Canada increases financial requirement for students
Immigration, Refugees and Citizenship Canada (IRCC) has announced that the required funds to demonstrate financial means for study permits will increase in September.
From September 1st, study permit applicants will need to demonstrate evidence of CAN $22,895 per year of study, on top of tuition and an increase of 11 per cent compared with the current level of CAN$20,635.
The ruling does not apply to applicants to Quebec, which has its own settings for demonstrating financial capacity.
In late 2023, IRCC doubled the financial proof requirement to the current level of CAN $20,635, claiming that this was more in line with the true cost of living in Canada and that students had been arriving with insufficient funds.
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