The amount will be adjusted yearly based on a Statistics Canada benchmark for living costs.
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Canada will more than double the cost-of-living financial requirement for incoming international students beginning January 1, Immigration Minister Marc Miller has announced, a move that will impact the arrival of foreign students into the country, including from India.
Starting next year, prospective students will need to show they have access to 20,635 dollars instead of the 10,000-dollar requirement that has been in place for two decades, in addition to paying travel and tuition. The amount will be adjusted yearly based on a Statistics Canada benchmark for living costs.
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India was the first among the top ten origin countries of study permit holders in 2022 in Canada, with a total of 319,000 students. Miller said the financial requirement has not kept up with the cost of living over time, resulting in students arriving in Canada only to learn that their funds aren’t adequate. This change will apply to new study permit applications received on or after January 1, 2024.
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