How to show Proof of Finance for Study permit application

[Naitik32]

Hello Forum members,

We are about to apply for study permit for my nephew, who is currently in India. He has received acceptance offer Letter from University of Regina in Saskatchewan for season Fall 2022. Since we are doing this first time, we are little confused about funds requirement showing proof of finance. He is currently 17 years and will turn 18 in next September 2022.

My questions are -

1. Does he need to have Canadian Bank account on his name OR can he show funds only in Indian Bank account ?
2. Does he need to have Bank account of his own in India or can he show statement/finance from his father's bank account ?
3. Can I become his sponsor as he would be living with me during his studies in Canada, So can I show my bank statement as supporting document for his proof of finance ? ( I am PR in Canada).
4. Do we need to show only money in bank account or can we show other investments on his name in India such as property, mutual fund, stocks etc, will that be counted for proof of finance ?

Please share your experience and thoughts.

Warm Regards
Naitik

 

[Naturgrl]

Hello Forum members,

We are about to apply for study permit for my nephew, who is currently in India. He has received acceptance offer Letter from University of Regina in Saskatchewan for season Fall 2022. Since we are doing this first time, we are little confused about funds requirement showing proof of finance. He is currently 17 years and will turn 18 in next September 2022.

My questions are -

1. Does he need to have Canadian Bank account on his name OR can he show funds only in Indian Bank account ?
2. Does he need to have Bank account of his own in India or can he show statement/finance from his father's bank account ?
3. Can I become his sponsor as he would be living with me during his studies in Canada, So can I show my bank statement as supporting document for his proof of finance ? ( I am PR in Canada).
4. Do we need to show only money in bank account or can we show other investments on his name in India such as property, mutual fund, stocks etc, will that be counted for proof of finance ?

Please share your experience and thoughts.

Warm Regards
Naitik

Is he applying SDS or non SDS? If SDS he needs a Canadian GIC.

1. He can show Indian Bank account.
2. Given his age, his parents.
3. You can’t sponsor a student. You can show your bank statments but his family really needs to show proof of funds.
4. Funds must be liquid so property doesn’t count or anything that isn’t readily available.

 

[Naitik32]

Is he applying SDS or non SDS? If SDS he needs a Canadian GIC.

1. He can show Indian Bank account.
2. Given his age, his parents.
3. You can’t sponsor a student. You can show your bank statments but his family really needs to show proof of funds.
4. Funds must be liquid so property doesn’t count or anything that isn’t readily available.

Thank you dear Naturgarl, appreciate your suggestions.

We have opened GC Key account but I was unaware of this new SDS route. So we began process on non SDS. Is that alright if we go through non SDS option ?

I also wanted to know how do we apply for visa about study permit ?..Or study permit is linked to visa itself ?

Thanks again

Naitik

 

[Naturgrl]

Thank you dear Naturgarl, appreciate your suggestions.

We have opened GC Key account but I was unaware of this new SDS route. So we began process on non SDS. Is that alright if we go through non SDS option ?

I also wanted to know how do we apply for visa about study permit ?..Or study permit is linked to visa itself ?

Thanks again

Naitik

He can do whatever option and study permit gives you TRV.

 

[Naitik32]

He can do whatever option and study permit gives you TRV.

Thank you dear Naturgrl for your time and feedback, much appreciate.

 

[orwell46]

Given he is 17 and unlikely to have any income, his parents can submit proof of their income and finances and also include a letter stating that they are going to support his expenses, both tuition and living. If applying via the regular non SDS route, ITR and payslips can be included if salaried. In terms of assets, Fixed deposits, mutual funds, equity holding etc are all fine but recommend that at least the first years expenses are held in a savings account/fixed deposit without lien. In essence, liquid assets which can be quickly mobilized to pay for expenses. Also consider paying at least the first semesters tuitions fees in advance.
It is also a good practice to include a net worth certificate issued by a Chartered Accountant. That demonstrates a verified proof that the required funds actually exist and perhaps makes it easier for the Visa officer

 

[Naitik32]

Given he is 17 and unlikely to have any income, his parents can submit proof of their income and finances and also include a letter stating that they are going to support his expenses, both tuition and living. If applying via the regular non SDS route, ITR and payslips can be included if salaried. In terms of assets, Fixed deposits, mutual funds, equity holding etc are all fine but recommend that at least the first years expenses are held in a savings account/fixed deposit without lien. In essence, liquid assets which can be quickly mobilized to pay for expenses. Also consider paying at least the first semesters tuitions fees in advance.
It is also a good practice to include a net worth certificate issued by a Chartered Accountant. That demonstrates a verified proof that the required funds actually exist and perhaps makes it easier for the Visa officer

Dear Orwell46,

Thank you for your information and time. much appreciated.

