Canada revised the Proof of Funds requirement for study permits

Author: Admin | | Categories: Study in Canada

Proof of Funds requirement

On December 7, 2023, Canada revised the Proof of Funds requirement for study permit applicants. Marc Miller, the Minister of Immigration, Refugees and Citizenship Canada (IRCC), announced an increase in the financial requirement for study permit applicants. Based on the annual update of the low-income cut-off (LICO), this adjustment ensures students are financially prepared for life in Canada. 

The requirement, unchanged since the early 2000s, has become inadequate. For 2024, a single applicant must show they have $20,635, plus first-year tuition and travel costs. The change applies to new study permit applications from January 1, 2024.

Furthermore, the exemption from working hour restrictions that were previously scheduled to end on December 31 for international students has been extended until April 30, 2024. This makes it possible for students to work more than 20 hours a week during the winter semester off campus. Additionally, Minister Miller gave updates on a few short-term measures related to work permits after graduation. 

About the Study Permits

The study permit is a document that we issue to foreign nationals that allows them to study at designated learning institutions (DLIs) in Canada. To study in Canada, most foreign nationals require a study permit. Before you apply, make sure you have all of the necessary documents. You must apply before traveling to Canada.

Your study permit does not serve as a visa. A visitor visa or an electronic travel authorization (eTA) may also be required. If your study permit is approved, you’ll get one along with it.

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