How much money do I need to show for my study permit application?
How many months of bank statement is required?
What is the minimum funds or money required to apply for a study permit?
How can I proof I have enough funds to apply for a Canadian Study permit?
What should be included in a letter of financial support for a Canadian Study Permit?
Who can provide me with a proof of financial support letter?
Whats the estimated cost of living in Canada for students?
These are all questions prospective international students to Canada have to answer before submitting their application for Canadian study permit. Proof of financial support for study permit is very important and crucial for the success of your Canadian study permit application. You must show that you can support yourself (and the family members who accompany you- if any ) while you are in Canada studying. Proof of sufficient funds or Proof of Financial can be shown through any of the following;
proof of a Canadian bank account in your name if money has been transferred to Canada;
proof of a student/education loan from a financial institution;
your bank statements for the past four months;
a bank draft in convertible currency;
proof of payment of tuition and accommodation fees;
a letter from the person or institution providing you with money; and
proof of funding paid from within Canada if you have a scholarship or are in a Canadian-funded educational program.
Employment letters showing how much your sponsor makes or just a letter from your sponsor stating that they will sponsor you will not be sufficient proof of funds to the immigration officer. This is because neither of this documents show that there are funds available for sponsor you. This is why bank statements showing fund balance and source of the funds is one of the best proof of funds for applying for a Canadian study permit.
Financial support can come from parents or relatives. The key is to proof that the stated funds in sponsors letter is in deed available through bank financial statements and the sources of the money can be traced. E.g showing inflow from salary payments in the bank statements. It is also very important to include proof of your relationship with your sponsor.
Determining the right amount of funds to show is also very important. Therefore, in addition to your tuition cost, below is the minimum amounts that you will need to cover your living expenses while in Canada.
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