Canada hikes proof of funds for foreign students
In an update to its proof of financial support norms for those applying for a study permits on or after September 1 this year, Immigration, Refugees and Citizenship Canada (IRCC) noted that the minimum amount required, not including tuition, will be CA$ 22,895 for the applicant alone.
If the applicant is accompanied by family members, the amount increases.
The current amount required for the applicant is CA$ 20,635, making the forthcoming hike nearly 11 per cent higher.
Proof of being able to pay living expenses and other costs in Canada can be in the form of a bank account in the country with the balance available, a guaranteed investment certificate (equivalent of an Indian fixed deposit) for the amount, proof of a student or education loan from a bank, among other methods.
Canada started taking measures with regard to international students since late 2023. On December 7 that year, IRCC announced for new study permit applications received on or after January 1, 2024, a single applicant will 'need to show they have CA$ 20,635 as against CA$ 10,000 earlier.
The measure comes as the number of study permits issued to international students from India continues to plummet, down nearly a third in the first quarter of this year as against the corresponding period in 2024.
IRCC data showed that the number of permits issued to students from India in the first quarter of 2025 was 30640, versus 44295 last year, a drop of nearly 31 per cent. Overall figures have also declined, falling from 121070 in 2024 to 96015 in the first quarter of 2025.
This follows the trend of decreasing intake of international students after the Canadian Government started applying brakes on the influx in the last quarter of 2023.
In 2023, Canada issued a total of 681155 study permits, with Indians comprising 278045 of them. Last year, that total slid to 516275 with the Indian component decreasing to 188465.
Policy changes were instituted because record immigration was blamed, partly, for housing unaffordability, and pressure on health and transport infrastructure. After he led his party back to form the Government following the April 28 Federal election, Prime Minister Mark Carney made it clear that position will not change in the near future as he said temporary residents, including students and foreign workers, will not account for more than five per cent of the country's population by 2027.
On September 18, 2024, IRCC stated the cap for issuing study permits for 2025 will be at 437,000, down from the target of 485,000 for this year. The 'stabilizing' 2025 figure will also apply for 2026.
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