum required funds plus tuition fees and enough funds to support yourself.


having less than 10k plus tuition fees is straight refusal of your study permit. However having 10k and tuition fees in your bank account doesn't mean that you'll be approved. So in reality you need alot more than 10k.

 

[scylla]

Thanks for this! I’m not entirely sure what tuition will be as it’s not yet confirmed for the entire year, but I’m guessing that doesn’t matter to anyone.

basically what I’m hearing from you is that even before applying, I need to have $10K + tuition in the bank - not by the time I arrive. Is that right?

thanks again!

Yes - you must have these funds at the time you apply for the study permit (not by the time you arrive). You must include proof you have these funds as part of your study permit application, To be approved, IRCC needs to see you have enough funds to pay for your studies and also cover your living expenses.

 

[resilientflora]

Yes - you must have these funds at the time you apply for the study permit (not by the time you arrive). You must include proof you have these funds as part of your study permit application, To be approved, IRCC needs to see you have enough funds to pay for your studies and also cover your living expenses.

Hi there,

Thanks so much for taking the time to reply to both my threads. Yes, I actually have the full amount + tuition and am looking to get a letter of support from my institution as well.

Thanks again!

 

[Tresh]

Yes - you must have these funds at the time you apply for the study permit (not by the time you arrive). You must include proof you have these funds as part of your study permit application, To be approved, IRCC needs to see you have enough funds to pay for your studies and also cover your living expenses.

What if one pays 1 year tuition before application, do you need to show the next year tuition fee in your bank account as well when applying for study permit? 2ndly, is it advisable to move all your money in one account or can you submit bank statements for all the accounts where your money is?