New IRCC Financial requirements May Impact International Students‘ Canadian Study Plans
Toronto, ON – September 3, 2024 – Prospective international students aiming to study in Canada face substantially stricter financial requirements beginning January 1, 2025, as Immigration, Refugees and Citizenship Canada (IRCC) implements revised guidelines for proof of funds. The changes, announced August 29, 2024, are designed to combat fraudulent study permit applications and ensure students possess sufficient resources to cover tuition, living expenses, and return transportation.
The updated rules substantially increase the amount of money students must demonstrate they have available. Previously, IRCC used a tiered system based on province of study. The new policy establishes a minimum of $20,635 CAD for a single student,nonetheless of location,to cover living expenses for the first year. This figure is in addition to the cost of tuition and return airfare. Students with accompanying family members will require considerably more funding, with amounts escalating based on the number of dependents. These changes come amid growing concerns over the integrity of the international student program and increasing pressure to address housing shortages and affordability issues in major Canadian cities.
IRCC’s revised guidelines require applicants to submit proof of funds in the form of Canadian bank account statements, guaranteed investment certificates (GICs), or proof of student loans. Funds must be readily available and transferable to cover expenses upon arrival in Canada. The department emphasizes that applicants will be scrutinized to verify the legitimacy of their financial resources.
“These measures are essential to safeguard the integrity of Canada’s international student program,” stated IRCC in its official announcement.”We are committed to attracting genuine students who contribute to Canada’s economic and social prosperity.”
The changes will affect all new study permit applications received on or after January 1, 2025. Students who already hold valid study permits are not impacted by the new requirements. IRCC advises prospective students to carefully review the updated guidelines on the official government website and to begin gathering the necessary documentation well in advance of their application submission. Further details and frequently asked questions are available at https://www.canada.ca/en/immigration-refugees-citizenship/news/notices/changes-proof-funds-requirement.html.