Canada Raises Proof of Funds for International Students, Nigerians Affected
In a recent development, the Canadian government has decided to increase the proof of funds required for international students, including Nigerians, seeking study permits. The adjustment will see the proof of funds double, rising from ₦8,025,000.00 ($10,000) to ₦16,050,000.00 ($20,000). This policy change is scheduled to take effect on January 1, 2024.
Marc Miller, the Canadian Minister of Immigration, Refugees, and Citizenship, announced the decision in an official statement on Thursday. The move is aimed at ensuring that international students are adequately financially prepared for their life in Canada.
Starting from the specified date, a single applicant will be required to demonstrate possession of $20,635, constituting 75% of the Low-Income Cut-Off (LICO), in addition to covering their first-year tuition fees and travel expenses.
This change in financial requirements comes after almost two decades of study permit applicants maintaining a proof of funds at $10,000. The government’s decision to reassess these financial criteria is intended to enhance the financial stability of international students during their time in Canada.
The statement emphasized that the adjustment will apply to new study permit applications received on or after January 1, 2024. The government believes that this review is crucial in preventing student vulnerability and exploitation, ensuring a more secure and stable environment for international students pursuing their education in Canada.
