Canada Doubles Financial Requirements for International Students Beginning January 1, 2024

New update for International Students Planning to Study in Canada in the Year 2024. International students who Planning to apply to come to Canada from January 1, 2024, will need to show significantly more funds under changes to the program announced recently. The amount will increase from $10,000 to more than $20,000, Immigration Minister Marc Miller said.

Here is what Immigration Minister Marc Miller Stated in his recent interview….

“In ahead of September 2024 we are prepared to take necessary measures including significantly limiting visas to ensure that designated learning institutions provide adequate student support as part of the academic experience in order to achieve this result it is imperative that we work together with provincial and territorial governments learning institutions and other education stakeholders so we can ensure International students are set up for success in Canada. We aim to strike the right balance between welcoming International students and making sure they have all the needs all they have while they need to thrive I will communicate more on this in due course but for today I’m here to announce a few more immediate measures International students need to be prepared for life in Canada and we have the responsibility to could you make certain that they are well? supported when they come to Canada starting in January 2024.
On January 1st of next year in 2024 the financial requirement for study permits will be raised to reflect the current cost of living and as such a single applicant will need to show that they have $20,000 $2,635 in funds to support themselves in Canada moving up from $10,000

From now on, IRCC will raise this financial requirement annually, based on the latest low-income cut-off as reported by Statistics Canada. In 2024, a single applicant will be required to show they have access to C$20,635as well as enough funds to cover their travel expenses and the cost of their first full year of tuition.

This new minimum amount will come into effect for all new study permit applications as of January 1, 2024. This change also applies to those applying through Canada’s Student Direct Stream, which requires students to show their proof of financial support through a Guaranteed Investment Certificate (GIC). GIC amounts will now need to be at least C$20,635 instead of the previous C$10,000 minimum.

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