Proof of funds query

[Srattov112]

Hi everyone!


I have the following situation regarding proof of funds for study permit. we are 3 (including my 1 year old daughter) and the amount they are asking me is $31.583 for first year. I’m starting my MASc at University of Waterloo in September.

I don’t have all that money saved up and I don’t think I can save up that much in 6 months ( I will be selling all my furniture, car etc but it won’t be enough).

my situation is as follows:

1. I currently work and will maintain that salary for the 2 years of the program
2. I received a scholarship from the university to cover 75% of yearly tuition. This amount, after the first term will increase because of possible TA or RA options given by supervisor.
3. With these two conditions I’m able to cover the proof of funds but not up front ( since I won’t have the 31k)

Any suggestions for proof of funds?
I’ll add a letter explaining this situation with all my calculations of living expenses etc.

 

[Naturgrl]

Hi everyone!


I have the following situation regarding proof of funds for study permit. we are 3 (including my 1 year old daughter) and the amount they are asking me is $31.583 for first year. I’m starting my MASc at University of Waterloo in September.

I don’t have all that money saved up and I don’t think I can save up that much in 6 months ( I will be selling all my furniture, car etc but it won’t be enough).

my situation is as follows:

1. I currently work and will maintain that salary for the 2 years of the program
2. I received a scholarship from the university to cover 75% of yearly tuition. This amount, after the first term will increase because of possible TA or RA options given by supervisor.
3. With these two conditions I’m able to cover the proof of funds but not up front ( since I won’t have the 31k)

Any suggestions for proof of funds?
I’ll add a letter explaining this situation with all my calculations of living expenses etc.

1. What do you mean by work? Do you have employment secured with contract and salary per year?
2. You still need to show in the bank that you can cover the 25%.
3. Probably not.. IRCC wants to see cash in the bank as employment is future income, and something can happen where you cannot work. You want to show a minimum of $13k in the bank or through loans, not including tuItion.

Can you take out a loan? How can you calculate living expenses without being in Canada and know costs? Have you secured a lease? Is your wife planning on working? If so, look into daycare now. People wait years for a daycare spot.

 

[Srattov112]

Hi thanks for the response!
1. Yes secured employment, work in the navy and have been for 10+ years.
2. The other 25% I asked the navy to pay for first year. I have a 90% chance that my supervisor will give me a Research assistantship which means in January the scholarship covers 100% of tuition. However, this is not considered as proof of funds I’m guessing.
3. I don’t want to take out a loan but I can get sponsorship from father in law and parents.
4.$31k without tuition you mean?
4. I calculated the costs because I got in touch with students with family in Waterloo region and I also made a list of all the expenses I make here in my country and started getting prices from Canada to compare expenses (including housing, basic utilities, transportation etc), made a pdf with all the info.
5. My wife will work online with her current job
6. I already reserved daycare for January and for house residence from university. I also looked around waterloooregion but I believe he best thing to do is be there in person (thinking about going early august since September classes start).

 

[Srattov112]

Didn’t translate bottom table columns

annual income / annual expense / difference

 

[Naturgrl]

Hi thanks for the response!
1. Yes secured employment, work in the navy and have been for 10+ years.
2. The other 25% I asked the navy to pay for first year. I have a 90% chance that my supervisor will give me a Research assistantship which means in January the scholarship covers 100% of tuition. However, this is not considered as proof of funds I’m guessing.
3. I don’t want to take out a loan but I can get sponsorship from father in law and parents.
4.$31k without tuition you mean?
4. I calculated the costs because I got in touch with students with family in Waterloo region and I also made a list of all the expenses I make here in my country and started getting prices from Canada to compare expenses (including housing, basic utilities, transportation etc), made a pdf with all the info.
5. My wife will work online with her current job
6. I already reserved daycare for January and for house residence from university. I also looked around waterloooregion but I believe he best thing to do is be there in person (thinking about going early august since September classes start).

1. Canadian Navy? What does working in Navy have to do with funds? How can you work in the Navy while studying full-time? Future income is not funds. It is very clear on the IRCC site that you need to show $31k in the bank, GIC, loans etc.
2. Have you found an apartment? That is really low for rent and low for food for 3 people. What about transportation, cell phones/internet, daycare, baby supplies (diapers)? What do you mean by climate change savings? You cannot save that much.

 

[Srattov112]

1. Canadian Navy? What does working in Navy have to do with funds? How can you work in the Navy while studying full-time? Future income is not funds.
2. Have you found an apartment? That is really low for rent and low for food for 3 people. What about transportation, cell phones/internet, daycare, baby supplies (diapers)? What do you mean by climate change savings?
[/QUOTE

1. I’m from Chile, South America. I’m in the Chilean navy. I’m going to maintain salary while studying (win win situation)
2. I’ve found apartments for about 1500-1800, all that is included in tables. We’ve made our shopping list online and ebverything, looked at flyers etc

 

[Naturgrl]

But IRCC doesn’t consider future income. They want to see cash in the bank and over a period of time. You have underestimated living expenses but since you have found and secured housing that is good.

 

[Srattov112]

With our current salary we are living with about $53k a year in Chile soy I wouldn’t have problems living in Canada. How can I show this as proof of funds

 

[Naturgrl]

With our current salary we are living with about $53k a year in Chile soy I wouldn’t have problems living in Canada. How can I show this as proof of funds

You show proof of funds by following IRCC guidelines. No way around it. How much cash in the bank are you showing? What about coming with family?

Proof of financial support
You must prove that you can support yourself and the family members who come with you while you are in Canada.
You can prove your funds with

• proof of a Canadian bank account in your name, if you’ve transferred money to Canada
• a Guaranteed Investment Certificate (GIC) from a participating Canadian financial institution
• proof of a student or education loan from a bank
• your bank statements for the past 4 months
• a bank draft that can be converted to Canadian dollars
• proof you paid tuition and housing fees
• a letter from the person or school giving you money, or
• proof of funding paid from within Canada, if you have a scholarship or are in a Canadian-funded educational program

If your country uses foreign exchange controls, you must prove that you’ll be allowed to export funds for all of your expenses.

https://www.canada.ca/en/immigratio...y-canada/study-permit/get-documents.html#doc3

 

[canuck78]

Does your wife’s employer have any Canadian offices or clients or customers? Will they change how she is being paid when she moves to Canada and becomes a Canadian resident and tax resident. For example working as a consultant