The Immigration, Refugees and Citizenship Canada (IRCC) recently announced that the amount required for proof of finances for international students would increase.
International students who want to study in the nation must now have 20,635 CAD in their bank accounts instead of only 10,000 CAD. The financial minimum of $10,000 was set in the early 2000s and ought to be updated to reflect the current cost of living.
Nonetheless, living expenses vary around the nation, and it is recommended that this change be taken into deep consideration since the amount of money needed to live in various areas is not the same. Canada’s educational institutions concurred that it made sense to modify the proof-of-funds criterion to reflect growing living expenses. Still, they also noted that this would probably have an effect on student demand.
There have also been further concerns raised about the money hike. International student advocacy organization Migrant Students United claimed that the decision would prevent prospective working-class students. Exchange rates would also significantly impact how inclusive overseas students’ ability to pay would be.
However, in practice, students only need to “show” the money in order to obtain a visa; they are not required to travel to Canada with any cash “actually in the bank accounts.”
