Funds needed for Study Permit Extension

[user94531]

I have completed a 1-year program and am looking to complete another 1-year program for which I already have enrolled in.

The total tuition is $26000 for 3 semesters.

I would be able to show $12000-15000 in savings account and around $1500 per month in pay stubs, along with the first sem fee paid($9500).

I would have to then pay around $17000 as the fee balance and living costs for the year.

What additional funds should I show for the same?

Is it possible to show liquid funds under my parents' name from my home country with a CAD conversion document attached, and an affidavit of support.

All in all, how many funds are needed to be shown, for this?

Thanks in advance

 

[forevermore76]

I have completed a 1-year program and am looking to complete another 1-year program for which I already have enrolled in.

The total tuition is $26000 for 3 semesters.

I would be able to show $12000-15000 in savings account and around $1500 per month in pay stubs, along with the first sem fee paid($9500).

I would have to then pay around $17000 as the fee balance and living costs for the year.

What additional funds should I show for the same?

Is it possible to show liquid funds under my parents' name from my home country with a CAD conversion document attached, and an affidavit of support.

All in all, how many funds are needed to be shown, for this?

Thanks in advance

If you want to assure your extension, pay the full tuition at once, the whole $26k and show at least $20k available for living expenses. Pay stubs really shouldn't even be submitted for study permit as you are not supposed to be dependent on work to fund your school or living expenses. Good luck.

 

[user94531]

If you want to assure your extension, pay the full tuition at once, the whole $26k and show at least $20k available for living expenses. Pay stubs really shouldn't even be submitted for study permit as you are not supposed to be dependent on work to fund your school or living expenses. Good luck.

Hi, thank you for the reply.

By pay stubs, I'd be showing part time work pay stubs, the pay stubs clearly mention 20 hr/week every week.

I've heard most people pay 1st semester tuition and show liquid funds availability.

Can I pay 1st semester tuition and show 12-15k CAD under my savings account and around 50k CAD under parents' name?

That will add up the total money to around 65k CAD and the first year tuition paid ⅓rd.

Would just like to know your thoughts on this.

Thanks again.

 

[forevermore76]

Hi, thank you for the reply.

By pay stubs, I'd be showing part time work pay stubs, the pay stubs clearly mention 20 hr/week every week.

I've heard most people pay 1st semester tuition and show liquid funds availability.

Can I pay 1st semester tuition and show 12-15k CAD under my savings account and around 50k CAD under parents' name?

That will add up the total money to around 65k CAD and the first year tuition paid ⅓rd.

Would just like to know your thoughts on this.

Thanks again.

You can try and it may or may not work. What I'm suggesting, pretty much eliminates the question of funding altogether. IRCC could still refuse but very unlikely because of insufficient funding.

Here's a latest post of refusal due to funds. OP thinks they have sufficient funds but IRCC disagrees.
https://www.canadavisa.com/canada-immigration-discussion-board/threads/study-permit-extension-refused-with-false-reason-of-insufficient-fund.852106/

 

[user94531]

You can try and it may or may not work. What I'm suggesting, pretty much eliminates the question of funding altogether. IRCC could still refuse but very unlikely because of insufficient funding.

Here's a latest post of refusal due to funds. OP thinks they have sufficient funds but IRCC disagrees.
https://www.canadavisa.com/canada-immigration-discussion-board/threads/study-permit-extension-refused-with-false-reason-of-insufficient-fund.852106/

Thanks again,

I can show max 15-16k under my name in savings and a further 10k CAD under my name in my home country.

Now, the only question is:

Do the funds that I will show under the parents' name and an affidavit that I can use their funds will be okay?

If not, what's the best in this case for me?

Is paying for 2 semesters' , 25k total under my name and 50k under parents' name safe?

Or is paying full tuition, 25k, 25k under my name and 40k under parents' name safe?

Thanks

 

[forevermore76]

Thanks again,

I can show max 15-16k under my name in savings and a further 10k CAD under my name in my home country.

Now, the only question is:

Do the funds that I will show under the parents' name and an affidavit that I can use their funds will be okay?

