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"From January 1": Canada Updates Requirements for Proof Funds, Important Information for Study Visa
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"From January 1": Canada Updates Requirements for Proof Funds, Important Information for Study Visa

by  Israel Usulor 2 min read
  • The Canadian government has issued a new proof of funds requirement for those seeking to study in the country in 2024
  • Students seeking to study in Canada must present proof of funds of 20,635 CAD (N13.9 million)
  • The new guidelines for Canadian study permit posted on the official website will take effect from January 1, 2024

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There is a new guideline for proof of funds for international students seeking to study in Canada.

The updated proof of funds for a Canadian study permit is seen on the country's official website, where immigration information is usually posted.

Proof of funds for study visa to Canada.
The new proof of funds for the study visa takes effect from January 1, 2024. Photo credit: Getty Images/NickyLloyd, Bloomberg and Aaron Foster. Photos are used for illustration only.
Source: Getty Images

The proof of funds requirement showed that Canada study visa applicants must have nothing less than 20,635 CAD (N13.9 million) from January 1, 2024.

New requirements for Canada study permit in 2024

Before January 1, the proof of funds for a Canada study permit was pegged at 10,000 CAD (N6.7 million).

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If the student is coming to Canada with two family members, they will need $25,690 (N17.3 million).

Also, if the family members the student is bringing are up to seven, they will need $54,611 (N36.9 million) as proof of funds.

The information on the website reads:

"We’ve updated our financial requirements for study permit applicants. This change applies to new study permit applications received on or after January 1, 2024. The new amounts reflect updated cost-of-living requirements. These requirements will be adjusted each year as Statistics Canada updates the low-income cut-off."

Proof of funds for Canadian express entry visa

Earlier, Legit.ng reported the amount needed as proof of funds for a Canada express entry visa.

The government of Canada's website has an authentic list of the amount of money immigrants need as proof of funds.

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No need for proof of funds: Canadian city launches new programme for Nigerians to relocate and work

As an individual applying for a Canadian express entry visa, the website states that you must have at least N9.3 million or 13,757 CAD.

This means Nigerians and citizens of other countries relocating to Canada must show the funds as listed before they can receive a visa to the country.

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Source: Legit.ng

Authors:
Israel Usulor avatar

Israel Usulor (Human-Interest editor) Israel Usulor is a journalist who has 9 years of experience. He worked at The Prime Newspaper and has published articles in TheCable Newspaper. Israel graduated with distinction from Fidei Polytechnic (Mass Commun, 2016). Israel has interviewed Zannah Mustapha, the man who helped negotiate the release of Chibok Girls, and Kunle Adeyanju, who rode a bike from London to Lagos. He covered exclusive stories on Chef Dami during her Guinness World Records cookathon. Email: israel.usulor@corp.legit.ng.

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