Study Abroad: Essential Steps for International Students to Study in Canada

Immigration officials examine 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. Providing evidence of financial stability, especially for longer programs and increases the likelihood of visa approval. The proof of funds varies among study-abroad destinations. In Canada, the minimum financial requirement for students is C$20,635 for Australia, its AUS$24,505 while in the UK they will require slightly over (US$1,660) per month of study and in Germany (US$11,952) for one year.

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Ways to Prove Financial Support

The following documents are generally used to show proof of financial support:

• Proof of bank account in Canada, in the name of applicant with the required amount of deposit
• Proof of student or educational loan obtained from a bank
• In order to prove the financial stability bank statements are required of the past four months

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• Bank draft that can be converted into the local currency of the destination country
• Document to confirm that payment of tuition and housing fees 
• In order to provide financial support a letter from the institution or an individual is required
• Proof of funds received from various sources within the destination country particularly applicable for scholarship recipients or participants in government funded educational programs

One of the most straightforward banking solution for students seeking to show financial support is a Guaranteed Investment Certificate (GIC). If the students are planning to apply for a Canadian institution under Student Direct Stream are required to apply for GIC

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