Canada will ask international students to have more money in their accounts
Financial requirements for those coming to the country to study have been updated.
Immigration Minister Marc Miller announced on Dec. 7 that financial requirements for study permit recipients will be raised starting Jan. 1, 2024.
Why?
This decision is related to the rising cost of living in Canada and is driven by concern for students. The previous requirements did not reflect the current realities in the country, and foreigners coming to Canada on a tight budget were severely underfunded.
Moreover, from now on, this threshold will be adjusted every year — when Statistics Canada updates the low-income cut-off (LICO).
How much do you need to have in your account?
In 2024, each applicant must have at least CA$ 20,635 in an account, which is 75% of the cost of living. And this is in addition to first-year tuition and transportation costs.
The changes to the financial requirements will apply to student permit applications received beginning January 1, 2024.
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