Canada increases requirements for proof of funds

In a recent pronouncement, the Canadian government disclosed a noteworthy adjustment in the "cost-of-living financial requirement for study permit applicants" targeting international students. This alteration, scheduled to take effect on January 1, 2024, will witness an elevation from the current $10,000 to $20,000.

The statement, delivered by Marc Miller, the Canadian Minister of Immigration, Refugees and Citizenship, on Thursday, December 7, emphasized the intent to enhance the financial preparedness of international students for their life in Canada. This entails an augmentation in the cost-of-living financial requirement, introducing a greater degree of financial commitment.

Specifically, for the year 2024, an individual applicant will be necessitated to demonstrate possession of $20,635, constituting 75% of the Low-Income Cut-Off (LICO). This financial presentation, inclusive of the first-year tuition and travel costs, marks a departure from the long-standing $10,000 benchmark. Notably, this modification will be applicable to new study permit applications received on or after January 1, 2024.

The statement further highlights the prolonged stability of the $10,000 financial requirement for study permit applicants over nearly two decades. The impending adjustment, set to take effect in the new year, is articulated as a proactive measure aimed at mitigating student vulnerability and exploitation.

This announcement from the Canadian government follows the heels of regulatory changes in the United Kingdom affecting visa accessibility for individuals, including Nigerians. Home Secretary James Cleverly unveiled these modifications in the House of Commons on a Monday, introducing stringent rules that could pose challenges for prospective visa applicants.

Among the notable changes is the establishment of a minimum annual salary for foreign workers eligible for a skilled worker visa, set at £38,700, a substantial increase from the previous £26,200. This figure surpasses the existing median average salary of a full-time worker in Britain, representing a significant shift in the visa landscape for foreign workers.