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🇨🇦 Important Updates on Canada Visa Requirements for 2024 | Change in Proof of Funds Amount

Important Updates on Canada Visa Requirements for 2024 Change in Proof of Funds Amount

The recent announcement by Canadian authorities indicates a significant increase in the “cost-of-living financial requirement” for international student study permit applicants. Effective from January 1, 2024, the requirement will see a substantial rise from the existing $10,000 to $20,000.

   

This pivotal update was officially declared by Marc Miller, the Minister of Immigration, Refugees and Citizenship in Canada, through a statement released on a Thursday.

The statement detailed that, commencing from January 1, 2024, the financial requirement for living expenses for those applying for study permits will be elevated.

This adjustment aims to ensure that international students are adequately financially equipped for their stay in Canada.




In more specific terms, for the year 2024, an individual applicant will need to demonstrate possession of $20,635, which equates to 75% of the Low Income Cut-Off (LICO). This amount is in addition to the expenses for the first year’s tuition and travel costs. Notably, this revised financial requirement will be applicable to new study permit applications that are received on or after January 1, 2024.

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It’s noteworthy that for nearly two decades, the financial requirement for study permit applicants from international backgrounds has been consistent at $10,000.

This upcoming change, effective from January 1, 2024, is aimed at mitigating student vulnerability and exploitation, as per the statement.

This development in Canada’s immigration policy follows closely on the heels of the United Kingdom’s introduction of new visa regulations, particularly impacting Nigerian applicants and others. These changes were announced by James Cleverly, the Home Secretary, in the House of Commons on a Monday.

Under these new UK regulations, there is a set minimum annual salary threshold for foreign workers to qualify for a skilled worker visa.

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This threshold has been increased to £38,700, up from the previous £26,200. Interestingly, this new threshold surpasses the current median average salary of a full-time worker in Britain.

For further information on Canada’s study permit requirements, you can visit the official Canadian Immigration and Citizenship website. For details on the UK’s new visa rules, the UK Government’s official website offers comprehensive insights.

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Lucius O. (CICRM)

Lucius is the founder and lead writer at Careerical.com, your trusted resource for international job opportunities, visa sponsorship guidance, and career development strategies. With over 12 years of experience driving triple-digit growth in telecom and fintech, Lucius is a certified customer relationship professional and digital ecosystem strategist. At Careerical, he combines deep industry insights with a passion for helping professionals navigate global job markets—whether you're exploring Canadian work visas, landing remote jobs in Europe, or applying for fully funded scholarships. His writing has earned him recognition as his State’s “Best Essayist,” and he continues to deliver research-backed, reader-focused content that ranks and converts. Follow Careerical for expert tips on visa applications, job search strategies, and how to build a career that travels.

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