New funds requirement for Canada study visa. This is a very important update because the GIC has increased a little bit. It is just $500, not much, but now you need to make new GIC deposits if you are going to lodge your file. If you receive a refusal, then you need to do a top-up in your previous GIC as well.
In this video, the new GIC requirement, top-up in the GIC requirement, real expenses in Canada study visa, tuition fee, living expenses, withdrawal of the entire amount after landing in Canada, whether someone else can show that money, and the funds required for dependants are discussed. This is to clear the financial capacity required for Canada study visa.
Globexa Immigration shares this information to help you understand the financial capacity discussed in this video before proceeding with your Canada study visa or Canada study visa with family.
1. New GIC Requirement From September 1
Starting from September 1, you need to show a little more GIC. Earlier it was $22,895, so around $23,000 was there earlier. The amount now is $23,448, so approximately $23,500 is going to be the amount. It is not much in terms of rupees. In Indian rupees, it is 16.5 lakh rupees required to show in terms of financial capacity.
If you are from any other country, you can see what is going to be your local currency and convert the amount. In Canadian dollars, it is $23,500 Canadian, which you require to show in terms of financial capacity. That is for a student.
For a spouse, earlier also it was quite similar. It is not much of an increase. The same $500 increase is there. Earlier also for student and spouse, we were showing the same $30,000. Now as well, you can keep showing $30,000. It remains the same.
With one kid, we were showing $36,000. Now as well, it is again $36,000. It is approximately the same and there is not much of a difference. Just $500 increase is there. So, it is not much. Similar kind of amount you need to show in terms of your financial capacity.
If you have two kids, earlier also we were showing $44,000. Now also it is $44,000. With three kids, $50,000, and now as well we are going to show $50,000. So, it is not much of an increase.
Just remember, if you are showing the financial capacity as a student, then the GIC is going to be $23,500 Canadian.
2. GIC Top-Up After Refusal
If you have submitted your application earlier and if you have done the GIC with the amount of $23,000 or less, then now you need to make a top-up for that. In the top-up, you can deposit $500, $600, and the total amount in your GIC will cross $23,500, and it is going to be good for your next application.
If you are going to submit your application from now onwards, today onwards, then you need to show appropriate funds as a student, and this is going to be your funds: $23,500.
3. Withdrawal of the Entire GIC After Landing in Canada
You can also withdraw the entire funds after landing in Canada. You can do a GIC where you can withdraw that entire money after landing in Canada. You don’t require to keep it for the entire one year.
Earlier there was a rule. If you are not in touch with Canadian immigration, then you may not know about it. Earlier, when the SDS category was there, there was a rule that you need to keep the amount for one year. You were going to get the entire money back in one year in 12 instalments.
Now you don’t require to wait for one year to get your entire money back. We can do your GIC now. Now SDS category is no more, and we can do a GIC where you can withdraw the entire amount after landing in Canada.
As soon as you land in Canada, we can withdraw the entire amount. You will get the entire money back and you can return it to anyone. If you have taken it or borrowed it from someone, you can give back the entire money and you can transfer that amount through UPI as well.
If you have submitted your application earlier and if you have done the GIC with the amount of $23,000 or less, then now you need to make a top-up for that. In the top-up, you can deposit $500, $600, and the total amount in your GIC will cross $23,500, and it is going to be good for your next application.
If you are going to submit your application from now onwards, today onwards, then you need to show appropriate funds as a student, and this is going to be your funds: $23,500.
4. GIC and Forex Charges
Earlier, when we used to take refund from Canada to India, there were heavy forex charges. Now you don’t require to pay forex charges. In that particular GIC, you can withdraw the entire amount after landing in Canada. The entire $23,500 can be withdrawn immediately after landing in Canada. The next day, you can withdraw the entire amount.
The second thing is you can send that money through UPI so that there is no deduction in your amount. You don’t require to pay forex charges in that. So, you are going to save on both the things. You are not keeping the money blocked for one year. That is one saving. The second saving is you can send the money in Canada using UPI.
When we do a package, we do the same GIC. We pay the money for you and that money goes to Canada, and we pay the forex charges to send the money to Canada. But when we are taking money back, usually we get the similar amount back. In that case, we don’t require to pay the forex charges to get the refund.
Earlier there was a deduction of sometimes 60,000 rupees, sometimes 80,000 rupees, 1 lakh rupees. Those kinds of deductions were there. Now there are no deductions in that money. You can send the entire money back using UPI.
If you have submitted your application earlier and if you have done the GIC with the amount of $23,000 or less, then now you need to make a top-up for that. In the top-up, you can deposit $500, $600, and the total amount in your GIC will cross $23,500, and it is going to be good for your next application.
If you are going to submit your application from now onwards, today onwards, then you need to show appropriate funds as a student, and this is going to be your funds: $23,500.
5. Real Expense in Canada Study Visa
What is the real expense? Your real expense is your tuition fee.
Your tuition fee is usually between $15,000 to $22,000 depending upon which college or university you are going to. Average tuition fee in Canada is $17,000 to $18,000 for all kinds of programs.
If you are going for a UG diploma, the same tuition fee is there. If you are going for a PG diploma, the same tuition fee is there. If you are going for a master’s degree, the same tuition fee is there. So, you can have the similar tuition fee paid in most of the programs.
