Passage’s Tuition-Only Loan helps you cover your tuition fees. To qualify, you must show that you have enough funds to cover your living expenses for the first year of study. This is required if you’re applying from outside Canada and don’t have a guarantor or Canadian financial history.
✅ Preferred Proof of Funds for a Passage Tuition-Only Loan
GIC from a Canadian bank - A Guaranteed Investment Certificate from a recognized financial institution (strongest option)
Proof of a Canadian bank account – In your name, if you’ve transferred money to Canada
Recent bank statements – Covering at least the last four months
Passage Living Cost Loan – You may apply for a Living Cost Loan instead
Bank draft – Converted into Canadian dollars
Proof of a student loan or scholarship – Specifically for living expenses
Proof of payment – For housing costs or other required living expenses in Canada
Letter of financial support – From a school or educational program confirming funding
💰 Minimum Living Expense Requirements
To be eligible for a Tuition-Only Passage Loan, you must show that you can cover your annual living costs based on the number of family members accompanying you, including yourself.
1 person — CAN$20,635
2 people — CAN$25,690
3 people — CAN$31,583
4 people — CAN$38,346
5 people — CAN$43,492
These figures follow IRCC guidelines for all provinces and territories except Quebec, and do not include tuition costs.
📌 Key Requirements for Proof of Funds
The name on all financial documents must match the applicant.
If someone else is providing financial support (e.g., parent or sponsor), submit a support letter that includes the amount and nature of support, the supporter’s government-issued ID, and proof of the relationship (such as a birth certificate or legal document).
All amounts must be in Canadian dollars or include a currency conversion letter from a financial institution.
Bank statements must be recent — ideally issued within the last 2 weeks before submission.
A 4-month transaction history is preferred; if not available, provide a written explanation.
Minimum required funds vary based on family size (e.g., $20,635 for a single applicant).
Business bank statements are not preferred. If submitted, you must also provide proof of business ownership and an explanation for using business funds.
📝 Final Checklist Before Submission
All documents are official, recent, and verifiable
Proof of funds meets or exceeds the required minimum amount
Support letters are included if using funds from another person’s account
The confirmation checkbox is marked in the application form
Guarantor information is included if used in place of proof of funds