Canada is a popular destination for foreign students who are looking for a quality education. Canada offers quality education and many other options for students who wish to stay in Canada after completing their studies.
You must have sufficient financial means to attend university and living expenses to attend school in Canada.
Being able to support yourself financially upon arrival in Canada is a key factor in your chances of obtaining a study visa.
It is important to demonstrate that you can maintain your financial independence while in Canada. One way is to show that you have money in your bank account.
Another option is to be sponsored by a family member or relative. These people may offer to pay for your tuition, room and board while you study in Canada.
In addition to proving that you have sufficient funds to pay for your education, you must prove that you have sufficient funds to travel to and from Canada.
You can also show that you have sufficient funds to cover your living expenses such as a car, clothes and groceries.
This blog explains how proof of funds from Canada is required to obtain a study visa.
What is Proof of Funds?
A study visa for Canada requires proof of sufficient funds. Overseas students must demonstrate that they have sufficient funds to pay for their tuition fees and living expenses in Canada.
The school you are enrolled at will require additional proof of funding. You can provide documents proving funding if you wish to attend college in Canada.
It is optional to provide all of the listed documents as there can be many ways to prove that you have sufficient financial resources or support.
Going abroad to study is an important decision you have to make. However, there are some things you should do in advance to ensure your stay in Canada goes smoothly.
Some of these include proof of language proficiency, proof of financial resources, and the validity of your student visa. You should also know that there are a few ways to get your visa refund.
Proof of Funds Requirements
In most cases, first-year tuition at a Canadian post-secondary university can cost up to $15,000.
Canadian immigration, refugee and citizenship candidates must have a minimum of $10,000 in living expenses. To support your application for a Canada student permit, you must have a total of $25,000.
Canada allows its students to sponsor their families. You must demonstrate that you can provide for yourself and your spouse or relatives while you study in Canada.
You can provide the following evidence to prove your financial capacity:
- If the money was sent to Canada, bank statements will be required.
- A financial institution requires proof of a student loan or educational records.
- Bank statements from your financial institution for the past 6 months.
- Bank drafts.
- Receipts for tuition and living expenses.
- A certificate from your school or organization attesting to financial support. The letter from the representative of your sponsor, institution or other entity certifying the sponsorship.
- If you are enrolled in a Canadian-funded educational program or receive a scholarship, you must provide evidence that funding was paid from Canada.
Financial Aid from Non-Family Members
International students wishing to study in Canada have access to a variety of financial aids. From government grants to bank loans, students can achieve their dreams without breaking the bank.
Students must meet the following eligibility criteria to be entitled for any form of financial aid. First, they need to demonstrate superior academic performance and be committed to community service.
Refund Options
If you are planning to study in Canada and wish to withdraw from your program, you should be aware of your refund options. You can request a partial or full refund. However, you need to follow the procedures & deadlines set by your college or university.
You need to submit a letter requesting the refund and a document required to receive the refund. This includes your letter of acceptance, official letter of acceptance from the Ottawa-Carleton District School Board, IRCC visa refusal letter, letter of acceptance from another institution, receipt and proof of payment.
To be eligible for a refund, students must request a refund within the first 10 business days of the semester. Refund requests received later will not be considered.
You may also be required to pay a non-refundable deposit before you can withdraw funds. If you withdraw from your program after tuition has been deducted, you will be charged a standard $2500 program termination fee.
Conclusion
Finally, a study visa in Canada can be very expensive. However, with careful planning, it can be manageable. If you are interested in studying in Canada, make sure you do your research before you begin.
For more details, please contact Phoenix GRS, an immigration expert.
