How to Prove Your Financial Requirements for a Canada Student Visa

When international students plan to study in Canada, they need to prove they have enough money to support themselves and any family members coming along. Starting January 1, 2024, the amount required to cover living expenses has increased for students in all provinces and territories except Quebec.

As IRCC outlines, the department sets a cost-of-living requirement, expressed in "base amounts," including various expenses such as transportation, books, equipment, and supplies. These amounts serve as evidence for Canadian study permit applicants to demonstrate their ability to cover the following:

• The first year's tuition fees, as specified in the Letter of Acceptance (LOA) issued by their Designated Learning Institution (DLI)
• Transportation expenses for travelling to and from Canada
• The minimum cost of living for a year in Canada

IRCC provides eight methods for study permit applicants to demonstrate their ability to meet the cost-of-living financial requirement.

Various Methods to Meet the Cost-of-Living Requirement

To ensure applicants can cover the cost- of -living during their stay, IRCC outlines various methods for demonstrating financial sufficiency. These methods encompass a range of financial instruments and proofs, providing flexibility for applicants to meet the necessary criteria. IRCC outlines eight methods for study permit applicants to demonstrate their ability to meet the cost-of-living financial requirement:

1. Provide evidence of a Canadian bank account under the applicant's name if they transferred funds to Canada.
2. A Guaranteed Investment Certificate (GIC) from a participating Canadian financial institution
3. Proof of a student or education loan secured from a bank.
4. Applicant's bank statements from the previous four months
5. A bank draft convertible to Canadian dollars
6. Payment of tuition and housing fees in advance
7. A letter from either an individual or institution sponsoring the applicant's living expenses and education
8. Evidence of funding, such as scholarships or enrollment in Canadian-funded educational programs.

IRCC's Guidelines for Applicants from Countries with Foreign Exchange Controls

In its guidelines, the IRCC emphasizes addressing potential challenges for applicants from countries with foreign exchange controls. Specifically, IRCC requires these applicants to provide evidence demonstrating their ability to export funds for all necessary expenses. This precaution ensures that applicants can meet financial obligations without impediments, offering clarity and reassurance throughout the application process.

Understanding IRCC's New Cost-of-Living Requirement

IRCC has increased the cost-of-living requirement for study permit applicants to CAD 20,635, excluding Quebec for 2024. This amount is separate from tuition fees and travel costs.

Until December 31, 2023, study permit applicants had to show minimum annual funds to support themselves as students and any accompanying family members. Specifically, applicants must have CAD 10,000 for the primary applicant/student, CAD 4,000 for the first accompanying family member, and CAD 3,000 for each additional family member.

Financial Requirements for Study Permit Applicants in 2024

IRCC has implemented changes to the financial requirements for international students applying for study permits. Effective January 2024, the financial requirement for individual applicants is CAD 20,635. Additionally, specific financial criteria must be met if the application includes family members. If the application consists of family members, the financial requirements are as follows:

• For two individuals: CAD 25,690
• For three individuals: CAD 31,583
• For four individuals: CAD 38,346
• For five individuals: CAD 43,492
• For six individuals: CAD 49,051
• For seven individuals: CAD 54,611
• For each additional family member (if more than seven individuals): CAD 5,559

As IRCC has stated, adjustments to these criteria will occur annually in alignment with Statistics Canada's low-income cut-off (LICO) release. Study permit applicants must remain vigilant regarding potential changes to financial requirements beyond 2024.

Financial Requirements for International Students in Quebec

Quebec international students face a unique set of financial requirements distinct from those applying elsewhere in Canada. These requirements are established by Quebec's ministère de l'Immigration, de la Francisation et de l'Intégration (MIFI), reflecting the province's specific regulations and considerations.

ImmiLaw Global's dedicated immigration lawyers and overseas study experts provide personalized services to guide you through settling in Canada. As the nation prepares to welcome a larger global community, we aim to facilitate this transition for you. Contact us and let our committed team help you become a part of Canada's promising future.

Feel free to contact us for your queries.

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