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Is it possible to accept, then later on decline an offer?

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I'm weighing the possibility of acceptance to another school, but I have a strong feeling that if I don't make the waitlist, that I won't hear an offer from them well after April 1st. 

What would happen if I were to accept my offer from UVIC by April 1st, pay the deposit, then decline (of course, I would lose the deposit). 

What's the precedent? Has anyone heard of this before? I've definitely heard of it in the states but there's so much less info on Canada.

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This happens every year, you will just lose your deposit. 

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On 3/7/2018 at 12:54 AM, TriNerd said:

This happens every year, you will just lose your deposit. 

I've heard that schools share with one another a list of names of students who accept offers. Do you happen to know if we accept an offer whether that'll mean other schools you hope to get into (over the one that's given you an offer) will know you've accepted and not give you an offer?

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