Finance requirements for Canadian study visa

It is relatively difficult to apply for a study visa in Canada. One of the Canadian study visas is a requirement for student funds. The following will elaborate on the relevant matters of the Canadian study visa based on this requirement.

1. Funding requirements for Canadian study visa

Studying in Canada and applying to study in Canada also have financial requirements. At the same time, this is also a very important restriction on whether you can successfully obtain a Canadian study visa.

When applying for a Canadian study visa, the Canadian Embassy has very strict requirements for the applicant’s guarantee deposit. During the process of applying for a Canadian study visa, the applicant’s funds are reviewed to ensure that the applicant has sufficient financial ability. , pay for all expenses while studying abroad without causing trouble to the Canadian government.

When studying in Canada, the financial guarantee amount is calculated based on the tuition and living expenses of the international student for one year. Students apply to different universities with different fee standards and local consumption levels, which results in differences in the amount of the guarantee deposit. The amount of study visa guarantee is not absolute and depends on the number of years of study in Canadian universities and tuition requirements. In principle, the applicant must be able to provide one year's tuition and living expenses, and be able to prove that there is sufficient financial income to cover the applicant's subsequent tuition and living expenses. For living expenses, the Canadian Embassy’s requirement is 10,000 Canadian dollars per year.

If you are studying for an undergraduate degree, which is usually 4 years, then the guarantee deposit should cover all tuition fees and living expenses during the 4 years. Canadian higher education is mainly public education, and the tuition fee does not vary much, from 15,000- 20,000 Canadian dollars, converted into about 850,000 yuan, so the guarantee deposit of 850,000 yuan is enough. Colleges generally offer 2-year courses, and according to the above calculation, RMB 450,000 is enough.

2. Requirements for deposit certificate for studying in Canada

The deposit period for studying in Canada must comply with the official Canadian deposit period requirements. Canadian officials have detailed requirements for proof of funds for study abroad applications: in addition to proof of at least 12 months of fund accumulation history, applicants also need to have a written explanation of the source of funds.

When opening a certificate of deposit, it is generally required to freeze the relevant accounts. Generally speaking, the freezing period for deposit certificates related to studying abroad is three months, and it is a safe practice to deposit for six months.

The content of the certificate of deposit must be in Chinese and English. Regarding this point, most banks now can directly issue certificates of deposit in Chinese and English. However, some banks still need to emphasize this with the staff before issuing it. It is a certificate of deposit used for studying abroad. It needs to be in Chinese and English.

The account name on the deposit certificate for studying in Canada can be that of the applicant’s parents or the applicant’s own. If the household name is that of a parent, the applicant’s parents will need to write a letter of financial support to show their relationship with the applicant. Finally, each bank will have its own format, but one thing to note is that the account name must be the English name of the applicant or parents, not his account number.

Sometimes there are situations where multiple banks need to issue certificates of deposit together, so the certificate of deposit can also be a combination of two or three banks, such as one from the Agricultural Bank of China and one from the Industrial and Commercial Bank of China. It is also possible to submit them to the same school together, or for visa purposes, but it is best to have the same household name.

3. Steps to apply for a Canadian study visa

1. Receive the application form: When filling in the application form, you should pay attention to some details, such as filling it in clearly with a black pen. , applicants should understand clearly in advance.

2. Start preparing application materials: After getting the admission notice from the school you are applying for, you must start preparing application materials. Study abroad experts say that formulating a reasonable study plan is the key to a successful application. A successful study plan can well express the applicant's motivation and purpose of studying abroad, thereby dispelling the visa officer's doubts about the applicant's immigration.

3. Submit visa materials: Applicants will submit the prepared application materials to the visa center and wait for visa review. Under normal circumstances, Canadian study visas require a period of review, and applicants are best to apply in advance.

4. Physical examination: After the application is approved, the visa officer will notify the applicant to go to the designated Canadian embassy for a physical examination. Physical examination is also an important part of visa application to ensure the health of the Canadian public and avoid burdening the Canadian medical system.

IV. General study visa processing time

If the materials are fully prepared, the processing time of the visa center is 1-3 months. During the application process, some applicants with relatively good information can be issued a visa within 1-2 months. Applicants will generally know the visa result in about 3 weeks after receiving the medical examination notification. SDS plan time: If the total IELTS score is 6 points, you can take the SDS plan (Study Direct Plan). The review speed will be much faster, and the visa can be issued in about 3-4 weeks at the fastest. Please see the Canada SDS visa page for details. SPP plan time: The SPP plan requires students to have an IELTS score of 5.5 or above, but the speed will be much faster, and the visa can be issued in about 2-3 weeks at the fastest. Please check the Canada SPP visa page for details.