Canadian Immigration Update: Visa Requirements Adjusted, Proof of Funds Raised to $20,000

Canadian authorities, led by Marc Miller, Minister of Immigration, Refugees, and Citizenship, have disclosed an increase in the “cost-of-living financial requirement for study permit applicants” for international students. Effective January 1, 2024, the financial threshold will be elevated from $10,000 to $20,000.

Miller stated in a press release on Thursday, “Starting 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.”

The revised financial benchmark for 2024 mandates a single applicant to demonstrate possession of $20,635, equivalent to 75% of the Low-Income Cut-Off (LICO), in addition to covering their first year of tuition and travel costs. Notably, this adjustment will be applicable to new study permit applications received on or after January 1, 2024.

The decision to revisit the financial requirement, which has stood at $10,000 for nearly two decades, is justified by the aim to mitigate student vulnerability and exploitation. The statement emphasizes that this measure is expected to better equip international students for the financial demands of living in Canada.

Interestingly, this policy shift comes shortly after the United Kingdom implemented stricter visa regulations, particularly affecting Nigerians and others. Home Secretary James Cleverly announced these changes in the House of Commons on Monday. The UK government has now established a minimum annual salary of £38,700 for foreign workers to qualify for a skilled worker visa, a significant increase from the previous threshold of £26,200, surpassing the existing median average salary of a full-time worker in Britain.