Setting Students Up for Success: ApplyProof and RBC Launch Verifiable Proof of Financial Support

Our mission to educate the world and increase trust in international student documents requires innovation and collaboration. Since 2019, we’ve partnered with over 40 education institutions to offer verifiable letters of acceptance to thousands of international students looking to study in Canada. In 2021, we launched partnerships with Pearson Education and with ETS TOEFL, leveraging our efficient document authentication technology for Proof of Language Proficiency results for millions of students worldwide.

Now, we are taking our next step forward by helping students strengthen another key element of their Canadian study permit application: Proof of Financial Support. ApplyProof, the stand-alone document verification platform created by ApplyBoard, is teaming up with RBC to offer a Proof of Financial Support solution designed to support international students looking to fulfill their dreams of higher education in Canada.

Demonstrating an ability to support yourself financially during your studies is a key element of the Canadian study permit application process. By using ApplyProof, international students can now submit their study permit application to the Government of Canada with the added trust and security of a digitally verifiable Guaranteed Investment Certificate (GIC) provided by RBC. Using ApplyProof, immigration officials can verify the authenticity of these GICs in seconds.

“The journey for international students coming to Canada can be complex and time consuming. Our integrated solution with ApplyBoard helps to make that journey a little easier. RBC has a longstanding history and commitment to supporting newcomers, including international students, who bring innovative ideas and fresh perspectives to campus communities across Canada.”

– Amit Brahme, Senior Director of Newcomer and Cultural Client Segment at RBC


What is “Proof of Financial Support”?

IntInternational students applying for a study permit need to demonstrate that they can support themselves financially while they are in Canada.

For most students, this means proving that they are able to pay their tuition costs and that they have at least C$10,000 in additional funds to support their study journey. As international students are limited in how much they can earn during part-time employment while on a study permit, these funds help ensure that the student can afford housing, food, and other necessities during their studies.

The Government of Canada accepts a variety of Proof of Financial Support documents for regular study permit applications. However, for the Student Direct Stream (SDS), students must provide proof of a $10,000 GIC when they apply.  The student can only access funds from the GIC after they arrive in Canada. As GICs offer a guaranteed rate of return, GICs provide a benefit to students while increasing trust with immigration officials evaluating study permit applications.

Why Does Verifiable Proof of Financial Support Matter?

Establishing trust in international student documents is critical to make studying abroad more accessible. Students are limited in the documents that they can submit as proof for their study permit application, so they need to know that the documents they are issued can be trusted. Allowing stakeholders to check the authenticity of student documents increases trust throughout the process and increases the likelihood of positive outcomes.

For institutions, this means higher enrollment and a better return on student recruitment efforts. For immigration officials, this means quicker and more reliable study permit decisions. And for students, this means less time spent on bureaucratic processes and more time preparing for successful studies abroad.

The SDS program is an example of how increased document trust can lead to more efficient processing and better results for students. Under the SDS program, students must provide Proof of Language Proficiency and they must provide a GIC as Proof of Financial Support. These more specific requirements allow IRCC to process most SDS applications in 20 calendar days, and SDS applicants have a 15–20% higher approval rate than non-SDS applicants.

The end goal for all stakeholders in international education should be the same: empower students to pursue higher education without significant roadblocks or barriers. Increasing trust in student documents, especially critical documents needed for study permit applications, simplifies the student journey.

“Together with RBC, we are building trust in students’ Proof of Financial Support and helping to strengthen their study permit applications. By increasing trust and efficiency in the study permit process, we’re making education in Canada more accessible for international students.”

– Iman Hassani, Head of ApplyProof


Students Benefit From Sector Collaboration

When different stakeholders in the sector work together to benefit students, everyone wins. By teaming up with RBC, we’re providing the trust, security, and efficiency needed to help our sector move towards a digital future for international education. We know that greater collaboration between educational institutions, private companies, government agencies, and others will help more students to pursue their study abroad dreams while strengthening our industry and the economy.

InInternational students rely on all of us in the sector to continue to find new innovations that make the study abroad application process simpler and more fair. We all need to support increased portability and benefits for all students.

If you have an idea or opportunity for sector collaboration that would benefit students and the industry, please contact us at partnerships@applyproof.com.


For more information on the ApplyBoard-RBC International Student GIC Program, please visit applyboard.com/discover/gic.