IRCC to Double Proof of Funds Requirement for International Students Starting 2024

“IRCC to Increase Proof of Funds Requirement for International Students in Canada from 2024”

BREAKING:

From January 1, 2024, IRCC will increase the Proof of Funds requirement for international students from $10,000 to $20,635, the equivalent of N23,730,250.

This will apply to new study permit applications received from January 1, 2024.

Canada is about to Ronu as well? pic.twitter.com/OZieGfT8w9

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— NEFERTITI (@firstladyship) December 7, 2023

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Title: Canada to Increase Proof of Funds Requirement for International Students

Date: December 7, 2023

Canada’s Immigration, Refugees and Citizenship Canada (IRCC) has announced a significant increase in the Proof of Funds requirement for international students starting from January 1, 2024. The new requirement will see students needing to demonstrate access to $20,635, nearly doubling the current amount of $10,000. This change aims to ensure that students have sufficient financial resources to support themselves during their studies in Canada.

The decision to increase the Proof of Funds requirement comes as a surprise to many international students and has sparked discussions within the education and immigration sectors. The move is seen as a response to the rising cost of living in Canada and the need to ensure that students can afford their education and living expenses.

The Proof of Funds requirement is an essential part of the study permit application process for international students. It is intended to demonstrate that students have the financial means to cover their tuition fees, accommodation, transportation, and other living expenses while studying in Canada. The increased amount is based on the estimated cost of living in the country.

Starting from January 1, 2024, the new requirement will apply to all new study permit applications received by IRCC. This means that students planning to study in Canada from next year will need to provide evidence of access to the higher amount. It is important to note that this change only applies to new applications and does not affect students who have already been granted a study permit.

The announcement has raised concerns among international students who are already in the process of planning their studies in Canada. Many students and education consultants are now working to adjust their financial plans to meet the increased requirement. It is expected that this change may impact the number of international students choosing Canada as their study destination.

Canada has been a popular choice for international students due to its high-quality education system, welcoming environment, and post-study work opportunities. The country has seen a steady increase in the number of international students over the years, contributing to its diverse and vibrant academic community.

The increase in the Proof of Funds requirement reflects Canada’s commitment to ensuring that international students have a positive and successful experience during their time in the country. By ensuring students have adequate financial resources, Canada aims to maintain its reputation as a top destination for international education.

As the January 1, 2024 deadline approaches, international students are advised to carefully review the new requirements and plan accordingly to meet the increased Proof of Funds requirement. It is important to consult with educational institutions and immigration experts to navigate the application process smoothly and ensure compliance with the latest regulations..

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@firstladyship said BREAKING: From January 1, 2024, IRCC will increase the Proof of Funds requirement for international students from $10,000 to $20,635, the equivalent of N23,730,250. This will apply to new study permit applications received from January 1, 2024. Canada is about to Ronu as well?

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