Proving financial security as an international student in Canada is a crucial requirement, and there are multiple ways to demonstrate financial sufficiency. Showing sufficient proof concerning the student’s ability to support themselves is essential to the Canadian study permit process.
Applicants must also prove they will be financially secure enough to assist their family members who might accompany them to the country.
Starting from January 1, 2024, the requirement for cost of living has enhanced students in most Canadian provinces or territories, apart from Quebec.
Proving financial security as an international student in Canada with proper proof submission to IRCC
IRCC states that the department’s cost-living criterion is visible through the base amounts. These include all conditions pertaining to conveyance and other expenditures, such as the book price, apparatus, and goods. These costs showcase that Canada’s study permit applicants possess adequate funds to cover the following expenses:
- The tuition fees in the first year that are mentioned on the Letter of Acceptance provided by the DLI.
- Travel expenditure related to commuting to and from Canada.
- One-year minimum cost of living in Canada.
The immigration department provides study permit applicants with eight chief ways through which they can show they’re fulfilling the cost of living conditions:
- The applicant’s Canadian bank account is proof of money transfer to Canada.
- Obtaining a Guaranteed Investment Certificate through an active financial institute in Canada.
- Demonstrating a student loan or education loan from a bank.
- Showing the applicant’s bank statements for the last four months.
- A convertible bank draft to Canadian dollars.
- Proof of an applicant’s tuition and housing fee payment.
- An individual or school’s letter providing sufficient amount for living and education expenditure.
- Funding proof payment from inside Canada if the applicant has obtained financial aid (a scholarship) or got admission in a program financed by Canada.
IRCC makes it evident that applicants must demonstrate that they will get permission to export money to cover all costs when their home country enforces foreign exchange controls.
IRCC’s new requirement – Cost of living financial criterion
The immigration department has raised the cost of living condition to $20,635 in 2024. This is also the amount students seeking study permits outside Quebec must possess this year. In addition, the above amount is accompanied by travel expenses and first-year tuition fees.
Notably, Statistics Canada’s latest low-income cut-off will continue to review the cost-of-living requirement every year. However, the new cost-of-living criterion doesn’t comply with the submission of the study permit applications to IRCC on or prior to December 31 last year.
Please note that the funds mentioned here indicate Canadian dollars.
All Canadian provinces or territories, excluding Quebec
On or prior to December 31, 2023 – Study permit applicants must adhere to the minimum funds, excluding tuition fees, in order to demonstrate that they are financially self-reliant as students in Canada. Additionally, they can very well support their accompanying members financially in Canada.
The chief applicant or student – $10,000
The principal applicant’s first family member accompanying them to Canada – $4,000
All extra family members accompanying them to Canada – $3,000
January 1, 2024, onwards – The study permit applicants must demonstrate the minimum funds, excluding tuition, every year. This displays their potential to assist themselves and the accompanying members in Canada financially. Here are the minimum fund’s proof requirements:
Notably, the details below will probably change by next year (2025) and in the coming years. This is because the LICO released by Statistics Canada will present the updated cost of living requirement.
Study permit applicants (on their own) – $20,635
The number of accompanying members, such as the applicant:
- Two individuals – $25,690
- Three individuals – $31,583
- Four people – $38,346
- Five individuals – $43,492
- Six people – $49,051
- Seven individuals – $54,611
- Extra family member (over seven people) – $5,559
Quebec
Unlike students in the remaining parts of the country, international students in Quebec must demonstrate that they are fulfilling financial requirements. The MIFI in Quebec outlines these requirements for students.
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