Student Visa - Insufficient Funds - Rejection

[binnareyn]

Hi everyone,

So I applied for my visa on the 25th of June and got a response within 12 hours stating that

• I am not satisfied that you have sufficient funds, including income or assets, to carry out your stated purpose in coming to Canada or to maintain yourself while in Canada and to effect your departure.

I have paid the first semester fee of CAD 8600. I had CAD 25000 in the bank fixed deposit account. My brother who is the sponsor has 2 businesses. FInancial statements were provided for both. They have shown a good income for the period of 6 months.

What can I do to fix this? Would paying the entire fee for 1st year result positive? Anyone else who has had the similar response and had got a better reply after resubmitting?

Probably they want to see money deposited in a Canadian Bank; and available to you when you are there, studying.

Did you talk to a bank near your college about GIC or another guarantee scheme?

You could do a GIC of C$10,000/- though SDS may not be possible.

 

[PMunoz]

Hello mshafisatthar, what is your current status as of today? Have you applied again?

I was about to apply for my study permit, but after reviewing your information I'm unsure if I'll be rejected too.
I've paid my first semester fee: 8,200 CAD but I barely have 20,000 CAD in my (local) savings account, which is what I intended to show to the visa officer. (Besides 2 real state deeds, worthing more than 120K, which I don't think they take into account)

After reading many post and stories, it seems that 40-50k is, at least, needed? I think, of course, that it depends on each country of origin. (And will probably be easier if you just get a bank loan and have the money already in your account)

It seems that you provided all the correct information, but not sure what is an acceptable sum of funds you need to show them in order to study. Not fair.

P.S. Did you prove to have enough funds to cover only the first year?

 

[Asmii]

Hi everyone,

So I applied for my visa on the 25th of June and got a response within 12 hours stating that

• I am not satisfied that you have sufficient funds, including income or assets, to carry out your stated purpose in coming to Canada or to maintain yourself while in Canada and to effect your departure.

I have paid the first semester fee of CAD 8600. I had CAD 25000 in the bank fixed deposit account. My brother who is the sponsor has 2 businesses. FInancial statements were provided for both. They have shown a good income for the period of 6 months.

What can I do to fix this? Would paying the entire fee for 1st year result positive? Anyone else who has had the similar response and had got a better reply after resubmitting?

With in just 12 hours? Did they even review the application or they are just randomly giving decision because of large number of application? btw which country you applied from and what is the processing time shown in ircc site for your country?

 

[PMunoz]

Anyone please correct me if I'm wrong. An officer can reject your study permit according to the Immigration and Refugee Protection Regulations, or Act (IRPA)
DIVISION 4. Financial Resources.
220 An officer shall not issue a study permit to a foreign national, other than one described in paragraph 215(1)(d) or (e), unless they have sufficient and available financial resources, without working in Canada, to

• (a) pay the tuition fees for the course or program of studies that they intend to pursue;
• (b) maintain themself and any family members who are accompanying them during their proposed period of study; and
• (c) pay the costs of transporting themself and the family members referred to in paragraph (b) to and from Canada.

According to the Minimum funds needed to support yourself as a student (and family members who come with you) (Official Website): You (the student) Amount of funds required per year (doesn’t include tuition): CAN$10,000
OR Amount of funds required per month (additional to the tuition): CAN$833 (x12= 10,000)
https://www.canada.ca/en/immigration-refugees-citizenship/services/study-canada/study-permit/get-documents.html

Also, on the Study permits: Assessing the application part, it states the following:
(Financial sufficiency)
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 however that the probability of funding for future years does exist (i.e., parents are employed); scholarship is for more than one year. [...]

So, based on all that information, one can easily imply that, for your case in particular, you need to (already) have:

Tuition (1 year) = 17,200
Minimum funds to support yourself as a student = 10,000
Total = 27,200 (for your first year)


However, if you already paid your first semester (-8,600) you only need to prove funds of CAN$18,600. If you say that you still have CAD25,000 (after paying the first semester fee) then I have no idea why are they rejecting your permit.
If I had the sufficient resources that you have, I'd go with an immigration lawyer and appeal the decision or present the case again with the support of a lawyer. Submitting another application will be an option too

(I gathered this information to post it here as a reference for other students and myself)

 

[jigzyy]

Anyone please correct me if I'm wrong. An officer can reject your study permit according to the Immigration and Refugee Protection Regulations, or Act (IRPA)
DIVISION 4. Financial Resources.
220 An officer shall not issue a study permit to a foreign national, other than one described in paragraph 215(1)(d) or (e), unless they have sufficient and available financial resources, without working in Canada, to

• (a) pay the tuition fees for the course or program of studies that they intend to pursue;
• (b) maintain themself and any family members who are accompanying them during their proposed period of study; and
• (c) pay the costs of transporting themself and the family members referred to in paragraph (b) to and from Canada.

According to the Minimum funds needed to support yourself as a student (and family members who come with you) (Official Website): You (the student) Amount of funds required per year (doesn’t include tuition): CAN$10,000
OR Amount of funds required per month (additional to the tuition): CAN$833 (x12= 10,000)
https://www.canada.ca/en/immigration-refugees-citizenship/services/study-canada/study-permit/get-documents.html

Also, on the Study permits: Assessing the application part, it states the following:
(Financial sufficiency)
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 however that the probability of funding for future years does exist (i.e., parents are employed); scholarship is for more than one year. [...]

