Navigating financial requirements: Essential steps for international students to study in Canada
economictimes.indiatimes.comacademic insights, and broaden their horizons. Before embarking on this exciting journey, students must navigate the financial logistics required. To study in Canada as an international student, one must demonstrate adequate proof of financial support, covering both study and living expenses, along with a minimum amount for any accompanying family members. Notably, between 2019 and 2021, Immigration, Refugees, and Citizenship Canada (IRCC) reported that 10% of rejected student visa applications were due to insufficient funds.
To avoid such setbacks, thorough preparation is essential. In this article, the discussion will center on what proof of financial support entails and how to obtain a Guaranteed Investment Certificate (GIC) to fulfill these requirements to study in Canada as an international student.
What is Proof of Financial Support?
Immigration officials scrutinize whether applicants possess sufficient funds to cover at least the first year of tuition and living expenses in their chosen destination, including provisions for accompanying family members if applicable. Presenting evidence of financial stability, especially for longer programs, increases the likelihood of visa approval.
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The required proof of funds varies among study-abroad destinations. In Canada, the minimum financial requirement for students is C$20,635, for Australia, it’s AUS$24,505, while in the UK, they require slightly over £1,100 (US$1,660) per month of study (equating to