Many people have this perception that if they are going to a private university, the fee is going to be really high, and if they are going to a public university, the fee is going to be really high. No.
In Canada, the average tuition fee in most cases is $17,000 to $18,000. In most of the colleges, examples include a college fee around $17,000 to $18,000, Northern College $17,000 to $18,000, and Algoma University $17,000 to $18,000.
If you go to Trinity Western University, the fee is just $15,500 if you are going for Master of Leadership program. It is a private university, but the fee is on the lower side.
If you have less percentage and want to go for a public university, there are two public universities where the fee is higher. It is Royal Roads University and Thompson Rivers University. There the fee is around $22,000. Otherwise, in most of the options, if you go to Laurentian University, the fee is $15,500.
So, in most of the options where we want to go initially, which are our target, the fee is $17,000 to $18,000 for a UG diploma, for a master’s degree, and for a PG diploma. This is the tuition fee.
5. Tuition Fee in Indian Rupees
The average tuition fee in Indian rupees is approximately 30 lakh rupees. This is your tuition fee in Indian rupees. You can convert this tuition fee. This is Canadian dollar. You can convert the fee into your currency and you will get to know what you are required to pay for tuition fee.
This is your real expense. When people ask what is my expense, this is your real expense. The remaining amount you need to show and you need to deposit, but you will get it back after getting your visa. That is not your real expense.
Your real expense is the tuition fee which you are required to pay. This is going to be the tuition fee which you are required to remember.
6. Student Living Expenses and GIC
Next is student living expenses, which is GIC. Earlier, the GIC was less than $23,000. It was $22,895, something like that, and now it is $23,500.
It is 16.5 lakh rupees in Indian rupees. This is going to be your GIC. As soon as you land in Canada, you can get the entire money back in India and you can use it the way you want.
If you borrowed it from somewhere, you can give it back to the person. It is not a problem. This is the living expense of the student, and this is not your expense. This is actually something you can get back after landing in Canada.
7. Funds for Dependants
Next is dependent for spouse and kids. For each person, each dependent, you require approximately $7,000 Canadian dollars. In Indian rupees, it is around 5 lakh rupees.
Again, this amount is not your expense. As soon as you land in Canada, this amount will be free.
If you want to apply for Canada study visa with family, then you need to show additional funds for the family. But this fund will be free as soon as you land in Canada. You don’t require to block it forever.
If the processing of study visa is going to take 3 months of time, then after 3 months this money will be free, and if you are landing in Canada after that, you can withdraw this money and you can do whatever you want to do with these particular funds. So, there is no problem in that.
8. Financial Capacity for Student and Family
If you are just a student, a single person, then $23,500 is required.
Add $7,000 in that, approximately $30,000, if you are applying with spouse.
If you are applying with one kid, $36,000.
If you are applying with two kids, $44,000.
If you are applying with three kids, then $50,000.
This is the amount you are required to show whenever you are applying for your visa with family or even later on as well. After getting your study visa, after you reach Canada, immediately after that you can apply for spouse and kids. At that time as well, you are required to show the same financial capacity for your entire family.
So, this is your financial capacity. Tuition fee is the real expense. Remaining funds which you are required to show are not your real expense.
9. Managing the Remaining Funds
We can also show those funds for you. We can also make the deposit for GIC. We can also make the deposit for dependant funds. We can make this deposit and you can apply for visa. You can reach Canada.
As soon as you reach Canada, we can withdraw this entire money back to us and it is in the form of a package. You can pay either the interest or you can do a package. In both cases, we are fine with that. There is no problem in that.
We can show these funds for you. If you are unable to manage these funds and you are able to manage your tuition fee, but remaining funds you are unable to manage, we can manage it for you. We can fund it for you and we can lodge the application for you and we will get this entire money back as soon as you land in Canada.
10. Financial Capacity Has Increased by $500
If you want to apply for your Canada study visa or Canada study visa with family, this was the video and a little bit of financial capacity is increased.
If you are going to cater for it, there is not going to be any problem. Just $500 are increased, nothing much. So, don’t worry about it.
If you want to discuss and if you want to see how you should plan for your Canada PR, this is the video. Must watch this video. It is going to help you.
If you want to apply, you can ping on the WhatsApp number and save these numbers.
11. Study Visa at Age 40, 45 or 50
Many people ask about their age. They ask, “My age is 40, at this age how can I apply for Canada study visa? How can I apply for New Zealand study visa? How can I apply for Opportunity Card at this age?”
At this age, you can do Canada study visa, New Zealand study visa, Germany Opportunity Card as well. There is no problem. Even if you are at age 40, 50, we can apply for it. There is no problem at all.
Don’t worry about your age. It’s the perception in your mind that you are not going to get your visa. We have done it again and again and again for so many people.
So yes, you can also get your visa at age 40, 45, 50. Don’t worry, we can lodge the file. We can proceed for you. Don’t worry about it.
Final Message
This was the video about the new funds requirement for Canada study visa. The financial capacity has increased a little bit, just $500, and if you are going to cater for it, there is not going to be any problem.
If you want to apply for your Canada study visa or Canada study visa with family, you can discuss your case and ping on the WhatsApp number.
