For international students planning to pursue higher education in Canada, demonstrating financial sufficiency is a crucial step in the study permit application process. Immigration, Refugees and Citizenship Canada (IRCC) mandates that applicants showcase their ability to cover tuition fees, living expenses, and other costs associated with studying in Canada. Here, we outline eight methods approved by IRCC to prove financial support and sufficiency.

1. Canadian Bank Account: Applicants can provide evidence of a Canadian bank account in their name, particularly if they’ve transferred funds to Canada.
2. Guaranteed Investment Certificate (GIC): A GIC from a participating Canadian financial institution is another accepted method to demonstrate financial readiness.
3. Student or Education Loan: Proof of a student or education loan obtained from a bank can serve as evidence of financial support.
4. Bank Statements: Submitting bank statements for the past four months offers insight into the applicant’s financial stability.
5. Bank Draft: A bank draft convertible to Canadian dollars is recognized by IRCC as proof of financial capability.
6. Prepaid Tuition and Housing Fees: Documentation confirming payment of tuition and housing fees in advance is considered as part of financial sufficiency.
7. Letter of Support: A letter from a sponsor, such as a family member or educational institution, pledging financial assistance for living expenses and education, is acceptable.
8. Funding from Within Canada: Evidence of funding received within Canada, such as scholarships or enrollment in Canadian-funded educational programs, fulfills the financial requirement.

IRCC’s Updated Financial Requirement

Starting from January 1, 2024, IRCC has revised the cost-of-living financial requirement to $20,635 for study permit applicants outside Quebec. This amount, in addition to tuition fees and travel costs, must be demonstrated annually.

Financial Requirements Across Provinces/Territories

For applications submitted on or before December 31, 2023, the minimum funds required per year vary based on the number of accompanying family members. From January 1, 2024, onwards, the new financial requirement applies, with adjustments annually based on Statistics Canada’s low-income cut-off release.

Financial Requirements in Quebec

International students bound for Quebec must adhere to distinct financial requirements set by Quebec’s ministère de l’Immigration, de la Francisation et de l’Intégration (MIFI). Understanding and meeting the financial requirements set by IRCC is essential for international students aspiring to study in Canada.

By utilizing one or a combination of the approved methods to demonstrate financial sufficiency, applicants can enhance their chances of a successful study permit application. Stay informed about updates and consult official IRCC resources for accurate and up-to-date information regarding financial obligations for international students in Canada.

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