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 outlining the costs covered by Passage, focus on the key aspects. Keep the explanation concise and avoid including unnecessary details such as interest rates, repayment periods, or total repayment amounts.
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's 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.
Repayment of Passage Loan
You are required to provide a detailed explanation of your financial plan, outlining how you will repay the monthly loans from Passage during your studies. This explanation must demonstrate that you possess sufficient financial means to meet the monthly repayment obligations without depending on employment in Canada. Your plan may include sources such as:
Monthly financial support from family members.
Monthly income from sources in your home country, such as employment income or rental income from properties.
Additional Financial Resources
You must provide details of any additional financial resources available to cover expenses not covered by Passage. These resources may include:
Liquid Assets: These include 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
For additional details about proof of financial support, please refer to the IRCC website.
Disclaimer: The information provided is for general informational purposes only, should not be considered legal, financial, or immigration advice, and should not be relied upon. Passage is not a licensed immigration consultant and does not provide immigration or visa-related services. We make no representations or warranties, express or implied, regarding the accuracy, completeness, or applicability of the information provided. Immigration laws and policies change frequently; for the most up-to-date and personalized guidance, please consult a licensed immigration professional or visit the official website of Immigration, Refugees and Citizenship Canada (IRCC).