As an international student seeking post-secondary studies in Canada, Immigration, Refugee, and Citizenship Canada (IRCC) permits you to use many methods to ascertain sufficient funds to relocate to Canada.
As part of the study permit procedures in Canada, candidates are required to ascertain that they possess sufficient funds to assist themselves and any family relatives who move to Canada with them.
Note: As of January 1, 2024, the cost of living conditions has risen for students in every region and territory except Quebec.
Offering IRCC Evidence Of Financial Support And Sufficiency
Based on Immigration, Refugee, and Citizenship Canada (IRCC), the department’s expense of living conditions is communicated in base sums that have to do with all prerequisites associated with transportation and other costs, which have to do with the expense of books, tools, and supplies. These sums ascertain that study permit requests in Canada have enough money to protect the costs below:
- The first year of tuition payments, as shown on the Acceptance letter allocated by their Designated Learning Institution.
- Travel costs to get to and from Canada
- The least expense of living in Canada for 12-months
Immigration, Refugee, and Citizenship Canada (IRCC) mentions the eight ways below for study permit candidates to ascertain they can satisfy the expense of living monetary conditions.
- Evidence of a bank account in the candidate’s name in Canada if they have transferred funds to Canada.
- A Guaranteed Investment Certificate (GIC) from a partaking financial institution in Canada.
- Evidence of a student or academic loan from a financial institution
- The candidate’s bank statement for the previous four months
- A draft from the bank that can be changed to dollars in Canada.
- Evidence that the candidate has paid tuition and accommodation fees already.
- A letter from the individual or academic institution providing the candidate funds for their living costs and education.
- Evidence of finances reimbursed from within Canada if the candidate is awarded or registered in Canadian-financed academic courses.
Note: Immigration, Refugee, and Citizenship Canada (IRCC) explains that when a candidate’s home nation uses foreign exchange regulations, the candidate must ascertain that they will be permitted to export finances for all costs.
IRCC’s New Cost Of Living Financial Prerequisite
Since the beginning of 2024, Immigration, Refugee, and Citizenship Canada (IRCC) have elevated the cost-of-living monetary condition, which is the sum of funds study permit candidates outside of Quebec are required to ascertain they have up to $20,635 for 2024.
It is required to be understood that this new sum is in addition to tuition payments for the first year and travel expenses and that Immigration, Refugee, and Citizenship Canada (IRCC) has already demonstrated that its expense of living conditions will be changed every year depending on Statistics Canada’s newest low-income cut-off release.
This new expense of living financial condition does not relate to study permit requests presented to IRCC on or before December 31, 2023.
Note: All the money submitted below is provided in Canadian dollars.
All Regions And Territories Except Quebec
On or before December 31, 2023, below are the minimum finances, excluding tuition fees, that are needed annually by study permit candidates to ascertain they can sponsor themselves as students and any relatives who followed them to Canada.
The candidate or student: $10,000
The candidate’s first accompanying relative: $4,000
Every other accompanying relative: $3,000
On January 1, 2024: Below is the minimum money, which does not include tuition payment, needed annually by a study permit candidate to ascertain if they can sponsor themselves and any family member accompanying them to Canada.
It is also worth understanding that the details below may alter in 2025 and every year since IRCC has demonstrated that this condition will be changed according to Statistics Canada’s yearly low-income cut-off (LICO) release.
Study permit candidates: $20,635
Number of relatives, which includes the candidate:
- Two individuals: $25,690
- Three individuals: $31,583
- Four individuals: $38,346
- Five individuals: $43,492
- Six individuals: $49,051
- Seven individuals: $54,611
- Each extra family relative above seven people: $5,559
In Quebec, Quebec-bound international students are required to ascertain that they are satisfied with a different set of financial conditions than students in the rest of Canada. Quebec’s Ministere de I’immigration, de la Francisation et de I’integration (MIFI) sets these conditions for these students.