Canada Increases Proof Of Funds For International Students By 100%
The Canadian Government has hiked its “cost-of-living financial requirement for study permit applicants,” basically for international students, to $20,000 from $10,000 effective from January 1, 2024.
This was disclosed by the country’s Minister of Immigration, Refugees and Citizenship, Marc Miller, in a statement issued on Thursday.
According to him, effective from 2024, a single applicant will need to show they have $20,635, representing 75% of LICO, in addition to their first year of tuition and travel costs, adding, “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,” the statement added.
