Study Permit – Proof of Financial Support
While gathering documents to satisfy the requirements of a study permit such as, an acceptance letter from the school you will attend and proof of your identity, you may wonder what documentary evidence you need to provide in order to prove your financial stability.
Many questions that have been brought up regarding the “proof of financial support” requirement is, how long do I have to maintain my bank account at the minimum amount? Can the amount I have be loans from friends and family? And what other documents can I provide to make my case stronger?
In order to study in Canada, you must show that you can support yourself as well as any family members who may be accompanying you to Canada. Some documentation you can provide in order to prove sufficient funds include,
- Evidence of funds in a Canadian bank account under your name
o The funds could be transferred from your other bank accounts
- Evidence of loans made to you by a financial institution
- Four months’ worth of bank statements
o To answer the question above, you have to provide four months of your bank statements which means that for these bank statements you should have the sufficient minimum requirement
- Proof of tuition payment and accommodation fees
o This will, of course, show that you have sufficient funds as you have already paid the amount showing that you can support yourself during your stay
- A letter from those who made a loan to you
o To answer the question above, you can loan money in order to satisfy the financial conditions
Depending upon whether you are coming alone or with your family members, the minimum amount required of you will vary. The more family you have accompanying you, the more funds will be required of you and vice versa.
If you have any further concerns regarding what is required of you when making a Study Permit application, Akrami & Associates may be of assistance. Call us today to book a consultation, because at Akrami & Associates, there is always a way.