Canada increases proof of funds for international students by 100%

The Canadian Government has increased its “cost-of-living financial requirement for study permit applicants,” for international students from $20,000 to $10,000 starting from January 1, 2024.

The country’s Minister of Immigration, Refugees and Citizenship, Marc Miller made this known in a statement on Thursday, December 7, 2023.

In the statement, Miller said from 2024, every applicant will need to show they have $20,635, in addition to their first year of tuition and travel costs.

The statement reads in part, “This change will apply to new study permit applications received on or after January 1, 2024.”

“Starting January 1, 2024, the cost-of-living financial requirement for study permit applicants will be raised so that international students are financially prepared for life in Canada.

“For close to two decades, study permit applicants for international students have remained at $10,000. This review, which takes effect from January 1, ‘will help prevent student vulnerability and exploitation.”

This is coming days after the government of the United Kingdom introduced tougher rules aimed at curbing regular migration.

The new rule is designed to make visa application more difficult for Nigerians and other applicants.