Few questions about financial support and study visa

[Coconuts]

Hi everyone

I just received my official letter of confirmation from the college I applied to in Toronto (WEE!). This now means I can finally apply for my student visa, although I am confused about a few things I'm hoping you guys might know.

1) Under the requirement "Proof of financial support" it says you need $10,000 plus tuition, although the wording is a bit confusing. It says "Tuition plus $10,000 for a 12-month period (or $833 per month)". My course is $30,000, so does it mean I need to have $40,000 in my bank account, or does 'for a 12-month period' mean just the tuition for the first year only?

2) I'm probably going to have to rely on my dad to help cover the cost of the course, but nearly all of his money is in shares, with very little of it in his bank account. If I submit proof of financial support, could he get a statement of his shares portfolio as opposed to his bank account?

3) It also specifies "your bank statements for the past four months", so even if I'm using my dads shares as proof of financial support, would I have to submit the last 4 months of my bank anyway? Does it matter how much I have in my account?

If anyone can help with these questions, it would be super appreciated =)

 

[otunba]

Hi Coconut,

You are only responsible to show proof of fund for one year and a good source of income for the remaining years.

 

[innocent_a6]

This guys questions were left unanswered. Can someone one help out in answering them,cos they relate to my situations now

 

[sabby2612]

Hello,

You need to first answer two questions, which country you applying from and do you have your own funds or opting for loan?

Now assuming if you are from India and you have your own funds to pay for tuition fee and living expenses. The way it works is, during the visa application, you need to show funds for 1 year ( tuition of one year and Living expenses amounting to CAD$ 10,000). Now assuming your program is of three years with a total tuition fee of CAD$ 30K. You need not show the entire funding means the entire 30K tuition plus living expenses for three years amounting to 30K. One need to show just one year tuition fee and living expenses. Now, another twist rather good point is, if you fall under SPP, you have an option to pay just one semester fee and purchase GIC (which is to cover your living expenses of 1 year). People who have own funds to cover first year in Canada (tuition + living) it's a plus point for them as you need not show any proof of funds whatsoever. Simply need to pay tuition fee, purchase GIC from Nova Scotia that's it.

Now if you don't have your own funds and opting for loan, it's a different situation.

Hence need to know your location, your funding part.

Cheers!

 

[Regina]

1)

Students are required to demonstrate financial sufficiency for only the first year of studies,
regardless of the duration of the course or program of studies in which they are enrolled. In other
words, a single student entering a four-year degree program with an annual tuition fee of $15,000
must demonstrate funds of $15,000 to satisfy the requirements, and not the full $60,000 which
would be required for four years. Officers should be satisfied though that the probability of
funding for future years does exist, i.e., parents are employed; scholarship is for more than one
year.

http://www.cic.gc.ca/english/resources/manuals/op/op12-eng.pdf
para 7.7.