If not, what's the best in this case for me?

Is paying for 2 semesters' , 25k total under my name and 50k under parents' name safe?

Or is paying full tuition, 25k, 25k under my name and 40k under parents' name safe?

Thanks

As I have already said, I would pay the full tuition of 26k, have at least $20k ($25k is even better) in liquid funds in Canada. You won't need to show parents support as that covers full funding but won't hurt to add it. And don't add your paystubs, it does not support your application by any means imo.

Also, once your application is approved, you can move the money back or do whatever. Universities should allow withdrawing money from student account too. At least they used to 10 years ago. Good luck.

 

[user94531]

As I have already said, I would pay the full tuition of 26k, have at least $20k ($25k is even better) in liquid funds in Canada. You won't need to show parents support as that covers full funding but won't hurt to add it. And don't add your paystubs, it does not support your application by any means imo.

Also, once your application is approved, you can move the money back or do whatever. Universities should allow withdrawing money from student account too. At least they used to 10 years ago. Good luck.

Thank you for your help.

It would be tough to show more than 15k really unless I get some deposit from my home country, isn't it a bad idea to have the funds transferred relatively recently?

All other points I have acknowledged.

Thank you for your time.

 

[forevermore76]

Thank you for your help.

It would be tough to show more than 15k really unless I get some deposit from my home country, isn't it a bad idea to have the funds transferred relatively recently?

All other points I have acknowledged.

Thank you for your time.

You are welcome. It's a bad idea to move money when applying from overseas but even then you can move money to Canadian bank account rather than have it overseas. I remember moving a whole bunch of money to Scotiabank GIC when I applied for study permit from outside Canada. This was a long time ago though, I'm not sure how it works these days.

In your case, since you are in Canada and applying for extension, it improves your chances and shows the funds are really liquid and available to support your time in Canada, also leaves IRCC no option to question your funding. Period. Add proof that you moved money though.

 

[canuck78]

Thank you for your help.

It would be tough to show more than 15k really unless I get some deposit from my home country, isn't it a bad idea to have the funds transferred relatively recently?

All other points I have acknowledged.

Thank you for your time.

Attach proof of savings from your parents especially if you are relatively young and not married. Most schools will not allow you to receive refunds unless you withdraw from the program.

 

[user94531]

Attach proof of savings from your parents especially if you are relatively young and not married. Most schools will not allow you to receive refunds unless you withdraw from the program.

Yes that's exactly the case, my first course started 10 months ago and my GIC amount was 10k, so how am I expected to have a Canadian balance of 20k+ working 20 hours or less, I suppose?

There should be a way for parents' savings to count for those 20635 CAD figure, and tuition offcourse.

Let me know if you have any insights.

I will be showing savings certificates, with attestations from accountant. I hope it would do it.

Thank you for your time.

 

[forevermore76]

Attach proof of savings from your parents especially if you are relatively young and not married. Most schools will not allow you to receive refunds unless you withdraw from the program.

I'm going to disagree with that, but that's just my opinion. Also, OP and a lot of other applicants seem to think they can support costs through part-time work which is probably the last thing IRCC expects. The increase to $20k makes it clear that international students are expected to have enough money to support themselves with or without a part-time job. In all reality, even $20k isn't enough.
OP can apply with $10k or just with paystubs, it's up to them.

 

[user94531]

I'm going to disagree with that, but that's just my opinion. Also, OP and a lot of other applicants seem to think they can support costs through part-time work which is probably the last thing IRCC expects. The increase to $20k makes it clear that international students are expected to have enough money to support themselves with or without a part-time job. In all reality, even $20k isn't enough.
OP can apply with $10k or just with paystubs, it's up to them.

I understand your point of showing atleast $20k in savings and having paid one year's tuition.

But my point is:
Is it realistic to expect a student to have savings of 20k plus, when IRCC doesn't expect a student to be working while studying, or at least not relying on it. For the initial study permit, their exists a proper POF program called GIC. I don't feel the same program exists for the extension purpose.

So there should be some form of proper POF program, else it should be a little flexible.

Would like to know your thoughts.

Thanks