What Are Financial Facts About Canada?

Canada is a country which is welcoming international students every year with open arms. This is the reason that the number of international students in Canada is increasing day by day. Here are some important financial facts about Canada which every study abroad seeker should know before planning to shift to Canada for higher studies:

• Only full-time student are allowed to .work part-time legally in Canada and they must be

enrolled in Canadian DLI institutes.

• Students can manage their budget easily as every international student get a part-time

work permit with the study permit in Canada.

• The approximate yearly tuition fee of average government academic institute in

Canada is $ 15000 CAD and also overseas students are permitted to pay a

semester fee before applying for a visa.

• Canada offers high-class education which is almost the same as all other top destination

in the world for higher education. Any overseas student with a budget of approx. 13 – 15

lacs (for 1st year) can easily think about further study in Canada.

• Overseas students are legally permitted to do part time job of up to 20 hours per week

during their study course or regular academic sessions and full-time during scheduled

breaks, like winter, summer or spring break.

• The tuition fee of 1st semester to continue higher studies in Canada is $ 7000 - $ 8000

(Approx. 4.5 lacs). Moreover, GIC fund in the form of the 1st year living & travel expense

(Approx. 6.0 lacs) is also helpful to support your stay in Canada.

• Range of tuition fees can vary from $ 11000 CAD to $ 45000 CAD in all the academic

Canadian Universities & Colleges, but overseas education consultant suggests college

or university according to the eligibility of student, the financial capability of parents

as well as Indian standard.

• GIC process is a way to show your support during your stay in Canada. GIC should

be applied as soon as you get an offer letter from Canadian college or universities.

• In Scotia bank, students have to show GIC fund required in your account of $ 10280

CAD before the next step of visa application.

• GIC is refundable after your arrival in Canada as (1st installment of amount almost

$2,000 CAD plus any accrued interest is transferred into your personal bank account

of Scotia bank. After that, rest $8,000 CAD are deposited during the fix time period in

one year. GIC interest, as well as the amount, will transfer to personal bank account

automatically in the period of 12 months.

• Parents can pay tuition fees from their account but GIC fund is transferable only

on student’s account.

• Don’t forget to mention the student’s name, his or her ID & date of birth while transferring

funds through wire transfer.

• For part-time jobs, the minimum wage rate for students varies according to the

category and company.

• You need good communication skills and good personality to get a good job in Canada.

• Fund management is the best part of the life of an international student in Canada to

make his stay in Canada easy and memorable.