Canada announces new visa requirements; raises proof of funds from $10,000 to $20,000

The Canadian government has announced that the “cost-of-living financial requirement for study permit applicants” for international students will increase from $10,000 to $20,000, starting from January 1, 2024.

Marc Miller, Canadian Minister of Immigration, Refugees and Citizenship, made this announcement in a statement on Thursday, December 7.

“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.

“For 2024, a single applicant will need to show they have $20,635, representing 75% of LICO, in addition to their first year of tuition and travel costs. This change will apply to new study permit applications received on or after January 1, 2024,” the statement reads in part.

For almost 20 years, study permit applicants for international students have remained at $10,000.

This review, which takes effect from January 1, “will help prevent student vulnerability and exploitation,” the statement added.

The news comes after the UK introduced a new set of rules that would make it more difficult for Nigerians and others to obtain a visa.

Home Secretary James Cleverly announced the changes in the House of Commons on Monday.

The government said it would now set a minimum annual salary for foreign workers to be eligible for a skilled worker visa at £38,700 from £26,200. The figure itself is more than the existing median average salary of a full-time worker in Britain.