So, based on all that information, one can easily imply that, for your case in particular, you need to (already) have:

Tuition (1 year) = 17,200
Minimum funds to support yourself as a student = 10,000
Total = 27,200 (for your first year)


However, if you already paid your first semester (-8,600) you only need to prove funds of CAN$18,600. If you say that you still have CAD25,000 (after paying the first semester fee) then I have no idea why are they rejecting your permit.
If I had the sufficient resources that you have, I'd go with an immigration lawyer and appeal the decision or present the case again with the support of a lawyer. Submitting another application will be an option too

(I gathered this information to post it here as a reference for other students and myself)

It could be because of overall financial situation, not just 25000 CAD. What if the total savings / assets are close to 25000 CAD only? How he'll be able to pay second & third year fee if there's no income stream for his parents/sponsor or himself. What are the backup sources of income submitted with application?

 

[jweekend]

Anyone please correct me if I'm wrong. An officer can reject your study permit according to the Immigration and Refugee Protection Regulations, or Act (IRPA)
DIVISION 4. Financial Resources.
220 An officer shall not issue a study permit to a foreign national, other than one described in paragraph 215(1)(d) or (e), unless they have sufficient and available financial resources, without working in Canada, to

• (a) pay the tuition fees for the course or program of studies that they intend to pursue;
• (b) maintain themself and any family members who are accompanying them during their proposed period of study; and
• (c) pay the costs of transporting themself and the family members referred to in paragraph (b) to and from Canada.

According to the Minimum funds needed to support yourself as a student (and family members who come with you) (Official Website): You (the student) Amount of funds required per year (doesn’t include tuition): CAN$10,000
OR Amount of funds required per month (additional to the tuition): CAN$833 (x12= 10,000)
https://www.canada.ca/en/immigration-refugees-citizenship/services/study-canada/study-permit/get-documents.html

Also, on the Study permits: Assessing the application part, it states the following:
(Financial sufficiency)
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 however that the probability of funding for future years does exist (i.e., parents are employed); scholarship is for more than one year. [...]

So, based on all that information, one can easily imply that, for your case in particular, you need to (already) have:

Tuition (1 year) = 17,200
Minimum funds to support yourself as a student = 10,000
Total = 27,200 (for your first year)


However, if you already paid your first semester (-8,600) you only need to prove funds of CAN$18,600. If you say that you still have CAD25,000 (after paying the first semester fee) then I have no idea why are they rejecting your permit.
If I had the sufficient resources that you have, I'd go with an immigration lawyer and appeal the decision or present the case again with the support of a lawyer. Submitting another application will be an option too

(I gathered this information to post it here as a reference for other students and myself)

Study permit approval is based on: having sufficient financial resources without working in Canada for the entrie study period as per 220.

Meeting the minimum financial requirements or just the first year amount does not mean that your visa will be approved.

 

[binnareyn]

Does "having sufficient financial resources" mean having this money in a Student GIC or Student Deposit Account with a bank "in Canada"?
Will that make your case stronger?

 

[jigzyy]

Does "having sufficient financial resources" mean having this money in a Student GIC or Student Deposit Account with a bank "in Canada"?
Will that make your case stronger?

No. That's just for first year. But you have to show strong financial situation in your home country as well.. that you are not using 200% of your income for education abroad and end up getting bankrupt. If your net assets / investment and all other combined are well beyond minimum requirement (at least 2 to 3 times), then its fine. But if you show 25000 CAD as available funds and your total property, investments and financial situation is just around 30k (other than 25k) then yeah, that's a problem. The leads VO to believe that you will have to pick up a job to pay for you fee, which in return may effect your education and end up just over staying in Canada for number of reasons (not a legit student or just abusing the rights of study permit).

 

[jweekend]

Does "having sufficient financial resources" mean having this money in a Student GIC or Student Deposit Account with a bank "in Canada"?
Will that make your case stronger?

Having sufficient financial resources means you have the disposable cash to fund your entire period of education.

If you need to sell your house, sell your jewellery, borrow money from friends and family etc., it means you don't have sufficient financial resources.

 

[Arr123]

Hello everyone,
Could Anyone tell if my financial information sounds good:
Savings account 36000 CAD
Two year program. first year tuition paid advance
House and property documents

 

[jigzyy]

What about GIC and other things?

Hello everyone,
Could Anyone tell if my financial information sounds good:
Savings account 36000 CAD
Two year program. first year tuition paid advance
House and property documents

 

[Arr123]

What about GIC and other things?

Thank you. My country does not have gic and what other things if you could tell

 

[jigzyy]

Thank you. My country does not have gic and what other things if you could tell

Okay. Seems sufficient to me. Considering $20k living expense for two years and additional $10k for fee. You are in excess.

 

[Arr123]

Okay. Seems sufficient to me. Considering $20k living expense for two years and additional $10k for fee. You are in excess.

Thank you.

 

[Arr123]

Okay. Seems sufficient to me. Considering $20k living expense for two years and additional $10k for fee. You are in excess.

I want to know one more thing that when uploading documents online is it alright if I upload certain financial documents in proof of financial folder and also clients information.