New student visa applications in Canada must demonstrate increased financial solvency by 2024

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As of January 1, 2024, Immigration, Refugees and Citizenship Canada (IRCC) will increase the cost of living requirement for study permit applicants, this decision was made because the government claims that the financial requirements are far below the cost of living in Canada and students manage an economic perspective of their funds that is far from reality, in short, when they settle down to live in this country, they realize that they face a monthly living budget that is not enough to cover all their living, study and other expenses. We consider of utmost importance that you continue reading this article because it is necessary that you manage the proper timing so that your application can be processed before January 1, 2024 and so you do not have to demonstrate the new funds that the IRCC will ask for. 

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How much money will you have to show in your bank as of January 1, 2024?

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Currently, the economic capacity that a student coming to Canada must prove in his or her bank account is the equivalent of the cost of the first year of study plus $10,000 CAD (outside Quebec), which is the amount that confers economic solvency vis-à-vis the government. However, on January 1, 2024, a new change will come into effect, requiring proof of $20,635 CAD plus the cost of the first year of study. According to the official IRCC website, in the future, this threshold will be adjusted each year when Statistics Canada updates the low income cut-off (LICO). As such, the LICO represents the minimum income necessary to ensure that an individual does not have to spend a greater than average portion of his or her income on necessities.

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What if you have already been admitted to a college but do not have the new funding?

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In this case, if a student is already admitted to the college and has the letter of acceptance in his/her possession, but does not have the financial capacity to demonstrate the new amount of $20,635 CAD plus the cost of the first year of study, he/she shouldapply for the visa as soon as possible, so as to miss the deadline, which is January 1, 2024.

At our immigration services agency, Immiland Canada, we have clients who are in the process of applying, for which we urge you to contact us now or send your documents at once to move forward with the application before December 20 of this year 2023, so that your immigration consultant will have time to process it with the current funds which, as you have seen, are significantly lower. In this YouTube video and on our social media in general, we are providing the information we handle on behalf of the government.

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How does this change affect study visa applicants in Quebec?

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These changes do not impact the province of Quebec, as the local government has made adjustments on the financial solvency of foreign students previously, so those who intend to live and study in the province of Quebec can apply after January 1, 2024 without having their financial solvency affected.

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Will this change impact the economic capacity that the student's family must demonstrate?

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This announcement, which was made as recently as December 07, 2023, does not provide full clarity on how it will impact the student's family; for example, it is not known whether the partner and/or children will have to demonstrate 75% or more of what they were demonstrating before. However, in this particular change, you may want to consider that there is a chance that you will have to demonstrate more funds for your family, although the measure does not yet specify this. It is a matter of waiting for updated official announcements from the IRCC.

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Will this new measure affect extensions within Canada?

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Although it is not written in the law, so there is no certainty whether or not this applies to extensions of study permits, at Immiland we assume that it could affect them. In any case, keep an eye out for an announcement from the government on its website.

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Is this new measure detrimental to foreigners applying for study visas or does it somehow favor them?

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Even though the new amount doubles the current solvency requested by the government for your student visa application, which may seem unfair or excessive for your budget, you have to be realistic and understand that the Canadian cost of living is high and you must take into account that you have to pay for apartment rent, food, utilities, transportation, not to mention that no one is exempt from getting sick and requiring medical attention at some point, among other expenses. These new funds will broaden the economic expectations of the applicant, and the positive thing is that upon settling in the country he/she will not be surprised by the fact of reaching the end of the month with difficulty and economic shortages, on the contrary, the new amount of 20,635 Canadian dollars will greatly simplify his/her financial stability so that he/she can study with peace of mind, after all, this is the reason that has brought him/her to the country and it is worthwhile to make the most of the prestigious and well recognized educational system of Canada.

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At immiland Canada, we always advise you to follow the legal immigration route and make sure you meet all the requirements before applying to avoid unnecessary rejections. Remember to manage the dates contemplated in this official IRCC announcement, your application must be made before December 31 of this year 2023 in order to demonstrate the funds of $10,000 CAD plus the first year of study. On the government website, you can expand the information in the press release about this change by clicking here.

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If you are an Immiland Canada customer, we invite you to watch this YouTube video to supplement this information. Visit our website to contact us if you have any questions.

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With love,

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Immiland