Increase in the Minimum Financial Requirement

Minister Marc Miller of Immigration, Refugees and Citizenship Canada (IRCC) made a number of significant announcements on December 7, 2023, that will have an impact on foreign students studying in Canada or planning to study there. International students will be better protected by these policies from rising living expenses and current housing issues.

• In order to demonstrate that they have the necessary funds to live and study in Canada, overseas students must provide proof of this when they apply for a study permit. This sum had been fixed at C$10,000 for a single applicant for the previous few years. This is an unreasonably low figure for students to budget for, nonetheless, due to growing living expenses.
• The minimum financial requirement that students must provide with their study visa application will increase from C$10,000 to C$20,635 on January 1, 2024, in order to reflect the growing cost of living.
• Starting on January 1, 2024, this increased minimum sum will apply to all new applications for study permits. This modification also affects applicants using Canada’s Student Direct Stream, which demands that candidates submit a Guaranteed Investment Certificate (GIC) as confirmation of their ability to pay for their education. GIC sums were previously limited to C$10,000, but they will now need to be at least C$20,635.