Proof of Fund Questions

[imtiaz.ahmed]

Hey Everyone,

I am preparing to get admitted in Centenniel College of Toronto and I'm almost done with the admission (just tuition fees to pay).

However, when I visited CIC, I came to notice that a proof of fund is required to get a student visa. It says that, for Ontario, I'll need to show a balance of tuition fee + $10000, which is almost $29000 for me. I intend to pay my first semester tuition fees and can get money from my father every month, but how do I show $29000 in my account? I mean, it sounds really ridiculous to me that a student has to show this much money to just get a visa. Can you please tell me the anything on this and what I can do to get a student visa.

Thanks in advance.

 

[ashwin_1212]

HI Pal,


firstly under which category are you applying for study permit SPP or a General??

As far as Application Under SPP is concerned, you dont need to show the funds in your account: you need to do the following

1.
As per SPP rules you need to pay First year tution fees (if opting for 1yr course then need to pay full course fees) and need to submit wire transfer receipt (funds transfered to college) & a college confirmation letter stating receipt of funds. this payment of the college fees can be done from anyfamily member's bank account but preferably parents or your own.

2.
you need to show amount equavalent to 10000 CAD$ this can be in form of cash in you account ( can apply for loan ) or go with a safer option of GIC, wherein you need to open an investment account in Bank of Scotia (apply online) and then they revert back to you with an investment account number under your name along with the wire transfer details, after which again you need to do wire transfer of amount equavalent to 10000$ to that particular account . upon receipt of the money the bank replies back within 3-5 working days with your Global investment certificate (GIC). finally you need to attach the GIC copy and the wire transfer receipt of 10000$ (made to bank) with you visa application.

 

[imtiaz.ahmed]

HI Pal,


firstly under which category are you applying for study permit SPP or a General??

As far as Application Under SPP is concerned, you dont need to show the funds in your account: you need to do the following

1.
As per SPP rules you need to pay First year tution fees (if opting for 1yr course then need to pay full course fees) and need to submit wire transfer receipt (funds transfered to college) & a college confirmation letter stating receipt of funds. this payment of the college fees can be done from anyfamily member's bank account but preferably parents or your own.

2.
you need to show amount equavalent to 10000 CAD$ this can be in form of cash in you account ( can apply for loan ) or go with a safer option of GIC, wherein you need to open an investment account in Bank of Scotia (apply online) and then they revert back to you with an investment account number under your name along with the wire transfer details, after which again you need to do wire transfer of amount equavalent to 10000$ to that particular account . upon receipt of the money the bank replies back within 3-5 working days with your Global investment certificate (GIC). finally you need to attach the GIC copy and the wire transfer receipt of 10000$ (made to bank) with you visa application.

Hey Ashwin,

Thank you very much for your response. I'm not sure which category and how I'm applying. It's probably the General category because the CIC website is showing me which documents to submit for visa. And in the Proof of fund category, it's stated that I'll need this much amount. Here's the link I've visited: www(dot)cic(dot)gc(dot)ca/english/study/study-how-documents.asp#doc3

Let me know if I'm on the right track with this one.

Cheers

 

[scylla]

If you're applying under General, then you will have to show a bank account balance that covers first year tuition plus $10K living expenses. So if your first year tuition is $19K, then yes - you will have to show a bank balance of at least $29K. If you cannot show this bank balance yourself, then you can include your father's bank account statement (assuming he can show sufficient funds) and a letter from your father confirming that he will be funding your studies.

 

[ashwin_1212]

Hey Ashwin,

Thank you very much for your response. I'm not sure which category and how I'm applying. It's probably the General category because the CIC website is showing me which documents to submit for visa. And in the Proof of fund category, it's stated that I'll need this much amount. Here's the link I've visited: www(dot)cic(dot)gc(dot)ca/english/study/study-how-documents.asp#doc3

Let me know if I'm on the right track with this one.

Cheers

hey,

AS far as the link goes, it is a guideline for applying under the general category, i would suggest you to talk to your agent or if you are applying on your own, then rather do some more research. as per me i would say the college you chose falls under the SPP approved college list so i feel you can follow the SPP guideline and apply for visa under the SPP category as it has a higher number of success rate than the general category plus the documentation is quite minimal as compared to general category study permit application.
May i know which country are you applying from???



Regards,
Ash

 

[imtiaz.ahmed]

hey,

AS far as the link goes, it is a guideline for applying under the general category, i would suggest you to talk to your agent or if you are applying on your own, then rather do some more research. as per me i would say the college you chose falls under the SPP approved college list so i feel you can follow the SPP guideline and apply for visa under the SPP category as it has a higher number of success rate than the general category plus the documentation is quite minimal as compared to general category study permit application.
May i know which country are you applying from???



Regards,
Ash

Thanks again for your response, Ash, I'm applying from Bangladesh, and am quite ignorant about the different SPP and General category options. If you could assist me, or point me to a proper direction, it'd be great!

Thanks again!!

 

[prathapg86]

@ Ashwin - As you say to wire $10K to the bank of scotia, wont it be a problem for IT. Hope you are from India. As far as I know, any transaction goes goes more than Rs50K, IT ll b alerted and $10K is about 5Lakhs...

If we could provide the source its fine... If lending and show the balance, it will be a problem right?? As we are transferring to a bank in another country.. Please correct me if my understanding is wrong.

Thanks,
Prathap