Confusing information regarding proof of financial support for student visa

[raj_55555]

Hey guys, I am Raj - got through to Rotman for September 2019, and while trying to apply for the student visa, was stuck at the proof of financial support section. Will really appreciate any support with this!

This is what the quote says:

Proof of financial support
You must prove that you can support yourself, and the family members who come with you, while you are in Canada.

You can prove your funds with:

• proof of a Canadian bank account in your name, if you have transferred money to Canada
• Guaranteed Investment Certificate (GIC) from a participating Canadian financial institution
• proof of a student/education loan from a bank
• your bank statements for the past four 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.

Q1: I can prove my fund with any one of the following, or all? It doesn't specify.
Q2: I have an approved loan from a government bank covering my living expenses + tution and everything for two years. Will that be enough as proof of funds? Is GIC still necessary?

Source: https://www.canada.ca/en/immigration-refugees-citizenship/services/study-canada/study-permit/prepare/get-documents.html#doc3

 

[Vp~123]

Hey guys, I am Raj - got through to Rotman for September 2019, and while trying to apply for the student visa, was stuck at the proof of financial support section. Will really appreciate any support with this!

This is what the quote says:



Q1: I can prove my fund with any one of the following, or all? It doesn't specify.
Q2: I have an approved loan from a government bank covering my living expenses + tution and everything for two years. Will that be enough as proof of funds? Is GIC still necessary?

Source: https://www.canada.ca/en/immigration-refugees-citizenship/services/study-canada/study-permit/prepare/get-documents.html#doc3

If you are applying in SDS stream then you dont need to show financial proof

 

[raj_55555]

If you are applying in SDS stream then you dont need to show financial proof

Are you certain? This is what I found:

What are eligibility requirements for the SDS Canada (Student Direct Stream) program ?
In order to be eligible for SDS Canada, students will need to:

• have the minimum-required IELTS level of English language ability of 6.0 in all sections (reading, writing, listening, and speaking)
• purchase of a Guaranteed Investment Certificate (GIC) of $10,000,
• have been accepted by an eligible Post secondary Designated Learning Institute (DLI List)
• tuition payment for the first year of study at a DLI in Canada,
• completion of an upfront medical examination.

I don't see any benefit with SDS since I have plenty of time, and don't want to take IELTS; took TOEFL earlier.
Also, it clearly mentions tution fees payment for first year - comments?

 

[Vp~123]

Are you certain? This is what I found:

What are eligibility requirements for the SDS Canada (Student Direct Stream) program ?
In order to be eligible for SDS Canada, students will need to:

• have the minimum-required IELTS level of English language ability of 6.0 in all sections (reading, writing, listening, and speaking)
• purchase of a Guaranteed Investment Certificate (GIC) of $10,000,
• have been accepted by an eligible Post secondary Designated Learning Institute (DLI List)
• tuition payment for the first year of study at a DLI in Canada,
• completion of an upfront medical examination.

I don't see any benefit with SDS since I have plenty of time, and don't want to take IELTS; took TOEFL earlier.
Also, it clearly mentions tution fees payment for first year - comments?

But you have more chances to get visa in SDS as compared to SPP.....and your visa may get refused due to your finanicial proofs.....

 

[raj_55555]

But you have more chances to get visa in SDS as compared to SPP.....and your visa may get refused due to your finanicial proofs.....

That doesn't make sense, I do have the financial proof, why would it be rejected? Have you come across instances where this has actually happened?
My question remains though - for proof (in SDS/SPP) - will education loan sanction letter be enough?

 

[Vp~123]

One of my friend showed 20 lacks rupees and one of my friend showed 45 lacks....both got rejection....

 

[Vp~123]

In which city you are living currently?

 

[selvakk]

Hey guys, I am Raj - got through to Rotman for September 2019, and while trying to apply for the student visa, was stuck at the proof of financial support section. Will really appreciate any support with this!

This is what the quote says:



Q1: I can prove my fund with any one of the following, or all? It doesn't specify.
Q2: I have an approved loan from a government bank covering my living expenses + tution and everything for two years. Will that be enough as proof of funds? Is GIC still necessary?

Source: https://www.canada.ca/en/immigration-refugees-citizenship/services/study-canada/study-permit/prepare/get-documents.html#doc3

Hi, since Rotman is part of the University of Toronto you will have to file under study-permit university. See this document for clarification.

http://www.cic.gc.ca/english/pdf/kits/forms/IMM5957E.pdf

To answer your question

Q1: You can provide any of the above-mentioned proofs.
Q2: They prefer GIC but you can submit the loan as proof also.

 

[raj_55555]

Hi, since Rotman is part of the University of Toronto you will have to file under study-permit university. See this document for clarification.

http://www.cic.gc.ca/english/pdf/kits/forms/IMM5957E.pdf

To answer your question

Q1: You can provide any of the above-mentioned proofs.
Q2: They prefer GIC but you can submit the loan as proof also.

Thank you Selva, this is very useful!

I can definitely have the GIC ready for the 10000$ requirement showing proof of living expenses. However, the tution fee I would rather it be paid in August/September, else I would be charged interest for an additional 6 months period. My plan is to have GIC for living expenses, and loan sanction letter to show proof for tution fees, but the amount will not yet be disbursed when I apply for the Visa. Do you think that will be an issue?
Any official source where I can reach out to the canada consulate to get this answered?

 

[selvakk]

Thank you Selva, this is very useful!

