Canada Unveils New Visa Requirements And Fund Increment

Canada Unveils New Visa Requirements And Fund Increment

Canada announces new visa regulations that increase the required proof of funds from $10,000 to $20,000

According to the IRCC, the Proof of Funds requirement for international students will rise from $10K to $20,635 as of January 1, 2024 (in addition to their first year of tuition & travel costs).

This change will apply to new applications for study permits submitted on or after January 1, 2024.

International students are allowed up to 20 hours per week of off-campus work while classes are in session. This now has an April 30, 2024 deadline.

However, only foreign students who are already in Canada and have applied for a study permit will be allowed to work off campus for more than 20 hours per week until December 7, 2023.

However, Immigration, Refugees and Citizenship Canada (IRCC) stated in a statement on Thursday that the PoF has been reviewed to $20,635 in addition to the initial year's tuition and travel expenses, “so that international students are financially prepared for life in Canada.”

New applications for study permits submitted on or after January 1, 2024 will be affected by the change, which will be reviewed annually when Statistics Canada updates the low-income cut-off (LICO).

“International students provide significant cultural, social and economic benefits to their communities, but they have also faced challenges navigating life in Canada," Marc Miller, minister of immigration, refugees and citizenship, said.

“We are revising the cost-of-living threshold so that international students understand the true cost of living here. This measure is key to their success in Canada.

“We are also exploring options to ensure that students find adequate housing. These long-overdue changes will protect international students from financially vulnerable situations and exploitation.”

Also, until April 30, 2024, the IRCC has extended the concession on the number of hours that international students may work off campus during the academic year.

Nigerians, who make up one of the largest groups of international students in Canada, will be impacted by the decision to raise the PoF.

In the first half of 2023, Nigerians applied for 21,845 study permits in Canada, more than doubling the number of applications received in 2022.