{"id":5260,"date":"2024-02-22T05:56:00","date_gmt":"2024-02-22T05:56:00","guid":{"rendered":"https:\/\/www.beacanadian.com\/?p=5260"},"modified":"2024-03-27T06:03:54","modified_gmt":"2024-03-27T06:03:54","slug":"new-requirements-financial-readiness-students","status":"publish","type":"post","link":"https:\/\/www.beacanadian.com\/blog\/new-requirements-financial-readiness-students\/","title":{"rendered":"New Requirements on Financial Readiness for International Students in Canada"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"5260\" class=\"elementor elementor-5260\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-0b82638 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0b82638\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-extended\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-08a6cac\" data-id=\"08a6cac\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-128b0fa elementor-widget elementor-widget-text-editor\" data-id=\"128b0fa\" data-element_type=\"widget\" id=\"tagk\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.20.0 - 26-03-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\tNews tags: <a href=\"https:\/\/www.beacanadian.com\/blog\/tag\/immigration-policies\/\" rel=\"tag\">Immigration Policies<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8649a50 elementor-widget elementor-widget-heading\" data-id=\"8649a50\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.20.0 - 26-03-2024 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h1 class=\"elementor-heading-title elementor-size-default\">New Requirements on Financial Readiness for International Students in Canada\n<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d241fab elementor-widget elementor-widget-text-editor\" data-id=\"d241fab\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>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.<\/p><h2><span style=\"color: #4c7a9d\"><b>Increased Cost-of-Living Requirements<br \/><\/b><\/span><\/h2><p>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.<\/p><h2><span style=\"color: #4c7a9d\"><b>Ways to Prove Financial Sufficiency<br \/><\/b><\/span><\/h2><p>IRCC accepts various forms of evidence to demonstrate an applicant\u2019s financial sufficiency, including:<\/p><p>1. Proof of a Canadian bank account in the applicant&#8217;s name, showing transferred money to Canada.<br \/>2. A Guaranteed Investment Certificate (GIC) from a Canadian financial institution.<br \/>3. Documentation of a student or education loan from a bank.<br \/>4. The applicant\u2019s bank statements from the past four months.<br \/>5. A bank draft convertable to Canadian dollars.<br \/>6. Evidence of prepaid tuition and accommodation fees.<br \/>7. A letter from a person or institution providing the applicant with financial support.<br \/>8. Proof of a scholarship or participation in a Canadian-funded educational program.<\/p><p>Applicants from countries with foreign exchange controls need to demonstrate they can legally transfer funds to cover all their expenses in Canada.<\/p><h2><span style=\"color: #4c7a9d\">Updated Financial Requirement for 2024<\/span><\/h2><p>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.<\/p><h2><span style=\"color: #4c7a9d\">Financial Requirements by Province\/Territory<\/span><\/h2><p>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.<\/p><p>&#8211; For a single applicant: $10,000 (before Dec 31, 2023), increasing to $20,635 (from Jan 1, 2024).<br \/>&#8211; For the applicant and one family member: from $14,000 to $25,690.<br \/>&#8211; Additional amounts are required for more family members, with a structured increment per additional member.<\/p><h2><span style=\"color: #4c7a9d\">Specific Requirements for Quebec<\/span><\/h2><p>Students heading to Quebec must adhere to different financial guidelines set by Quebec\u2019s immigration ministry (MIFI), reflecting the province&#8217;s unique immigration policies.<\/p><p>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.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-96feb90 elementor-align-left elementor-widget elementor-widget-breadcrumbs\" data-id=\"96feb90\" data-element_type=\"widget\" data-widget_type=\"breadcrumbs.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<link rel=\"stylesheet\" href=\"https:\/\/www.beacanadian.com\/app\/plugins\/elementor-pro\/assets\/css\/widget-theme-elements.min.css\"><p id=\"breadcrumbs\"><span><span><a href=\"https:\/\/www.beacanadian.com\/\">Home<\/a><\/span><\/span><\/p>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-8a44ca8\" data-id=\"8a44ca8\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-1f04292 elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1f04292\" data-element_type=\"section\" data-settings=\"{&quot;animation&quot;:&quot;none&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-extended\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-cf5bebf\" data-id=\"cf5bebf\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-39a2795 elementor-widget elementor-widget-image\" data-id=\"39a2795\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! 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This blog breaks down the new prerequisites, offering advice and resources to ensure you&#8217;re fully prepared for your educational journey in Canada.<\/p>\n","protected":false},"author":4,"featured_media":5261,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[30],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.0 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>New Requirements on Financial Readiness for Students in Canada<\/title>\n<meta name=\"description\" content=\"Discover the latest financial readiness requirements for international students planning to study in Canada. 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