Financial Planning for Canada Visa

7 Common misconceptions to avoid

Hi everyone, today I will talk about the important points that you need to consider while preparing financial planning for student visa in Canada 2024. Writing down improper financial planning with inadequate source explanation results in visa rejection. I have rarely seen any visa application documents prepared by the agencies where they put care and effort into creating proper financial planning. Honestly, nobody has time for that. If you want to secure your place you should be aware and meticulously work on that. If you need my mentorship you can check out my service details here and shoot me an email with your academic and professional details.

Calculate 1 Year Tuition Fees:

The First point of consideration is your yearly tuition fees. A lot of students are unaware that the Canadian immigration office doesn't require you to have enough money for the whole duration of your course. They ask you to have enough tuition fees for one year. Not all universities have clearly mentioned the tuition fees in their website. The bigger the university the less they care about this part. It is your responsibility to double check the website and contact the grad coordinator. If possible, reach out to an existing student from your prospective department via LinkedIn and make sure you know the exact tuition and other ancillary fees. 

New update on Living Cost:

Second, the Living Cost part. Recently the Canadian government has revised the minimum fund required for one year living in Canada. In the past it was 10k for each student and now it is 20,600+ foreach student. You can find the required amount for accompanying family members here. Last year I encouraged students to follow the living cost calculation by the university as the university shares the living cost of that particular city. This year the university website has not yet revised the living cost in their websites but the CIC website asks you to have a minimum 20k+. To be safe I advise you to pick the bigger number. 

Making a Table:

Make a table mentioning the amount needed for studies and living for one year and add them to find a total. Make another table mentioning your sources of funds. In the end show them you have more money that you need for tuition, living and transportation and you should be fine. 

Who are your Sponsors?

You can use Your own funds, spouse’s, parents’, siblings’ money. That means you can use them as your sponsor. Please don’t use uncles or cousins if both of your parents are alive. 

What Funds Can be Used?

You can keep your money as cash in the current and savings account. No need to make a FDR, especially the fund that you will need within a short period of time. If you already have FDR or Post Office family savings certificates, you do not need to cash them out. In summary let the fund be as it is. Do not move large chunks of cash without any serious reason. 

Tax Papers

You have to have clear tax papers which include tax assessment papers and tax clearance doc. Don't ask me what if I don't have the proper tax papers? I don't know the answer. Don't ask me how I can show the loaned fund as a source of my tuition and living cost. I don't know the answer either. As a Bangladeshi unfortunately we are not allowed to take educational loans or any other kinds of loan to study abroad. According to the Canadian government you are expected to have liquid cash in your banks earned from legal sources to spend for educational purposes. Sounds harsh but I promised to be truthful, can't promise to be nice. Lol. 

Fixed Assets

Don’t worry too much about fixed assets. It is good to have some fixed assets like land, gold, rental, residential properties etc. If you don't have them, no sweat. This is again not a requirement by the Canadian government. Fixed assets are only good for country tie. It does not add any value to your overall financial calculation. Whatever you have in the bank as liquid money and your scholarship confirmation (if there is any) are the one important parts.

That's everything for today. The VFS is overcrowded. Many of my students are finding it extremely hard to submit their Biometric information. Some are waiting weeks to get their passport stamped even after getting visa approval. I advise fall 24 students to keep this situation in mind and apply as soon as possible. Last year I advised students to submit visa applications in May/ June. But waiting until May June might be too risky under present circumstances. In my next newsletter I will talk about the ways you can start preparing early so that you have enough time to deal with the VFS overcrowding issue.