Proof of Funds Amount for international student

Proof of Funds Amount for International Students in Canada has Increased!

BREAKING! From now on, international students will need to double the amount of money in their bank accounts if they wish to study in Canada, the government has announced. 

The country’s immigration minister also cautioned that visa limits may be enforced if institutions do not provide adequate support to students, as the government attempts to tackle ‘exploitation’ in the international student program.

Minister Marc Miller confirmed on 4th January, Thursday that anyone planning to study in Canada will need to show they have $20,635 in funds, in addition to their first year of tuition fees and travel costs, to be approved for a study permit.

Miller added that the move was to stop students from realizing that they don’t have enough money to support themselves once they have already arrived in Canada. The change will apply to new study permit applications received on or after 1st January 2024.

He also said that- “We are revising the cost-of-living threshold so that international students understand the true cost of living here”. “This measure is key to their success in Canada.”

According to IRCC, the cost-of-living requirement for the applicants having a study permit has not changed since the early 2000s, when it was set at $10,000.

FAQ

What is the amount of proof of funds for international students in Canada?

Ans: Anyone planning to study in Canada will need to show they have $20,635 in funds, in addition to their first year of tuition fees and travel costs, to be approved for a study permit.

Do I need to show proof of funds to study in Canada?

Ans: Yes, and from now on, international students will need to double the amount of money in their bank accounts if they wish to study in Canada

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