Canada has increased the amount of money that international students need to show as proof of funds to study in the country in 2024. The new requirement is at least $25,000 in their bank accounts or their sponsor’s account statement, according to the official website of Immigration, Refugees and Citizenship Canada (IRCC).
The proof of funds is meant to demonstrate that the students have enough money to pay for their tuition fees and living expenses for the first year of study in Canada. The amount varies depending on the number of family members accompanying the student. For each additional family member, the student needs to show an extra $5,000.
The proof of funds can also be shown through a Guaranteed Investment Certificate (GIC) from a participating Canadian financial institution, which is required for the Student Direct Stream visa process. The GIC is a special type of investment that offers a fixed rate of return over a fixed period of time. The student needs to invest at least $10,000 in a GIC and receive a portion of the money every month for living expenses.
The increase in the proof of funds requirement is likely to affect the affordability and accessibility of Canadian education for many international students, especially those from developing countries. Canada is one of the most popular destinations for international students, attracting over 600,000 students in 2019. The country offers high-quality education, multicultural diversity, and post-study work opportunities for graduates.