"New Proof of Funds: Key Changes for International Students - $20,635 CAD Requirement"

The Immigration Refugees and Citizenship Canada (IRCC) recently unveiled significant changes for international students in Canada, set to take effect on January 1st, 2024. These changes include a notable adjustment to the cost-of-living requirement, increasing it from $10,000 CAD to $20,635 CAD.

To leverage the current conditions, prospective students aiming to apply for a Canadian study permit may find strategic advantages in submitting their applications in December 2023. The impending cost-of-living adjustment will only impact those who apply after January 1st, 2024. Applicants who submit their study permit applications before this deadline, even if their studies commence later in 2024, will still be subject to the previous $10,000 cost-of-living requirement.

It's essential to recognize that the increase in the cost-of-living criteria is a response to the rising living expenses in the country. The previous $10,000 benchmark, established in the early 2000s, had not been adjusted for inflation until now. While this change is designed to ensure that international students have sufficient financial support during their stay in Canada, it's crucial for applicants to be mindful of their individual financial needs.

Those who opt to apply with the current $10,000 requirement should carefully assess whether this amount adequately covers their living expenses. The buffer period before the new cost-of-living criteria takes effect presents an opportunity for newcomers to plan and ensure they meet the revised financial standards set by IRCC. Therefore, prospective students are encouraged to consider the advantages of timely application in light of these impending changes.