My nephew is going to apply for student loan from India to support his study and then his father is going to show some liquid cash and fixed deposits in bank account, So do you think having document from bank approving study loan for him, be helpful in submitting study permit application ?.....because he is enrolling in 4 year program and per year approx. fees is $ 18,000, so which makes about $ 72,000 total fees, so does it mean he needs to show $ 72,000 liquid cash in bank account or can she show loan approval ?

I also wanted to know, does he need to pay first year tuition fees of $ 18,000 total up front before applying for study permit ?

Thank you again,

Regards
Naitik

 

[orwell46]

If SDS is available for undergraduate study program then paying the first year's tuition and GIC account are the prerequisites, but given that it's a four year program, demonstrating a source of income which generates sufficient disposable cash to pay for the remaining three years is good. Someone who has applied for an undergraduate study visa can comment

 

[Naturgrl]

Dear Orwell46,

Thank you for your information and time. much appreciated.

My nephew is going to apply for student loan from India to support his study and then his father is going to show some liquid cash and fixed deposits in bank account, So do you think having document from bank approving study loan for him, be helpful in submitting study permit application ?.....because he is enrolling in 4 year program and per year approx. fees is $ 18,000, so which makes about $ 72,000 total fees, so does it mean he needs to show $ 72,000 liquid cash in bank account or can she show loan approval ?

I also wanted to know, does he need to pay first year tuition fees of $ 18,000 total up front before applying for study permit ?

Thank you again,

Regards
Naitik

You are missing the $10k per year in living expenses as a minimum so you need to account for that too. So add another $40k. He should pay first year tuition and show a substantial amount of funds (parent and loans) for a 4 year degree. He really needs to show that he can afford a 4 year degree program.

 

[Naitik32]

If SDS is available for undergraduate study program then paying the first year's tuition and GIC account are the prerequisites, but given that it's a four year program, demonstrating a source of income which generates sufficient disposable cash to pay for the remaining three years is good. Someone who has applied for an undergraduate study visa can comment

Thank you dear orwell46 for your time and response. Take care

 

[Naitik32]

You are missing the $10k per year in living expenses as a minimum so you need to account for that too. So add another $40k. He should pay first year tuition and show a substantial amount of funds (parent and loans) for a 4 year degree. He really needs to show that he can afford a 4 year degree program.

Thank you dear Naturgrl for your time and help, much much appreciate.

 

[Naitik32]

Given he is 17 and unlikely to have any income, his parents can submit proof of their income and finances and also include a letter stating that they are going to support his expenses, both tuition and living. If applying via the regular non SDS route, ITR and payslips can be included if salaried. In terms of assets, Fixed deposits, mutual funds, equity holding etc are all fine but recommend that at least the first years expenses are held in a savings account/fixed deposit without lien. In essence, liquid assets which can be quickly mobilized to pay for expenses. Also consider paying at least the first semesters tuitions fees in advance.
It is also a good practice to include a net worth certificate issued by a Chartered Accountant. That demonstrates a verified proof that the required funds actually exist and perhaps makes it easier for the Visa officer

Hi Orwell46,

My apologies to bother you again but I just have a quick question based on your response.

You mentioned about showing first years expenses in savings account / FD. Actually, my nephew's first year tuition fees would be 18,000 CAD and we are already going to do $ 10,000 GIC for him before he comes here. They mostly have investments in mutual funds, stocks and Fixed deposit in India which is about CAD 70,000, So do you think from this showing 20,000 CAD in savings account and rest in mutual fund, stocks, other investments shall be good enough in this case ?? ...Or do they need to show more than 20,000 CAD in savings account / liquid cash ?

Thank you again

Regards
Naitik

 

[orwell46]

If he is applying under SDS by prepaying the first year tuition and a $10k GIC then no other financial proof is needed. This is what is applicable under the SDS stream and my knowledge is based on postgraduate applicants whose programs are no more than two years duration.

Since you are talking about a 4 year UG program, you could demonstrate the source of funds, ie salary/business income of the applicants parents. That will establish a steady source which is going to generate enough cash for the remaining three years of study. Realistically, not all applicants can demonstrate the ready availability of the entire funds required for a 4 year long program, so a steady source should also work. You could do this by including ITR etc.

Hope this helps, do wait for others to chime in also