If you are planning to come and study in Canada, one of the most important things you’ll need to sort out is proof of funds. Many students get confused about how to go about it, so let’s break it down.
Minimum Deposit to Your School
Before we even go into proof of funds, you need to understand that when coming to study, most schools require a minimum acceptance deposit of 2,500 Canadian dollars.
Once you pay this deposit, you can get the provincial attestation letter that you need to proceed with your visa application.
Pay Your First Semester Fees
Before rushing to apply for your visa, ensure you have paid your first semester fees in full.
Why? Because you cannot tell a visa officer that you have millions in your account but haven’t paid your first term fees. It makes it look like you are not serious, and it gives the impression that the money in your account is only for show.
So, the first step is clear: pay your first semester fees before moving ahead.
Showing That You Have Funds
When it comes to proof of funds, you need to be careful about how you present your finances. Avoid just dumping a large lump sum into your account without explanation.
For instance, if you deposit 20 million naira at once, the account could be flagged unless you can explain where it came from.
Here are some important points to note:
- Use a savings account for your proof of funds. It shows consistency and planning.
- The account should have a good inflow and outflow history. Don’t just deposit money once and abandon the account. There should be regular activity.
- If you deposit a large sum, you must be able to explain the source. Was it from selling a car, a house, or an investment you cashed out? Documentation is key.
Using a Guaranteed Investment Certificate (GIC)
Another way to show proof of funds is to buy a Guaranteed Investment Certificate (GIC).
- You can only get a GIC from a Canadian bank.
- You don’t have to be in Canada to buy it; you can purchase it from your home country.
- The minimum amount required is around 21,000 Canadian dollars, which covers your living expenses for one year.
Before, the minimum was 10,000 CAD, but it has now been increased to 20,000+ CAD. Securing a GIC shows seriousness, even though it is not a visa guarantee.
Final Tips on Proof of Funds
If you are struggling to raise proof of funds, know that there are ways around it. The key is to be wise and strategic in how you present your financial situation.
Remember:
- Pay your first semester fees.
- Use an active savings account with proper inflow and outflow.
- Be ready to explain the source of any large deposits.
- Consider getting a GIC for added credibility.
By following these steps, you reduce the risk of being told by the visa officer that you have “insufficient funds,” even when you have millions in your account.
Tuition & Refunds
But what if I pay for the first semester and they don’t give me the visa, does the school refund?
Yes, most schools refund tuition if your visa is refused, though they may deduct an administrative fee. However, always check your school’s refund policy before payment.
What about schools with no refund policy, and eventually you don’t get the visa?
If your school has a no-refund policy, you may not get your money back. That’s why it’s important to carefully read the admission and refund policy before paying.
IRCC website says annual tuition fee is required, not just first semester. Can I possibly proceed with just first semester payment?
While IRCC recommends showing annual tuition, many students successfully proceed with paying the first semester, provided they can show proof of sufficient funds for the rest.
Proof of Funds (POF) & Accounts
Can I use my sister’s account for proof of funds to show she’ll be sponsoring my education?
Yes, but you’ll need to provide documents proving your relationship, along with a sponsorship letter from her. Immediate family members are more acceptable.
What would you recommend, pay full tuition or keep the money in sponsor’s account who is already in Canada? GIC or account?
Paying tuition upfront plus securing a GIC is usually stronger than just keeping money in a sponsor’s account. It shows commitment and reduces risk of refusal.
Is current account not acceptable?
Savings accounts are more favorable because they show consistent saving habits. Current accounts can be used, but they often lack the impression of long-term planning.
Sponsorship
Is it reasonable to use my husband’s uncle as my sponsor because I’m applying for study visa and my husband is a dependent?
It is possible, but not ideal. The closer the relationship, the stronger the sponsorship. Visa officers may question why an uncle is sponsoring instead of your immediate family.
Visa Requirements
Do I need English proficiency test before I can apply for school?
Yes, most Canadian schools require proof of English proficiency such as IELTS, TOEFL, or equivalent, unless you qualify for a waiver.
If I am coming for PGD, how much do I need to process it?
Tuition fees vary by institution, but you should budget at least CAD 15,000 – 20,000 for tuition, plus CAD 21,000 for living expenses (proof of funds).
Study Options / Immigration Pathways
Is social service worker gerontology a good one or early childhood education, as I have an offer for both?
Both programs are strong, but your choice should align with your career goals. Early childhood education is popular for immigration pathways, while social service programs also have demand.
Can you do more videos on PGWP, for instance courses that can grant that to students and how long?
Yes, many diploma and degree programs of at least 8 months qualify for a Post-Graduation Work Permit (PGWP). The permit length usually matches the duration of your study, up to a maximum of 3 years.
GIC (Guaranteed Investment Certificate)
How do I get GIC?
You can apply online through a Canadian bank such as Scotiabank, CIBC, RBC, or ICICI Bank. After approval, you deposit the required amount, and the bank provides you with the GIC certificate for your visa application.
