April 3rd, 2024 at 03:30 am

Ways to show financial adequacy as Canada’s foreign student

To get a study visa from IRCC, international students pursuing postsecondary education in Canada must demonstrate financial preparedness. It is critical that the student and any accompanying family members present evidence of their financial stability. One option to establish financial stability is to provide investment portfolios, bank statements, or scholarship offers. As a foreign student in Canada, here are some ways to demonstrate your financial stability.

A Guaranteed Investment Certificate (GIC) from a Canadian financial institution might also serve as a safety net once you arrive. Canadian organizations’ grants, sponsorships, and scholarships help to ensure financial stability. The approval or payout of educational loans covers living, housing, and educational expenses.

Income and employment documents, such as pay stubs or contracts, serve as indicators of financial competence. Bank statements, tax returns, or a letter of support can all serve as proof of family support. It is possible to mix these ways to meet the IRCC’s financial requirements. These strategies aid in acquiring a student visa from Canada and promote academic performance.

Methods to demonstrate financial sufficiency as a Canadian foreign student

The department’s cost-of-living allowance is expressed in “base amounts,” which encompass all costs, including transportation, books, supplies, and equipment, in accordance with IRCC guidelines. These authorized quantities demonstrate that applicants for a study permit in Canada have enough money to cover these mandatory fees.

• The tuition expenses for the first year are provided in the Letter of Acceptance (LOA) from their Designated Learning Institution.
• Travel expenses for getting to and from Canada.
• The minimum annual living expenses required for survival in Canada.

The IRCC provides eight alternatives for study permit applicants to demonstrate that they can meet the cost-of-living criterion financially.

• Evidence of a Canadian bank account registered in the applicant’s name, assuming they have transferred funds to Canada.
• Possess a Guaranteed Investment Certificate (GIC) issued by a participating Canadian financial institution.
• Documentation proving a student or educational loan secured from a bank.
• Submission of the applicant’s bank statements from the previous four months.
• The availability of a bank draft convertible into Canadian money.
• The applicant’s payment of tuition and accommodation costs has been verified.
• Provide a supporting letter from an individual or educational institution that offers financial aid for living expenses and schooling.
• Applicants who hold a scholarship or are enrolled in a program financed by a Canadian company must produce proof of funds received from within Canada.
• The IRCC requires applicants to demonstrate that they can export money to cover all of their costs if their native country has foreign exchange controls.

IRCC’s Updated Cost of Living Financial Requirement

The Immigration, Refugees, and Citizenship Canada (IRCC) has increased the financial criteria for the cost of living for individuals seeking study permits outside of Quebec to $20,635 for the year 2024. This change took effect at the beginning of this year. It is essential to keep in mind that this additional sum is not accounted for in the expenses incurred for travel or tuition during the first year of study.

Furthermore, the IRCC has declared that the cost-of-living criterion would be revised on an annual basis by utilizing the most recent low-income cut-off (LICO) statistics from Statistics Canada. Applications for study permits that are submitted to the IRCC by the 31st of December 2023, or earlier, will not be affected by the revised financial criteria when they are filed.

Provinces and Territories, Excluding Quebec

Prior to December 31, 2023, study permit applicants were needed to produce evidence of a minimum yearly income, exclusive of tuition, to ensure their ability to support themselves and any dependents while studying in Canada. This condition required the applicant or student to have $10,000, the first accompanying family member to have $4,000, and each further accompanying family member to have $3,000.

However, the financial requirements for applicants seeking a study visa have modified as of January 1, 2024. They must now show an updated yearly minimum income, exclusive of tuition, to establish their ability to support themselves and any family members travelling with them to Canada.

In light of the fact that the IRCC has stated that this criterion will be updated in accordance with figures Canada’s annual release of the low-income cut-off (LICO), it is essential to take into consideration the possibility that the figures presented below will change from year to year beginning in 2025.

A minimum of twenty thousand six hundred and thirty dollars is required for each individual who is applying for a study permit.

The applicant’s family size is the primary factor that determines the minimum annual finance requirements, which are laid out as follows:

• For two people: $25,690.
• For three people: $31,583.
• For four individuals, $38,346.
• For five people: $43,492.
• For six people: $49,051.
• For seven people: $54,611.
• $5,559 for additional family member beyond seven persons.

Quebec

The financial requirements of international students who relocate to Quebec are distinct from those of students who are studying in other parts of Canada. The Ministry of Immigration, Francisation, and Integration (MIFI) of Quebec is the entity that is responsible for determining these instructions.

Conclusion

You will need to provide evidence that you are financially stable in order to be eligible for a study permit in Canada if you are an international student. The production of proof of money, the acquisition of a Guaranteed Investment Certificate (GIC), the receipt of loans or scholarships, and the demonstration of financial assistance from sponsors or family members are always in which students can safely begin their educational adventure in Canada. With the help of these tactics, they will be able to successfully complete the application process.

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