When applying for a study permit in Canada, you must demonstrate that you have sufficient financial resources to support yourself and any accompanying family members throughout your entire period of study. This includes covering tuition fees, living expenses, transportation costs to and from Canada, and any other associated expenses. It is crucial to provide comprehensive and accurate financial documentation, as one of the most common reasons for student visa refusals is insufficient financial proof.
Key Requirements for Financial Proof
When preparing your application, include a clear and detailed explanation of your financial plan. This explanation should outline the sources of your funds and their equivalent value in Canadian dollars. It is essential to demonstrate that you have sufficient financial resources to support yourself and any accompanying family members throughout your entire period of study. You may include this information within your Letter of Explanation or as a separate cover letter accompanying your proof of financial support.
Passage Financial Coverage
When providing details about the costs covered by Passage, focus on these key aspects:
Tuition Support: Specify the amount allocated to cover tuition fees.
Living Expenses: If applicable, outline the amount provided for living expenses.
Distribution Method:
Tuition payments are sent directly to your school.
Monthly distributions for living expenses are deposited into your bank account.
To support your explanation, attach the following documents as proof of Passage financial support:
Your Passage Pass: Includes the proof of financial support letter, confirmation of living expenses, and confirmation of tuition fee, all available in your Passage profile.
Additional Financial Resources
You must detail any additional financial resources available to cover expenses not covered by Passage. These resources may include:
Liquid Assets: Such as recent bank statements from recognized financial institutions.
Illiquid Assets: Such as property or investments. While illiquid assets cannot be used as proof of funds, they may demonstrate ties to your home country or overall financial stability.
Bank Statement Guidelines
To strengthen your application, ensure that your bank statement adheres to the following criteria:
Covers at least the past 4 months (6 months recommended) of transaction history, showing withdrawals and deposits.
Demonstrates sufficient funds to cover all expenses not covered by Passage.
It is recent, authentic, and issued by a recognized financial institution.
Avoids large, unexplained deposits; if any exist, provide proof of their source.
Displays the account holder’s name. If the account belongs to a sponsor, include a sponsorship letter, evidence of their financial capacity, and documents demonstrating your relationship with the sponsor.
Repayment of Passage Loan
If you wish to explain your plan for repaying monthly loans from Passage during your education, it is essential to show that you are not relying on employment in Canada during your studies. Instead, your plan might include:
Financial support from family members.
Income from sources in your home country, such as employment or rental income from properties.
For additional details about proof of financial support, please refer to the IRCC website.