Can you sponsor your family in canada while on an H1 in the US?
-- Yes you can as long as you live in Canada and pay canadian taxes(absolute must).
When you sign the 10 year no financial help from Govn part, does that include Educational Loans or Grants too?
-- I am not sure about this one. Although, I see no reason why you can't ask for a loan, since you are going to repay it later. What they are concerned about is financial help from govt based social assistance programs
Can the status of the sponsorship be tracked on any canadian govn. site online?
-- Yes on Immigration Canada's website once you get the client id #