Proof of Funds Requirement Doubles for Study Permit Applications in 2024

International students will now need to show proof of double the amount of money in their bank accounts if they wish to study in Canada from January 1, 2024, the government announced in December 2023, giving applicants just 3 weeks to get their applications submitted if they wish to be assessed under the previous requirements.

Starting January 1, 2024, there have been changes to the proof of funds requirement for study permit applicants in Canada. A single new study permit applicant is now required to show proof of funds of $20,635 in available funds. This is an increase of more than double from the previous requirement of $10,000, which has been in place for more than 20 years. The purpose of this change is to align the proof of funds requirement with updates on the low-income cut-off (LICO). These changes are part of the efforts to better protect international students and ensure they are financially prepared for life in Canada, and it is important for prospective students to consider this increased financial requirement when planning their studies in Canada.

Canada's Immigration Minister Marc Miller announced; “We are revising the cost-of-living threshold so that international students understand the true cost of living here,” he said. “This measure is key to their success in Canada.”

In reality, this change was a long time coming, because anyone who actually lives in Canada knows that $10,000 is not going to get you very far in a year, but nevertheless, it came as a huge shock to those in the process if gathering their documents for an application, or for those who are considering the study route as a pathway to PR in Canada. Add to this the incredible timing, of announcing this in a press release on December 7, leaving only 3 weeks to submit an application before the new rules come into effect (with the Christmas break thrown into the mix).

Miller also warned institutions that they should only be accepting international students if they have somewhere for them to live, as Canada continues to face a housing crisis.

He added that the government expects “proper health supports and a proper academic experience” to be provided. He threatened to limit visas if institutions and local governments do not tackle these issues by September 2024.

"We are prepared to take necessary measures, including significantly limiting visas, to ensure that designated learning institutions provide adequate and sufficient student supports as part of the academic experience”.

It is clear that there are changes afoot in the Canadian international student landscape, starting 2024 off with a bang, but this will almost certainly not be the last we see of revisions to the requirements for the rising numbers of international students applying to come to Canada, so watch this space.