On the 8th of December 2023, the Canadian government announced an increase in the financial requirements for international students planning to study in the country. According to the announcement, starting from 1st January 2024 the financial requirements/ proof of funds needed by each student would be $20,635 a 2-time increase from the previous amount.
According to the Canadian Immigration Minister, Marc Miller this development came as a result of the increased cost of living in Canada. This new policy came as an added change to the International Student Program that was put into effect on the 27th of October 2023.
Why do you need Proof of Funds to school in Canada?
To study in Canada, the student must prove that they would be able to support themselves as well as their family. The proof of funds is supposed to cover all living expenses for the student, but in the case where a family member was also brought along by the student the amount needed in the proof of funds would be much higher.
Drop your questions in the comment section below also share this article if you found it helpful