What to Do if Canada Student Visa Proof of Funds is Not in My Name?

International students applying for a Canadian student visa are required to demonstrate proof of funds. This is to ensure that you have sufficient funds to study in Canada and to maintain a basic standard of living. Financial documents are the most scrutinised and verified documents during the visa application process. Therefore, those who can demonstrate they have sufficient funds will get visa approval. 

However, in certain cases, it is possible that the funds are not in your name. Even in that case, you can get a visa. However, the documents you need may differ. In this blog, we have covered the acceptable proof of funds and the answer to your question: What to Do if Canada Student Visa Proof of Funds is Not in My Name?

Note: The Canada Study Permit gives you the right to travel and stay. It acts both as your visa and your permit. Therefore, when we refer to a Canadian student visa, we mean a Canadian study permit.

Canada Student Visa Proof of Funds: An Overview

International students must have sufficient funds to cover their tuition fees and living expenses. You don’t just need funds for yourself, you need funds for your family as well (if they are travelling with you as a dependent). This means you need the following:

1. Tuition fees: Demonstrate that you have funds to pay the first-year tuition fees. This amount is indicated on your letter of acceptance.
2. Living expenses: Demonstrate that you have sufficient funds to cover 1 year’s living expenses in Canada (you and your family). 
3. Additional expenses: You must have funds to pay for accommodation in Canada, visa fees and health insurance. 

You must demonstrate proof of your finances. Moreover, you must have legal access to those funds. We have explained later on what to do if Canada student visa proof of funds not in my name.

Also Read: Canada Student Visa Requirements from India

Minimum Bank Balance for a Canada Student Visa

In addition to the tuition fees, you must have a minimum bank balance in your account. That is, as proof that you can cover your living expenses. The minimum bank balance required is provided below. You must have proof of funds to demonstrate that you have this amount in your bank account. If the Canada student visa proof of funds not in my name alternative documentation must be provided.

Number of Family members (including the applicant)	Funds Required per year (not including tuition) (CAD)
1	20,635
2	25,690
3	31,583
4	38,346
5	43,492
6	49,051
7	54,611
If more than 7 people, each additional family member must have the following amount	5,559

This is the minimum bank balance you require in all provinces except Quebec. 

Also Read: Cheapest City to Live In Canada for International Students

Acceptable Proof of Funds for Canada Student Visa

As mentioned above, you need to show that you have sufficient funds to cover the expenses.  The Canadian government has listed the acceptable documents as financial proof. According to them, you must ensure that you have legal access to the funds. You need to provide any 1 of the following as proof:

1. Your last 4 months’ bank statements 
2. Proof that a Canadian bank account is in your name (if you have transferred money to Canada.
3. Proof of a student/ education loan from a bank
4. A Guaranteed Investment Certificate (GIC). You can obtain this from an eligible Canadian financial institution.
5. Bank draft (it must be able to convert to CAD)
6. Proof that you have paid your tuition fees and housing expenses 
7. A letter from the person giving you money.
8. Proof of funding obtained from Canada (if you have a scholarship from Canada or are enrolled in a Canadian-funded educational program)

Also Read: 9 Common Reasons for a Student Visa Rejection

Canada Student Visa Proof of Funds Not in My Name: What Next?

As an international student, your funds may be in your parents or sponsor’s name. The Canadian government has clearly stated that you must have access to those funds. This means you don’t need to have these funds in your name! There are other acceptable documents that you can submit as proof:

Letter From the Person Giving You Money (Sponsorship Letter)

If your concern is: Canada student visa proof of funds not in my name, and my funds are sponsored, the solution is to submit a letter from the person giving you money. This means if your parent is sponsoring your education, you can submit a letter from them. Your sponsorship letter must consist of the following details:

1. Name of the sponsor, address, and contact information
2. Your name and relationship to the sponsor 
3. The amount of money they will be providing you
4. Confirmation that this amount will cover your expenses.
5. The duration they will be providing you with finance
6. An understanding that they get that you will use the funds 
7. Their signature and date.

Besides this, your sponsor must provide proof that they have funds to support you. The documents, for example, 

1. They can submit the last 4-6 months’ bank statements
2. Proof of income from employment or self-employment, or 
3. Other financial proof, like fixed deposits, proof of ownership of properties, or income statements. 
4. A gift deed (if they are transferring large sums of money to your bank account)

Letter from the Institution Giving You Money (Official Scholarship Letter)

If you are a scholarship recipient, then you need to submit the scholarship letter from your scholarship provider. This is what you can do if Canada student visa proof of funds is not in my name.. Your scholarship letter must contain the details of your scholarship. 

1. Name of the scholarship and the amount 
2. Whether it is a partial or fully funded scholarship
3. Terms and conditions of the scholarship
4. official letterhead of the awarding institution/
5. Date of issuance, and the contact information 
6. Valid signature/Seal
7. Proof of scholarship disbursement (if any)

Proof of Student or Education Loan From Bank 

If your concern is: Canada student visa proof of funds not in my name because of an education loan, submit the following documents: 

1. A loan approval letter from the bank or financial institution 
2. Loan disbursement letter (if the amount of money is already disbursed_
3. Loan capability letter (if you have obtained the loan from a bank)
4. Collateral Documents (If it’s a Secured Loan)
5. Applicant’s/Co-applicant’s Financial Documents (that is, the co-applicant’s income proof, bank statements, etc)

Proof of Funding Obtained From Canada (if you are a Canadian scholarship recipient)

Let’s say you obtained a scholarship from a Canadian University and you are concerned that the Canada student visa proof of funds is not in your name. In this case, there is no need to worry. You can obtain the following documents from the respective institution. Your scholarship can be fully funded or partially funded.

1. Letter of Explanation: This is a mandatory letter you must write to the visa official stating that you are a scholarship recipient, along with other details like the scholarship amount and the name of the scholarship provider.
2. Scholarship/Funding Letter from the Canadian Institution/Program
3. Proof of Fund disbursement (if applicable.

If You Have a Joint Account with Your Spouse 

Let’s say you have a joint account with your spouse, and Canada student visa proof of funds not in my name. In this case, you can access the money in their account. However, as we mentioned before, you need to prove that you have legal access to those funds. This will enable you to count the money in your spouse’s name. In short, you must be able to access the money from Canada.

To learn more, you can watch this step-by-step video guide. It is about how you can show your proof of funds:

FAQs

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Now you know what to do if Canada student visa proof of funds not in my name. Want to apply for a Visa for your study abroad journey? Drop us a comment in the section below, or visit our visa page for more such articles. You can also connect with a visa expert at Leverage Edu, and we will guide you on your dream journey!