To get a study visa in Canada, it is compulsory for the applicant to have a good bank statement. Finances to afford their tuition fees, living, and other related expenses during their studies in Canada. In this article, we will discuss in detail the financial requirements for Canadian study visa for Pakistan. This will help the students to navigate the application process.
Tuition fee:
The universities and colleges in Canada offer a vast range of academic programs, every academic program has its own tuition fee. The first and foremost step to study in Canada is to cover or afford the tuition fee. The students can check the tuition fee related to their selected program on university websites to which they want to get admission. It is very important to make sure that the students have sufficient funds to afford their fees during the entire duration of their academic program.
Cost of living:
The students who want to study in Canada have to afford their living expenses along with their tuition fees. The expenses may include accommodation, transportation, food, medical, and other according to their requirement. The government of Canada provides living expenses to students but this may vary on location and lifestyle. As per my knowledge, in January 2022 the estimated living expense for the students. Who are in Canada on study visa was approximately 10,000 to 15,000 Canadian Dollars (CAD) per annum.
Proof of funds:
If applicants want to satisfy the immigration authorities in Canada. They just need to provide proof of funds for affording their tuition fees and managing their expenses. The applicants should provide proof to Canadian immigration authorities that they have the capacity to cover their study and cost of living expenses. The applicant can provide proof in the form of bank statements, financial certificates, or sponsorship letters. The risk of rejection may increase if the applicant fails to provide proof of funds. The amount of funds may vary on location, time duration of the study program, and many other factors.
The minimum requirement for bank statements:
There is no limit fixed for bank statements for Canadian study visa by the Canadian government. The applicant just makes sure that their financial documents clearly prove that the applicant has the ability to cover. The cost of living and tuition fees during the time period of studying in Canada. If the applicant provides a good bank statement to the immigration authorities, then it will be in favor of approving a study visa in Canada.
Sponsorship and affidavit of support:
There are some cases in which the students are financially supported by a sponsor, such as parents, relatives, or any relation then the applicant must need to submit the letter of sponsorship and affidavit of support. These documents confirm that the sponsor’s commit to bear the student’s expenses and provide evidence of their financial stability. The bank statement of the sponsor and supporting documents may also be required to verify the ability to afford the expenses in Canada.
Currency conversion:
It is essential to ensure that all financial documents, including bank statements, and sponsorship letters should be presented in Canadian Dollars (CAD). The applicant should need to convert the currency using the exchange rates. The applicant can visit currency exchange offices for currency conversion. The documents should clearly specify the converted amount. If the applicant fails to provide the correct and complete documents of currency conversion then it may lead to delay or maybe complicate the study visa process in Canada.
Financial institutions:
Some rules and regulations on finances have been set by the Canadian immigration authorities that generally include the following:
· Bank statements should be recent, covering the past three to six months.
· The bank statement clearly shows the name of the account holder.
· The bank statement clearly shows the account balance and transaction history.
It is advisable to maintain consistency in transactions and avoid the large deposits and withdrawals that are difficult to explain.
Wrapping up:
In the wrap-up of the above discussion, getting a Canadian study visa for Pakistanis requires solid plan and documentation of financial resources. Students should do complete research on tuition fees and expenses before applying for a study visa in Canada. The applicants should select the institute and program that are easily affordable according to their financial statement. If the applicant has solid documentation against the finances then it will enhance the chances of successfully approval of student visa in Canada. After meeting the financial requirements students embrace the rewarding journey in Canada. Canada has opened the doors for world-class education and diverse cultural experiences.
