Proof of funds for canada visitor visa

The Canadian Government has updated the required proof of funds amount for international students. Starting January 1, 2024, students applying for a study permit must show they have at least $20,635 to cover living expenses, plus tuition.

Since the early 2000s, international students needed to show at least $10,000 as proof of funds to obtain a student visa and permit to undergo a program in a Designated Learning Institution, DLI.

Now, they need a little more than twice that amount.

The government’s argument is simple:

The necessity for international students to have adequate funds for studying in Canada has become increasingly critical due to the rising cost of living, influenced by factors such as inflation and higher expenses for housing and groceries compared to previous years.

The Canadian government emphasizes that living costs, particularly in major cities, have significantly increased.

Therefore, foreign students need to ensure their budgets align with these elevated financial standards in any province or city in Canada where they plan to pursue their studies

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