Canada Implements Revised Visa Requirements Increases Proof of Funds to usd 20000

Canada's Minister of Immigration, Refugees, and Citizenship, Marc Miller, has announced significant changes to the visa requirements for international students. These changes are designed to ensure that international students are financially prepared for life in Canada. The new requirements will come into effect on January 1, 2024.

Canada Implements Revised Visa

Key Changes

  • Increased Financial Requirement: The major change is the substantial increase in the financial requirement for study permit applicants. Starting from January 1, 2024, a single applicant will need to demonstrate that they have $20,635 in funds. This amount represents 75% of the Low Income Cut-Off (LICO) in addition to their first-year tuition and travel costs.
  • Previous Requirement: For nearly two decades, the financial requirement for study permit applicants remained at $10,000.
  • Preventing Vulnerability and Exploitation: The government's stated objective behind this review is to prevent student vulnerability and exploitation. By increasing the proof of funds, they aim to ensure that international students have the financial means to support themselves in Canada.

Implementation Date

These changes will apply to new study permit applications received on or after January 1, 2024. Any applicants submitting their study permit applications before this date will not be subject to the increased financial requirement.

Comparison with the United Kingdom

This announcement from Canada comes in the wake of the United Kingdom introducing stricter visa rules. In the UK, the government has set a minimum annual salary of £38,700 for foreign workers to be eligible for a skilled worker visa. This figure is significantly higher than the previous requirement of £26,200 and surpasses the median average salary of a full-time worker in Britain.


Canada's decision to increase the financial requirements for study permit applicants reflects a broader trend of countries reassessing their immigration policies. These changes are aimed at ensuring that international students and workers have the means to support themselves and prevent exploitation. It's important for prospective applicants to stay informed about these evolving requirements when planning their international study or work opportunities.

Leave a comment



Apply eVisa