Canada Increases Financial Requirement for International Students for Visa!
Canada Visa Financial Requirement! The Canadian government has announced a significant update for international students planning to study in Canada. Starting September 1, 2025, students will be required to demonstrate a higher level of financial support to cover living expenses. The new financial requirement has been increased by CAN $2,000, and students will now need to show proof of funds amounting to CAN $22,895 (approximately ₹14 lakh) for living expenses.
This change aims to ensure that international students can support themselves and their families while studying in Canada. In this blog post, we will explore the new financial requirements, the documents accepted as proof of funds, and what this means for international students planning to study in Canada. Whether you’re a prospective student or already studying in Canada, it’s essential to understand these changes and plan accordingly.
Canada Visa Financial Requirement
- Increased Amount: The new financial requirement is CAN $22,895 (approximately ₹14 lakh), which is an increase of CAN $2,000 from the current requirement.
- Applicability: The new requirement applies to all international students studying outside Quebec.
- Proof of Funds: Students must provide proof of sufficient funds to support themselves and any accompanying family members.
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Why is the Canada Visa Financial Requirement increasing?
- Cost of Living: The increase in financial requirements is likely due to the rising cost of living in Canada.
- Supporting Students: The Canadian government wants to ensure that international students have sufficient financial support to cover their living expenses.
Documents Accepted as Proof of Funds
When applying for a Canada visa, international students and applicants must demonstrate sufficient financial resources to support themselves during their stay. To fulfil this requirement, applicants must provide proof of funds through specific documents.
Here are the documents accepted as proof of funds by Immigration, Refugees and Citizenship Canada (IRCC), including bank statements, Guaranteed Investment Certificates (GICs), and more. Understanding the accepted documents is crucial for a successful visa application and a smooth transition to life in Canada.
- Proof of a Canadian Bank Account: A Canadian bank account in the student’s name, with funds transferred to Canada.
- Guaranteed Investment Certificate (GIC): A GIC from a participating Canadian financial institution.
- Student or Education Loan: Proof of a student or education loan from a bank.
- Bank Statements: Bank statements for the past 4 months.
- Bank Draft: A bank draft that can be converted to Canadian dollars.
- Sponsorship Letter: A letter from the person or school providing financial support.
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Canada Visa Financial Requirement Based on Family Size
When applying for a Canada visa, international students and their families must demonstrate sufficient financial resources to support themselves during their stay. The financial requirement varies based on family size, ensuring that applicants can cover living expenses without financial strain.
We’ll break down the financial requirements for different family sizes, from single students to larger families, and provide guidance on how to meet these requirements. Understanding these financial obligations is crucial for a successful visa application and a smooth transition to life in Canada. Let’s explore the details.
- Single Student: CAN $22,895 (approximately ₹14 lakh)
- Two People: CAN $28,502
- Three People (CAN $35,040)
- Four People: CAN $42,543
- Five People: CAN $48,252
- Six People: CAN $54,420
- Seven People: CAN $60,589
- Each Additional Family Member: CAN $6,170
Implications for International Students
- Increased Financial Burden: The increased financial requirement may pose a challenge for many international students.
- Planning and Budgeting: Students need to plan and budget carefully to ensure they meet the new financial requirements.
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Tips for Students on Canada Visa Financial Requirement
- Apply Before September 1, 2025: If you’re planning to apply for a study permit before September 1, 2025, you’ll need to show CAN $20,635 (approximately ₹12.6 lakh) as proof of funds.
- Gather Required Documents: Ensure you have all the necessary documents, including proof of funds, to support your study permit application.
- Plan Your Finances: Carefully plan your finances to demonstrate sufficient support for yourself and any accompanying family members.
Conclusion
The increase in financial requirements for international students in Canada is a significant change that students need to be aware of. By understanding the new requirement and planning carefully, students can ensure a smooth transition to studying in Canada.
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