Maple News reports that international students applying for a study permit in Canada must now meet revised financial requirements, following updates recently introduced by Immigration, Refugees and Citizenship Canada (IRCC). As of January 1, 2024, students must show they have at least $20,635 CAD in available funds to cover their cost of living—excluding the costs of tuition and travel. This adjustment excludes applicants to institutions in Quebec and applies only to applications submitted after December 31, 2023.
The raised cost-of-living threshold is part of IRCC’s initiative to better align financial expectations with real-world expenses faced by students in Canada. This base amount aims to cover transportation, books, supplies, and everyday living costs for one year. It will be updated annually in accordance with Statistics Canada’s Low-Income Cut-Off (LICO), ensuring that students are prepared for the actual financial demands of studying in Canada.
When applying for a Canadian study permit, students are required to prove they can fund their first year in the country. This includes tuition, travel, and the new living cost minimum. To demonstrate financial sufficiency, IRCC accepts several types of documentation. These include:
1. A Canadian bank account in the student’s name, each showing transferred funds.
2. A Guaranteed Investment Certificate (GIC) from a participating Canadian financial institution.
3. Proof of a student loan or education loan issued by a bank.
4. Personal bank statements from the past four months.
5. A bank draft that can be converted into Canadian currency.
6. Receipts showing prepayment of tuition and/or housing.
7. A letter of financial support from a person or institution covering expenses.
8. Proof of Canadian funding, such as scholarships or enrolment in government-supported programs.
Additionally, IRCC requires applicants from countries with foreign currency exchange restrictions to show they are permitted to transfer funds internationally to support their time in Canada. This ensures that even if funds are physically present, they are also practically accessible for education and settlement purposes.
For students hoping to pursue their academic dreams in Canada, meeting these financial criteria is a critical step toward approval. IRCC’s guidelines are set to ensure students not only arrive but thrive in Canada without facing unexpected financial hardship.
Maple News continues to monitor evolving immigration policies and will provide timely updates for students, workers, and newcomers navigating the Canadian immigration system.