Are you still thinking about studying in Canada? If yes, you need to be aware of the importance of providing “proof of funds” when applying for your Canadian study permit. Surprisingly, 10% of students who applied to come to Canada between 2019 and 2021 were denied due to insufficient proof of financial support, according to IRCC. Therefore, Don’t let this happen to you – make sure you’re fully prepared!

But what does that even entail? And what are some ways to increase your chances of study permit approval? This could be your question, right? They will be addressed as you delve into this article

What is Proof of Financial Support?

Proof of financial support means showing that you have enough money to take care of yourself while you study abroad. They also want to make sure that you or the people helping you (like your parents) have a steady income.

However, Sufficient funds boosts your chances of getting your visa approved. Don’t worry if you don’t have funds for your entire study duration, you just need to prove you’ll have it in the future.

Note: You will need to show more If you are planning to bring dependents (like your family) with you.

Ways to Show Proof of Financial Support

The ways you can show proof of financial support can include the following financial documents:

• Proof of a Canadian bank account (in your name, with the required amount in it)
• Proof of a student or educational loan from a bank
• Bank statements from the past four months
• A bank draft that may be converted into local currency
• Proof that you’ve paid tuition and housing fees
• A letter from the person or school giving you money
• Proof of funding paid from within the destination country (if you have a scholarship or are in a government-funded educational program)

Banking Terms and Definitions for Proof of Funds

Understanding financial terms is crucial for demonstrating financial support. therefore, the key terms and definitions are as follow;

Interest: this is the cost of borrowing or the returns from an investment. Borrowers see it as the interest rate, while investors view it as the annual percentage yield. (APY).

Stocks: Small percentages of ownership in a company that you can buy, where if the value of the percentages increases or decreases, you will either make or lose money.

Mutual funds: Pooling money from multiple individuals to purchase various investments with each investor potentially gaining or losing money.

Bank statements: this is a type of report from the bank that shows how much money you have in your account and all the transactions you’ve made within a period.

Savings Account: A bank account where you can keep your extra money and the bank keeps it safe and helps it grow a little by giving you a small amount of interest over time.

GICs for Proof of Funds

Banks provide the majority of ways to demonstrate proof of financial support. however, applying for a student visa in Canada without a Guaranteed Investment Certificate (GIC) is not possible. therefore, With regard to Canadian visa applications, the GIC is a compulsory component. This involves opening a Canadian bank account under your name, obtaining a loan from a bank, or providing bank statements.

What is a GIC?

A Guaranteed Investment Certificate (GIC) is a Canadian financial product recognized for its unique attributes, offering a predetermined rate of return within a specified timeframe. in other words, GICs are characterized by their conservative risk profile, resulting in comparatively lower returns compared to more dynamic investment alternatives such as stocks, bonds, or mutual funds. 

In Canada, a GIC is a financial arrangement for studying. It involves depositing two years’ worth of fees and living expenses before obtaining full university acceptance and a student visa. However, This ensures timely tuition payment and provides a monthly living stipend. Therefore, a GIC of at least C$10,000 is a crucial requirement for the Study Direct Stream (SDS), proving your financial capability during your stay in Canada.

Why is GIC needed?

You need GIC for the following purposes:

How to Apply for a GIC

Step 1: Register for bank secured email service.

Register for the secure emails service of the Canadian bank. After registering, you will receive a password that you can use to access your protected email account. The GIC Application Form will be sent to your secure email account.

Step 2: Submit the Student GIC Program Application

After registering for a secure email account, you will then get an email with a link to the Student GIC Program application form. Students can submit the Student GIC Program application form online.

Step 3: Fund your account

Upon submission of the Student GIC Program Application, you’ll receive an ‘Investment Account Number’ along with funding details on your secure email. Fund the ‘Canada Student GIC Program’ account with C$10,000, plus C$150 as processing fee.

Step 4: Apply for Study Permit/Visa

Apply for the Canadian study permit/visa online and submit a copy of your ‘Investment Balance Confirmation’ along with your Study Visa application. The visa processing will be quick and convenient.

Step 5: Complete the documentation formalities in Canada

Upon your arrival in Canada, it is essential that you visit any of the bank branches and complete the necessary documentation formalities, such as opening a personal bank account.

Are you ready to pursue your studies in Canada? If you’re ready to take the next step and pursue your studies in Canada,  apply here!

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If you’re planning to study abroad, it’s essential to understand the difference between a student visa and a study permit. These two documents are vital for any international student planning to study abroad. Getting them wrong could have serious consequences that may impact your ability to travel to your study destination.

Are you interested in studying abroad? Then continue reading. We will help you understand the difference between a student visa and a study permit, and we’ll show you why both documents are essential for your study abroad journey.

What is a student Visa?

A student visa is a document issued by the government of a country that allows you to enter the country legally for study purposes. It only allows you to enter the country legally – even if it says worker or student right on it.

However, a visa does not give you the right to work or study in a country. It only allows you to enter the country legally – even if it says worker or student right on it.

What is a Study Permit?

A study permit allows you to stay and study in a country for a specific period. It is a separate document that includes more information about what you can and cannot do in a country and for what duration you can remain in the country as a student. A permit has details about your purpose, your reason for being in the country, what course level you are studying, the duration, and any restrictions in terms of work.

It’s essential to note that a permit does not allow you to enter or re-enter the country – that is what the visa is for.

Why You Need Both a Student Visa and a Study Permit

To study in a foreign country, you must obtain both a student visa and a study permit. Before arriving in a country for studies, you must complete the application process and have all the paperwork and documentation in order. 

You should know that a student visa and a study permit may have different expiration dates. A valid permit will allow you to remain in the country after your visa expires, but you cannot leave and reenter. It is a common

 problem for students who want to go home after completing their studies or between semesters.

Why You Need Professional Assistance 

• Applying for a student visa and study permit can be complicated, and you want to get it right the first time. Consult with a professional when planning to study abroad.
• The
•  difference between a permit and a visa can be challenging to understand if you have not had the assistance of an immigration consultant throughout the application process.
• Consulting with a skilled immigration consultant can help ensure that you have everything you need to make your journey go smoothly. They can guide you through the application process, answer your questions, and ensure your application is complete and accurate.

Conclusion

Obtaining a student visa and study permit is an essential part of the application process for any international student planning to study abroad. Both documents are vital for studying abroad. Understanding the distinction between them is crucial. Getting all the information you need to make your journey as smooth as possible is necessary when planning to study abroad.

For more information on student visas and study permits, you can check out our Instagram Page to stay updated concerning issues like this. 

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