Are you aware that Canada Increases Proof of Funds Requirements From $10,000 to $20,635? Canadian authorities have revealed that the financial requirement for study permit applicants, known as the “cost-of-living,” will be increased from $10,000 to $20,635, commencing on January 1, 2024.
Since the early 2000s, the cost-of-living requirement for study permit applicants has remained the same at $10,000 for individual applicants. This static financial requirement has failed to align with the changing cost of living. This leads to instances where students arrive in Canada only to discover that their financial resources fall short of what they need to survive.
Marc Miller, the Canadian Minister of Immigration, Refugees, and Citizenship, conveyed this adjustment in a statement issued on Thursday 7th December 2023.
“Effective January 1, 2024, the revised cost-of-living financial requirement for study permit applicants hopes to ensure that international students are adequately prepared financially for their lives in Canada”.
According to the statement, “For the year 2024, a single applicant must demonstrate possession of $20,635, equivalent to 75% of the Low-Income Cut-Off (LICO). In addition to covering their first year of tuition and travel expenses. This modification will apply to new study permit applications received on or after January 1, 2024.
For nearly two decades, the financial requirement for study permit applicants for international students has remained fixed at $10,000.
The announced review, effective from January 1, is intended to mitigate student vulnerability and prevent exploitation”, as mentioned in the statement.
Even though $20,000 might sound like a lot, the government says it’s a necessary change. They want to make sure students are financially ready for their time in Canada.
This change isn’t just about the numbers. It’s a response to make sure that the money students have matched the real cost of living in Canada. Living costs, like rent, food, and other daily expenses, have gone up over the years.
So, the government wants to make sure students aren’t caught off guard. When they arrive and find out their funds aren’t enough.
It might be a bit tough at first for some students. But the government believes it’s in everyone’s best interest in the long run. The goal is to keep Canada a friendly and supportive place for students from all around the world.
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