When international students plan to study in Canada, they need to prove they have enough money to support themselves and any family members coming along. Starting January 1, 2024, the amount required to cover living expenses has increased for students in all provinces and territories except Quebec.
As IRCC outlines, the department sets a cost-of-living requirement, expressed in "base amounts," including various expenses such as transportation, books, equipment, and supplies. These amounts serve as evidence for Canadian study permit applicants to demonstrate their ability to cover the following:
The first year's tuition fees, as specified in the Letter of Acceptance (LOA) issued by their Designated Learning Institution (DLI)
Transportation expenses for travelling to and from Canada
The minimum cost of living for a year in Canada
IRCC provides eight methods for study permit applicants to demonstrate their ability to meet the cost-of-living financial requirement.
Various Methods to Meet the Cost-of-Living Requirement
To ensure applicants can cover the cost- of -living during their stay, IRCC outlines various methods for demonstrating financial sufficiency. These methods encompass a range of financial instruments and proofs, providing flexibility for applicants to meet the necessary criteria. IRCC outlines eight methods for study permit applicants to demonstrate their ability to meet the cost-of-living financial requirement:
Provide evidence of a Canadian bank account under the applicant's name if they transferred funds to Canada.
A Guaranteed Investment Certificate (GIC) from a participating Canadian financial institution
Proof of a student or education loan secured from a bank.
Applicant's bank statements from the previous four months
A bank draft convertible to Canadian dollars
Payment of tuition and housing fees in advance
A letter from either an individual or institution sponsoring the applicant's living expenses and education
Evidence of funding, such as scholarships or enrollment in Canadian-funded educational programs.
IRCC's Guidelines for Applicants from Countries with Foreign Exchange Controls
In its guidelines, the IRCC emphasizes addressing potential challenges for applicants from countries with foreign exchange controls. Specifically, IRCC requires these applicants to provide evidence demonstrating their ability to export funds for all necessary expenses. This precaution ensures that applicants can meet financial obligations without impediments, offering clarity and reassurance throughout the application process.
Understanding IRCC's New Cost-of-Living Requirement
IRCC has increased the cost-of-living requirement for study permit applicants to CAD 20,635, excluding Quebec for 2024. This amount is separate from tuition fees and travel costs.
Until December 31, 2023, study permit applicants had to show minimum annual funds to support themselves as students and any accompanying family members. Specifically, applicants must have CAD 10,000 for the primary applicant/student, CAD 4,000 for the first accompanying family member, and CAD 3,000 for each additional family member.
Financial Requirements for Study Permit Applicants in 2024
IRCC has implemented changes to the financial requirements for international students applying for study permits. Effective January 2024, the financial requirement for individual applicants is CAD 20,635. Additionally, specific financial criteria must be met if the application includes family members. If the application consists of family members, the financial requirements are as follows:
For two individuals: CAD 25,690
For three individuals: CAD 31,583
For four individuals: CAD 38,346
For five individuals: CAD 43,492
For six individuals: CAD 49,051
For seven individuals: CAD 54,611
For each additional family member (if more than seven individuals): CAD 5,559
As IRCC has stated, adjustments to these criteria will occur annually in alignment with Statistics Canada's low-income cut-off (LICO) release. Study permit applicants must remain vigilant regarding potential changes to financial requirements beyond 2024.
Financial Requirements for International Students in Quebec
Quebec international students face a unique set of financial requirements distinct from those applying elsewhere in Canada. These requirements are established by Quebec's ministère de l'Immigration, de la Francisation et de l'Intégration (MIFI), reflecting the province's specific regulations and considerations.
ImmiLaw Global's dedicated immigration lawyers and overseas study experts provide personalized services to guide you through settling in Canada. As the nation prepares to welcome a larger global community, we aim to facilitate this transition for you. Contact us and let our committed team help you become a part of Canada's promising future.
