Canada Announces New Visa Requirements for Proof of Funds (POF) to $20,000

The Canadian government has announced that the cost-of-living financial requirement for study permit applicants for international students will increase from $10,000 to $20,000 starting from January 1, 2024.

Canadian Minister of Immigration, Refugees and Citizenship, “Marc Miller” made this announcement in a statement on Thursday, December 7, 2024.

Starting from January 1, 2024, the cost-of-living financial requirement for study permit applicants will be raised, so that international students are financially prepared for life in Canada. A single applicant will need to show they have $20,635, representing 75% of Low-income cut-offs after tax (LICO), in addition to their first year of tuition and travel costs. The change will apply to new study permit applications received on or after January 1, 2024.

The Minister also said, that for almost 20 years, applicants’ cost of living for international students has remained at $10,000. He added in his statement that the review which takes effect from January 1, 2024, will help to prevent student vulnerability and exploitation.

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