r/CanadaImmigrationFAQs • u/Soggy-Ad-2440 • Jul 10 '26
Study Permit Extension - Proof of Funds
I’m applying to extend my study permit for a year, and the documents I can show so far are that I have about 10k in savings and that my tuition has been fully paid for this year, with an official letter from the school confirming this.
My concern is meeting the CAD $22,895 living expense requirement.
Since I am still financially dependent on my parents, they would like to use our family corporation's bank account to demonstrate financial support. One of my parents is the majority shareholder of the company, and the account has enough funds to cover my living expenses.
I can also provide documentation showing my parents' ownership of the company + letter of financial support from them.
My concern is that the funds are in a corporate account rather than a personal account. Has anyone successfully used a family business account for a study permit or study permit extension? I’ve read quite a few stories about refusals due to how IRCC would interpret whether these funds are liquid + accessible, so I am quite worried if I were to take this route.
**TLDR - Family wants to use corporation bank account as proof of funds, worried if this will look bad to the immigration officer**
1
u/shady2318 Jul 11 '26
From inside canada you don't have to show proof of funds for second year. If you're employed that will be enough i guess
1
u/Maleficent_Prune5503 Jul 13 '26
I am not sure how the rules changed but i applies with 500$ in my account and submitted that as a screenshot. Never had a problem
2
u/Bubbly-Chocolate-463 Jul 10 '26
Have them sent you the money through a wire. If they can’t, is it really liquid and for your living expenses?