Bank statements not needed?

[dbliss93]

Interesting from the government of Canada:

If one pays their tuition - there is no necessity to show 4 months of bank statements as PROOF OF FUNDS? Is that correct?

When they say "pay tuition" I am assuming it is for the entire year - correct?

What we accept as proof
You can prove your funds with at least one of the following:

• proof of a Canadian bank account in your name, if you’ve transferred money to Canada
• a Guaranteed Investment Certificate (GIC) from a participating Canadian financial institution
• proof of a student or education loan from a bank
• your bank statements for the past 4 months
• a bank draft that can be converted to Canadian dollars
• proof you paid tuition and housing fees
• a letter from the person or school giving you money, or
• proof of funding paid from within Canada, if you have a scholarship or are in a Canadian-funded educational program

 

[Naturgrl]

Interesting from the government of Canada:

If one pays their tuition - there is no necessity to show 4 months of bank statements as PROOF OF FUNDS? Is that correct?

When they say "pay tuition" I am assuming it is for the entire year - correct?

What we accept as proof
You can prove your funds with at least one of the following:

• proof of a Canadian bank account in your name, if you’ve transferred money to Canada
• a Guaranteed Investment Certificate (GIC) from a participating Canadian financial institution
• proof of a student or education loan from a bank
• your bank statements for the past 4 months
• a bank draft that can be converted to Canadian dollars
• proof you paid tuition and housing fees
• a letter from the person or school giving you money, or
• proof of funding paid from within Canada, if you have a scholarship or are in a Canadian-funded educational program

What is so interesting about it? Always stated that.

 

[dbliss93]

I guess what I am asking is if it’s necessary to show that they have 20k in their bank account - if they are only required to pay the tuition.
And is it for the entire amount or can it be simply a tuition deposit?

Can they pay in monthly installments or would have to be the full amount?

 

[scylla]

I guess what I am asking is if it’s necessary to show that they have 20k in their bank account - if they are only required to pay the tuition.
And is it for the entire amount or can it be simply a tuition deposit?

Can they pay in monthly installments or would have to be the full amount?

You need to either pay the first year of tuition up front or show you have the funds to cover this amount.

Additionally, you need to show you have the additional $20k in savings now to cover living expenses.

If you don't show this, expect a refusal.

 

[Naturgrl]

I guess what I am asking is if it’s necessary to show that they have 20k in their bank account - if they are only required to pay the tuition.
And is it for the entire amount or can it be simply a tuition deposit?

Can they pay in monthly installments or would have to be the full amount?

Yes you need the funds. Actually the statement says proof you have paid “tuition and housing fees”. So that is full year tuition plus proof you have paid for one year of residence with meal plan for a year, as an example. Staying with family or friends doesn’t count.

 

[dbliss93]

Thank you guys so much - very helpful!