How Canada’s Latest Visa Policy Increased Proof of Funds Requirement from $10,000 to $20,000

Canada is set to implement a significant change in its visa policy, particularly affecting international students. Starting January 1, 2024, the Canadian government will increase the proof of funds requirement for study permit applicants from $10,000 to $20,635.

This change was announced by Marc Miller, the Canadian Minister of Immigration, Refugees and Citizenship, highlighting the government’s commitment to ensuring that international students are financially well-prepared for their life in Canada.

How the proof of funds was doubled

For nearly two decades, the financial requirement for study permit applicants has remained constant at $10,000. The new policy, however, marks a substantial increase.  International students will now need to show proof of funds amounting to $20,635, effectively doubling the previous requirement of $10,000. This amount represents 75% of Canada’s Low Income Cut-Off (LICO), in addition to covering first-year tuition and travel costs.

Why the policy shift from international bodies

The Canadian government’s decision to increase the proof of funds requirement for study permits is driven by the objective of ensuring international students are financially equipped to handle life in Canada. This policy change is expected to help mitigate student vulnerability and exploitation.

This policy update from Canada follows a global trend in immigration policy revisions. For instance, the United Kingdom recently introduced stricter rules for visa applicants, including Nigerians. These developments highlight a growing focus on financial stability in the international student and migrant worker sectors.

James Cleverly, the Home Secretary, announced these changes in the House of Commons. He said “The government said it would now set a minimum annual salary for foreign workers to be eligible for a skilled worker visa at £38,700 from £26,200. The figure itself is more than the existing median average salary of a full-time worker in Britain.”

What this means for future international Students in Canada

This increased proof of funds requirement is poised to impact the decision-making process of prospective international students considering Canada for their studies. It underscores the importance of financial preparedness and may influence the overall demographic of international students in Canada. Canada’s move to raise the proof of funds requirement signifies a new era in its immigration policy, particularly concerning international students.

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