One of the most important factors that you'll need to consider is providing accurate proof of funds to demonstrate that you have the financial resources to support yourself while studying in Canada. However, many applicants make common mistakes that can lead to their applications being refused. Being aware of these mistakes will increase your chances of success!
How to Calculate Your Proof of Funds
To calculate your proof of funds, you need to add up all the money that you have available for your studies, including tuition fees, living expenses, and travel costs.
For example, if you are coming to Canada by yourself for a 1-year course with tuition fees of $20,000 CAD, IRCC will also expect you to have CAD 20,635 for your living expenses, and say your plane ticket costs $2,000 CAD. That means that you need to show a minimum of $42,635 CAD readily available.
Now that you have a clear idea of how much you need, the next step is to determine who can sponsor your studies. Fortunately, there are several options available to you as a prospective student. You may choose to sponsor yourself or consider other potential sponsors such as your
Parents,
Spouse or common-law partner,
Close relatives like aunts, uncles, cousins, or siblings,
Your own business (if you are an entrepreneur),
Your employer,
Government agencies,
Loans (such as power), or even
Countries.
It's essential to keep in mind that regardless of who is providing the funds, your proof of financial support should be in the form of liquid assets. This means that your assets should be readily available, such as cash, stocks, bonds, guaranteed investment certificates, or mutual funds. By ensuring that your proof of funds meets these criteria, you will be well-equipped to provide the necessary documentation and demonstrate your ability to support yourself during your studies in Canada.
Before submitting your study permit application, be sure that you have not made these 5 mistakes!
By avoiding these common mistakes, an applicant can increase their chances of getting their study permit application approved. It's crucial to understand the importance of providing accurate and reliable proof of funds to demonstrate an applicant's ability to finance their studies in Canada.
There's more to a successful application than just proof of funds, though! If you have admission and are starting to put together your application, Book a consultation with one of our Regulated Canadian Immigration Consultants to guide you on how to package a strong and convincing study permit application. See you in Canada!