New IRCC Financial requirements May Impact International Students‘ Canadian Study Plans
Toronto, ON – September 3, 2024 – Prospective international studentsโฃ aiming to study in Canada face substantially stricter financial requirements beginningโฃ January 1, 2025,โ as Immigration, Refugees andโฃ Citizenship Canada (IRCC)โข implements revised guidelines for proof of funds. โคThe changes, announced Augustโค 29, 2024, are designed to โcombat fraudulent study permitโ applicationsโข and ensure โstudents possess sufficient resources to cover tuition, living expenses, and return โฃtransportation.
The โคupdated rules substantially โขincrease the amount of money students must demonstrateโ they haveโ available. Previously, IRCC used a tiered โsystem based on province ofโค study. The โฃnew policy establishesโ aโ minimum of $20,635 CAD for a single student,nonetheless of location,to โฃcover living expensesโค for theโฃ first year. โฃThis figure is in addition to the cost ofโค tuitionโฃ and โคreturnโ airfare.โข Studentsโ with accompanying family members will require โconsiderably more funding, with amounts escalating based on the number โofโข dependents. These changes come amid โgrowing concerns over the integrity of the international student program โand increasing pressure to address housing shortages and affordability issues in majorโข Canadian cities.
IRCC’s โrevised guidelinesโ require applicants to submit proof of funds in the form ofโข Canadian bankโค account statements, โguaranteed investment โcertificates (GICs), or proof of student loans. Funds must โฃbe readily available and transferableโค to coverโฃ expenses upon arrival inโฃ Canada. The department emphasizes that applicants will be scrutinized to verify the legitimacyโข of their financial resources.
“These measures are essential to safeguardโฃ theโฃ integrity of Canada’s โinternational student program,” stated IRCC in its official announcement.”We โare committed to attracting genuine students who contribute to Canada’s economic and social prosperity.”
The changes will affectโ all new study permit applications received on or after January โค1, 2025.โฃ Students who already hold valid study โคpermitsโ are notโ impacted โby the new requirements. IRCC advises prospective students to carefully review the updated guidelines on โtheโข official government websiteโฃ andโค to begin gathering the necessary documentation well in advance of their application submission. Further โขdetails and frequently asked questions are available atโ https://www.canada.ca/en/immigration-refugees-citizenship/news/notices/changes-proof-funds-requirement.html.
