‘Proof of funds’ trips up more applications than almost anything else. Officers want to see that you can genuinely pay for your studies and living costs — and that the money is real and traceable. Here is what that means in practice.
What counts as proof of funds
- ✓Savings in your or your sponsor's bank account
- ✓A sanctioned education loan
- ✓Fixed deposits and other liquid assets
- ✓A GIC (for Canada — see below)
- ✓Scholarships or assistantships, if any
What is a GIC?
For Canada, a Guaranteed Investment Certificate (GIC) is a simple way to show living-cost funds: you deposit a set amount with a recognised bank, and it is released to you in instalments after you arrive. The required amount is set by IRCC and updated from time to time, so always confirm the current figure rather than relying on an old number.
Money that appears suddenly with no history, funds whose source you can't explain, or amounts that don't cover the full first year. Officers look at where the money came from, not just today's balance.
How GCI helps
We help you build a funds file that is complete, traceable and matched to the exact requirement — so this common stumbling block doesn't become your refusal reason. Book a free assessment.
Rules, fees and timelines change often — always confirm the latest with the official institution or government source before you act. This article is general guidance, not legal or immigration advice.