You show that you have the money in your checking or savings account. it should be stamped and signed by the bank. NOTE If there are large deposits or withdrawals, explain them in your Letter of Explanation. Maybe a relative gave you a large sum or you just sold your car or a property.
You show that you have the money in your checking or savings account. it should be stamped and signed by the bank. NOTE If there are large deposits or withdrawals, explain them in your Letter of Explanation. Maybe a relative gave you a large sum or you just sold your car or a property.
Bank statements offer the most straightforward method for offering proof of funds or financial support. Your local visa office may require you to provide your bank account statements or your financial sponsor's bank account statements for a certain period of months preceding your application.
To show you have enough funds for a long-term stay in Canada, combine recent bank statements with proof of ongoing income, like pay slips or an employer letter. Also, include details of any additional savings or assets to strengthen your application.
Amount of Funds Required (After Jan 1, 2024) (CAN$)
As the primary applicant, the student would need to demonstrate funds amounting to $20,635 for the year to cover living expenses. The first accompanying family member requires an additional $5,055 to meet the living expenses for a year.
proof of a student or education loan from a bank. your bank statements for the past 4 months. a bank draft that can be converted to Canadian dollars. proof you paid tuition and housing fees.
For this, you must demonstrate that you can support yourself (and any accompanying spouses or family members) while studying in Canada. International students must show proof of funds of at least $25,000 in their bank accounts or on their sponsor's account statement to study at a Canadian high school in 2022-23.
The important thing is to show that funds are available, even if they are not your own. If someone else has committed to paying for your trip, ensure that fact is clearly outlined in the visitor visa application.
As a gеnеral guidеlinе, it is advisablе to maintain a balance of at least CAD 10,000 i.e. Rs. 6,30,000 when applying for a tourist visa to Canada. Please find below How much Bank balance is required for a Canada Visitor visa from India (Updated Jan 2024.)
This can include evidence of current employment or self-employment, recent pay statements, a letter from the employer on business letterhead – showing dates of employment, wages paid, and type of work performed – or other financial data.
For proof, you must get official letters from any banks or financial institutions where you have an account. Your funds must be available to you both when. You must prove to us that you can legally access the money here when you arrive.
The amount you indicate in “Funds available for my stay (CAD)” should match the total amount of funds you are showing as proof. For example, if you have a combination of $20,502 in your bank account, $10,000 from your scholarship, and $44,930 from your parents, you would indicate $75,432.
Bank statements from the past four months. A bank draft that may be converted into local currency. Proof that you've paid tuition and housing fees. A letter from the person or school giving you money.
As of February 2024, the minimum bank balance requirement for a Study Visa Canada is CAD 20,635. This increased significantly from the previous CAD 10,000 and is in addition to your tuition fees.
Financial Requirements for Study Permit Applicants in 2024
Effective January 2024, the financial requirement for individual applicants is CAD 20,635. Additionally, specific financial criteria must be met if the application includes family members.
Explain why you've opted to study abroad in Canada and specifically why you've chosen this particular field of study. Personal Information: Concisely discuss your family background, emphasizing qualities such as support and values that have influenced your academic and professional pursuits.
Proof of funds usually includes bank statements and/or scholarship letters. Organizations and/or companies providing scholarships or paid study leave for you should provide an award letter outlining the details of the award in U.S. dollar amounts.
As of February 2024, the minimum bank balance requirement for a Study Visa Canada is CAD 20,635. This increased significantly from the previous CAD 10,000 and is in addition to your tuition fees.
So, after I graduate, I'll return to India to reunite with my family and establish my vocation. With the information provided above, I am submitting my application for a student visa to Canada for your kind consideration. I pledge to make the most of the chances and show XYZ College, Canada, that I am a great asset.
Introduction: My name is Mr. See Jast, I am a open, jolly, gorgeous, courageous, inexpensive, friendly, homely person who loves writing and wants to share my knowledge and understanding with you.
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