New Funds Requirements for Canada Study Visa 2024

Canada is one of the top study destinations among international students, especially Indian students. The country has many top-ranking institutes that provide the best education and the cultural diversity of the country facilitates international students with a supportive environment. Although some international students have indeed thrived in Canada, it is important to recognize that many have faced financial difficulties during study in Canada. Insufficient funds for the cost of living make it difficult for them to meet their basic needs while living in Canada.

West Highlander’s team of experts researched and collected information on the New Funds Requirement for Canada Study Visa 2024 from relevant sources. This article contains all the information about New Funds Requirements, IRCC Updates and New rules for international students. The article will also answer the most frequently asked questions of students concerning the topic. This article will enlighten you regarding the New Update of IRCC on Funds Requirements for Canada Study Visa 2024.

West Highlander has been helping international students obtain their Canada Study Visa for more than 18 years, contact us now to apply for yours.

IRCC New Funds Requirement for International Students 2024

To resolve this issue and to make sure that international students who come to study in Canada are financially strong enough to live in Canada the Ministry of Immigration, Refugees and Citizenship Canada (IRCC) announced on 7 December the revised fund requirements for international students who wish to study in Canada. According to the announcement, to enhance the protection of international students, the financial requirement for their cost of living has recently been revised and increased.

The revised requirements will be applicable from 1 January 2024, so the students planning to study in Canada will be better prepared for their life in Canada and will not face any financial difficulty regarding housing or their stay in Canada.

Every year this amount will be changed according to the LICO. LICO stands for Low Income Cut-Off, which refers to the minimum income required to guarantee that an individual does not have to spend a disproportionately large portion of their income on necessities.

IRCC New Funds Requirement, Canada

The previous fund requirement for Canada study visa applicants was CA $10,000 (around INR 6.14 Lakhs) which has been the same for a long period. For today’s time, this amount is insufficient to sustain life in Canada for international students. So recognizing this the IRCC has increased the funds’ requirement for international students and now the new applicants are required to have a fund of CA $20,635 (around INR 12.7 Lakhs) as their cost of living for study in Canada in addition to their first year of tuition fees and travel expenses. This amount represents 75% of the LICO.

This amount of new fund requirement will be applicable for international students who lodge for their Canada study visa on or after 1 January 2024.

New Rules for International Students in Canada 2024

The IRCC has also revised another policy regarding international students. The dates of waiver on the 20-hour per-week work limit for international students have been extended till April 30 2024. Previously international students could only work for 20 hours a week, while their class was in session but now they can work for more than that. This updated policy applies to students studying in Canada or students who have submitted their Canada study visa application on or before 7 December 2023.

Students starting their study programs on or before September 1, 2024, can now count their time spent studying online towards their post-graduation work permit. Furthermore, this rule has been extended to ensure maximum benefit to students.

However, the temporary policy that granted an 18-month extension on work permits for post-graduation work permit holders that expire before December 31, 2023, has not been prolonged.

IRCC New Update

Recognizing the potential impact on applicants, the government will be joining forces with partners to conduct targeted pilots in 2024. These initiatives will explore innovative ideas to assist underrepresented sections of international students pursuing their study in Canada.

In response to the recent reforms to the International Student Program, announced on October 27, 2023, learning institutions will now be assessed based on the quality of their services and support, including housing. To ensure that students receive the necessary support, institutions are now expected to only accept the number of students they can accommodate.

In anticipation of the September 2024 semester, the government is taking proactive steps to guarantee that Designated Learning Institutions (DLI) offer adequate support to their students. This includes the possibility of visa restrictions as well as other necessary measures.

This new IRCC update on the increase of the cost of living will provide a much-needed financial boost to students arriving in Canada, as they start their academic journey.

Requirements to Study in Canada for International Students

There are certain requirements which you must fulfil if you want to study in Canada.

Firstly, international students must be enrolled in a DLI and they need to provide the evidence in the form of a letter of acceptance from the institute with their Canada Study Visa application.

The second requirement is having enough funds to study in Canada. The funds need to cover the following expenses

  • Tuition fees of students for the first year
  • Travel expense
  • Cost of living, which has now been revised by IRCC to CA $20,635

PCC: international students need to have a Police Clearance Certificate (PCC) to show that they do not have any criminal record.

Medical Exam: the students also need to submit a medical certificate confirming their good health.

Apart from these requirements the students also need to prove to the case officer that their only purpose is to study in Canada and that they will leave the country when the Canada Study Visa expires.

These are the latest requirements that you need to fulfil in order to get Canada Study Visa and make your dream come true of study in Canada.