Canada announces new visa requirements; raises proof of funds from $10,000 to $20,000

The Canadian government has increased its “cost-of-living” financial requirement for study permit applicants and overseas students, to $20,000 from $10,000 beginning January 1, 2024.

The country’s Minister of Immigration, Refugees and Citizenship, Marc Miller, announced this in a statement on Thursday.

He said starting from 2024, a single applicant will need to show that they have $20,635, representing 75% of LICO, in addition to their first year of tuition and travel expenditures, saying, “This change will apply to new study permit applications received on or after January 1, 2024.”

“Starting January 1, 2024, the cost-of-living financial requirement for study permit applicants will be raised so that international students are financially prepared for life in Canada.

“For close to two decades, study permit applicants for international students have remained at $10,000. This review, which takes effect from January 1, ‘will help prevent student vulnerability and exploitation,’” the statement added.

This development comes just a few days after the United Kingdom implemented new restrictions that would make it more difficult for Nigerians and other applicants to secure a visa.

Home Secretary, James Cleverly on Monday revealed the revisions in the House of Commons.