New Requirements on Financial Readiness for International Students in Canada

For international students planning to study in Canada, demonstrating financial readiness is a crucial step in the study permit application process. Immigration, Refugees and Citizenship Canada (IRCC) requires applicants to show they possess sufficient funds to support themselves and any accompanying family members during their stay in Canada.

Increased Cost-of-Living Requirements

Starting January 1 of this year, the financial requirements for living costs have risen for students across all provinces and territories, excluding Quebec. This change reflects adjustments in the base amounts necessary to cover transportation, books, equipment, supplies, and other expenses.

Ways to Prove Financial Sufficiency

IRCC accepts various forms of evidence to demonstrate an applicant’s financial sufficiency, including:

1. Proof of a Canadian bank account in the applicant’s name, showing transferred money to Canada.
2. A Guaranteed Investment Certificate (GIC) from a Canadian financial institution.
3. Documentation of a student or education loan from a bank.
4. The applicant’s bank statements from the past four months.
5. A bank draft convertable to Canadian dollars.
6. Evidence of prepaid tuition and accommodation fees.
7. A letter from a person or institution providing the applicant with financial support.
8. Proof of a scholarship or participation in a Canadian-funded educational program.

Applicants from countries with foreign exchange controls need to demonstrate they can legally transfer funds to cover all their expenses in Canada.

Updated Financial Requirement for 2024

For the year 2024, IRCC has set the new cost-of-living requirement outside Quebec at $20,635, not including tuition and travel expenses. This amount is subject to annual adjustments based on the latest low-income cut-off (LICO) figures from Statistics Canada.

Financial Requirements by Province/Territory

For provinces and territories except Quebec, the financial requirements up to December 31, 2023, and the new requirements effective from January 1, 2024, are detailed below, highlighting the amount needed to support the applicant and any family members coming to Canada.

– For a single applicant: $10,000 (before Dec 31, 2023), increasing to $20,635 (from Jan 1, 2024).
– For the applicant and one family member: from $14,000 to $25,690.
– Additional amounts are required for more family members, with a structured increment per additional member.

Specific Requirements for Quebec

Students heading to Quebec must adhere to different financial guidelines set by Quebec’s immigration ministry (MIFI), reflecting the province’s unique immigration policies.

These financial requirements are pivotal in ensuring international students can fully engage in their studies and life in Canada without financial hindrances, thereby contributing positively to the Canadian economy and cultural landscape.