Attention future Canadian students! Planning your dream study adventure just got a bit more financially exciting. As of December 31st, 2023, the Immigration, Refugees and Citizenship Canada (IRCC) is doubling the proof of funds requirements for international students applying for study permits.
What does this mean for you?
- If you apply for a study permit before December 31st, 2023, you’ll still need to demonstrate access to sufficient funds to cover your first year of tuition plus $10,200 CAD for living expenses.
- However, if you apply after December 31st, 2023, the living expense requirement jumps to $20,635 CAD.
Why the change?
The IRCC explains that the update reflects the rising cost of living in Canada, ensuring international students have enough resources for a comfortable and sustainable stay.
What can you do now?
- Apply before the deadline! If your application is received before December 31st, you’ll benefit from the lower living expense requirement.
- Double-check your finances. Make sure you can demonstrate access to the updated amount for living expenses, plus your tuition fees.
- Be prepared for documentation. You’ll likely need bank statements, proof of scholarships or loans, and any other evidence of your financial stability.
Remember, applying before December 31st isn’t just about saving money – it’s also about avoiding potential delays and securing your study permit faster. So, if you’ve been dreaming of studying in Canada, this is your chance to act!
