Canada increase proof of funds from $10,000 to $20,000 in New visa requirements
The Canadian Government has increased their proof of funds in their latest visa requirements. They recently increased their “cost-of-living financial requirement for study permit applicants,”. This requirements is basically for international students. The former amount was $10,000 but it has been raised to $20,000. This will take effect next year, from January 1, 2024.
It was the Minister of Immigration, Refugees and Citizenship of Canada, Marc Miller, who made the announcement. He disclosed this in a statement which was released on Thursday. He revealed that this new development will become effective from 2024. He revealed that a single applicant will need to show that they have up to the required $20,635 as a visa requirement into Canada. They will effect this change to all applications fro study permit coming after the 1st of January 2024. This amount $20,635 represents 75% of LICO, which is in addition to their tuition and cost of travels for the first year.
The statement read in part "Starting January 1, 2024, the cost-of-living financial requirement for study permit applicants will be raised so that international students are financially prepared for life in Canada. For close to two decades, study permit applicants for international students have remained at $10,000. This review, which takes effect from January 1, ‘will help prevent student vulnerability and exploitation,’”
This new development in Canada came just a few days after United Kingdom also laid down some rules about visa requirements into their country. These new rules would mostly likely pose a challenge to some Nigerians who want to obtain a visa into the UK.
The Canadian Government has increased their proof of funds in their latest visa requirements. They recently increased their “cost-of-living financial requirement for study permit applicants,”. This requirements is basically for international students. The former amount was $10,000 but it has been raised to $20,000. This will take effect next year, from January 1, 2024.
It was the Minister of Immigration, Refugees and Citizenship of Canada, Marc Miller, who made the announcement. He disclosed this in a statement which was released on Thursday. He revealed that this new development will become effective from 2024. He revealed that a single applicant will need to show that they have up to the required $20,635 as a visa requirement into Canada. They will effect this change to all applications fro study permit coming after the 1st of January 2024. This amount $20,635 represents 75% of LICO, which is in addition to their tuition and cost of travels for the first year.
The statement read in part "Starting January 1, 2024, the cost-of-living financial requirement for study permit applicants will be raised so that international students are financially prepared for life in Canada. For close to two decades, study permit applicants for international students have remained at $10,000. This review, which takes effect from January 1, ‘will help prevent student vulnerability and exploitation,’”
This new development in Canada came just a few days after United Kingdom also laid down some rules about visa requirements into their country. These new rules would mostly likely pose a challenge to some Nigerians who want to obtain a visa into the UK.