I can definitely have the GIC ready for the 10000$ requirement showing proof of living expenses. However, the tution fee I would rather it be paid in August/September, else I would be charged interest for an additional 6 months period. My plan is to have GIC for living expenses, and loan sanction letter to show proof for tution fees, but the amount will not yet be disbursed when I apply for the Visa. Do you think that will be an issue?
Any official source where I can reach out to the canada consulate to get this answered?

You could do that but since they also strongly recommend that you provide a copy of receipts to the university which you can't do if you have not paid the tuition fee. Also since you mentioned that your loan covers your living expense if you use money from the loan to pay the GIC then you will still incur interest as it starts from fist disbursal.

UItimately since you are going to University you have less stringent rules than college applications you could skip the tuition fees/ advance and submit the application but it could also go against your application. It's not honestly possible to tell, I am assuming if you got into Rotman your marks must and IELTS must be good. It's a risk but definitely 100% technically possible. Nothing is stopping you but just because they strongly recommend tution receipts is why I am hesitating to tell you to do that.

An alternative option is depending on your bank it is possible for you to calculate the interest alone and deposit that into your loan account for the 3 months. This will avoid it compounding during your moratorium.

 

[raj_55555]

You could do that but since they also strongly recommend that you provide a copy of receipts to the university which you can't do if you have not paid the tuition fee. Also since you mentioned that your loan covers your living expense if you use money from the loan to pay the GIC then you will still incur interest as it starts from fist disbursal.

UItimately since you are going to University you have less stringent rules than college applications you could skip the tuition fees/ advance and submit the application but it could also go against your application. It's not honestly possible to tell, I am assuming if you got into Rotman your marks must and IELTS must be good. It's a risk but definitely 100% technically possible. Nothing is stopping you but just because they strongly recommend tution receipts is why I am hesitating to tell you to do that.

An alternative option is depending on your bank it is possible for you to calculate the interest alone and deposit that into your loan account for the 3 months. This will avoid it compounding during your moratorium.

That is a wonderful suggestion about the interest accrued in the first 3 months, let me check on that with the bank. Your posts have been very helpful!

Regarding the GIC, I am planning to have that using my savings so no interest on that.
Also, I didn't take IELTS (which I don't think is required for student visa, correct me if I'm wrong), but I did take TOEFL and scored 117/120.

I wish there was an official phone number or email id where I could simply ask this! *sigh*

 

[selvakk]

That is a wonderful suggestion about the interest accrued in the first 3 months, let me check on that with the bank. Your posts have been very helpful!

Regarding the GIC, I am planning to have that using my savings so no interest on that.
Also, I didn't take IELTS (which I don't think is required for student visa, correct me if I'm wrong), but I did take TOEFL and scored 117/120.

I wish there was an official phone number or email id where I could simply ask this! *sigh*

No, IELTS is only mandatory for the Study Direct Stream ( SDS ) which is only for students of colleges who want faster processing and less stringent requirements.

If such a number or email existed they would be flooded with so many calls or emails that no one would be able to respond. While their website is good information is scattered around many pages. Add on to the fact that the CIC website is rarely the first search result means that people go on other web pages with outdated information or which are not complete.

Whatever I told you is on the CIC website but to find this out you would need to click on how to apply for a study visa and scroll down to apply via paper and then select your country to download the document package. In that, there is separate instruction for universities which you have to follow in your case. It is very convoluted and not at all user-friendly.

 

[siraj19]

Hello everyone,

My question is regarding SDS Scheme. It is mentioned that we have to pay one year fee but what If my course duration is one year ? Can I apply with GIC & 1st Semester fee paid ? And do I have to show proof of funds for the 2nd Semester?

What are eligibility requirements for the SDS Canada (Student Direct Stream) program ?
In order to be eligible for SDS Canada, students will need to:

• have the minimum-required IELTS level of English language ability of 6.0 in all sections (reading, writing, listening, and speaking)
• purchase of a Guaranteed Investment Certificate (GIC) of $10,000,
• have been accepted by an eligible Post secondary Designated Learning Institute (DLI List)
• tuition payment for the first year of study at a DLI in Canada,
• completion of an upfront medical examination

 

[selvakk]

Hello everyone,

My question is regarding SDS Scheme. It is mentioned that we have to pay one year fee but what If my course duration is one year ? Can I apply with GIC & 1st Semester fee paid ? And do I have to show proof of funds for the 2nd Semester?

What are eligibility requirements for the SDS Canada (Student Direct Stream) program ?
In order to be eligible for SDS Canada, students will need to:

• have the minimum-required IELTS level of English language ability of 6.0 in all sections (reading, writing, listening, and speaking)
• purchase of a Guaranteed Investment Certificate (GIC) of $10,000,
• have been accepted by an eligible Post secondary Designated Learning Institute (DLI List)
• tuition payment for the first year of study at a DLI in Canada,
• completion of an upfront medical examination

If your entire program is of one year, then you still have to make the payment of one years fee. The duration of the program is not a factor. Under SDS, you do not need to show proof of funds.

 

[anonymous4056b]

If your entire program is of one year, then you still have to make the payment of one years fee. The duration of the program is not a factor. Under SDS, you do not need to show proof of funds.

I read the thread and wanted ur opinion on my situation
I will be applying for a study permit next month. I am an Indian but I work in Bahrain. To fund my tuition fees and living expenses, I will be taking an education loan from an Indian bank by mortgaging my father's property in India. So my question is whether the education loan from an Indian bank will be a problem in the visa office here in Bahrain?