Maple News reports that the Canadian government has significantly raised the financial threshold international students must meet to obtain a study permit. As of January 1, 2024, Immigration, Refugees and Citizenship Canada (IRCC) now requires prospective students to show proof of at least CAD $20,635 in available funds, more than double the previous requirement of $10,000. This updated amount is intended to better reflect the actual cost of living in Canada and applies in addition to expected tuition fees and travel costs.
This revised requirement affects all new study permit applications submitted from January 1 onward and also applies to applicants under the Student Direct Stream (SDS). The SDS program offers expedited permit processing—typically within 20 calendar days—for legal residents of 14 designated countries who meet specific criteria.
To qualify under the SDS, students must demonstrate proof of a Guaranteed Investment Certificate (GIC) worth at least $20,635, effective in 2024. Additionally, applicants must submit a letter of acceptance from a designated learning institution (DLI) in Canada and meet minimum language proficiency requirements as outlined by the IRCC.
TD Bank’s International Student GIC Program provides an accessible way for students to fulfill this financial proof requirement. The program offers a simple online application process with no fees and a guaranteed return on the invested amount—currently at a competitive interest rate of 4.9% as of December 2023. The funds are securely held in a GIC, helping students manage living expenses upon arrival in Canada.
In an effort to ease the transition into life in Canada, TD has introduced the International Student Banking Package. This package includes a no-fee student chequing account, the option for a TD Rewards Visa* Card, and access to savings accounts like the TD Every Day Savings and TD ePremium Savings Accounts. These products are designed to help students manage everyday banking needs efficiently and cost-effectively.
With over 150 years of experience and more than a thousand branches across Canada, TD is one of the country’s largest and most accessible banks. TD offers multilingual support in more than 60 languages and extended banking hours, ensuring newcomers can get help when they need it the most.
For students who have recently arrived in Canada, TD also offers the New to Canada Banking Package, along with personalized support from banking advisors. These services aim to help international students navigate the Canadian financial system with confidence.
As living costs continue to rise, these changes underscore the financial preparedness needed for those dreaming of studying in Canada. By offering tailored banking solutions, TD supports students in meeting immigration requirements while laying a strong foundation for financial stability in their new chapter abroad.