CANADA ANNOUNCES NEW VISA REGULATIONS THAT INCREASE THE REQUIRED PROOF OF FUNDS FROM $10,000 TO $20,000.

Babatunji Wusu –

According to announcements from Canadian authorities, overseas students’ “cost-of-living financial requirement for study permit applicants” will rise from $10,000 to $20,000 on January 1, 2024.

This announcement was made in a statement on Thursday by Marc Miller, the Minister of Immigration, Refugees, and Citizenship for Canada. The cost-of-living financial requirement for study visa applicants will increase on January 1, 2024, in an effort to better prepare international students for life in Canada.

In 2024, a single applicant will have to demonstrate that they have $20,635, which is equivalent to 75% of LICO, plus the cost of their first year’s tuition and transportation. A portion of the announcement states, “This change will apply to new study permit applications received on or after January 1, 2024.

The statement went on to say that this evaluation, which is effective as of January 1, “will help prevent student vulnerability and exploitation.”