Recently, the Canadian government has decided to increase the proof-of-funds requirement from $10,000 to $20,635 for incoming international students. This is effective January 1, 2024.
“This is Big News,” says Abel Pagaling, GBE CEO. “And if you read the text from the IRCC, it’s set to adjust and most likely increase each year. Those who pursued the program already got lucky.”
(To read the news, go to: https://globalbridge-edu.com/revised-requirements-to-better-protect-international-students/)
“The international student program, in my opinion, is really the best program if you’d like to come to Canada,” says Abel. “With the ability to work, get your Canadian education, and an option to stay, it sets you up for success in career and life.”
Abel recommends that 2024 is the year to make the move to come to Canada. “As Canada becomes one of the main destinations for international students the world over, IRCC may increase the proof-of-funds again, or introduce other requirements in 2025 onwards. Best time to act is now.”
Here are the positive objectives of proof-of-funds increase:
Enhanced Financial Preparedness
The higher proof-of-funds requirement ensures that students arrive in Canada better financially prepared for their studies and living expenses. This increase is designed to help students navigate the initial settlement period with greater ease.
Reduced Financial Stress
With increased funds, students are less likely to face immediate financial stress, allowing students to focus more on their studies and make the most of their time in Canada.
Positive Impact on Your Experience
This change aims to contribute to an improved quality of life during their stay in Canada. Adequate financial resources can positively influence the overall experience, both academically and personally.
Having looked at the benefits, here’s what you can do to meet the funding requirements:
Financial Planning
We recommend reviewing and adjusting your financial plans accordingly. Take the time to reassess your budget, considering the increased proof-of-funds requirement.
Additional Funding Sources
Banks and Lending Companies in your home country may provide financial assistance loans to help you meet the new requirement.
Sponsors (family and friends) willing to assist you in your journey can also provide financial assistance.
It’s important to note that Canada has not increased the proof-of-funds since the early 2000s, which means that they could potentially increase this again in the following years to adjust to Canada’s living standards.
“We highly recommend that you push through with your application for 2024,” says Abel, “to avoid potential increases to this amount later on.”
“As always, we recommend that you speak with a Canadian licensed immigration consultant if you have any immigration questions and get the full details,” says Abel. “Our preferred immigration consultant can help. Or you can also visit https://college-ic.ca/ to find a registered Canadian immigration consultant.”
To find out more or to connect with a GBE Advisor, email info@globalbridge-edu.com, or visit our website at www.globalbridge-edu.com
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