Canada doubles proof of funds for nigerians and others

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The Canadian government, through a statement by the Minister of Immigration, Refugees and Citizenship, Marc Miller, has announced a significant increase in the “cost-of-living financial requirement for study permit applicants,” primarily affecting international students. Starting January 1, 2024, the financial requirement will be raised from $10,000 to $20,000.

According to Miller, the adjustment aims to ensure that international students are adequately financially prepared for life in Canada.

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Under the new regulations, a single applicant must demonstrate they have $20,635, equivalent to 75% of the Low Income Cut-Off (LICO), in addition to covering their first-year tuition and travel expenses. This change will be applicable to new study permit applications received on or after January 1, 2024.

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The statement emphasizes that the previous financial requirement of $10,000 for study permit applicants had been in place for almost two decades. Miller notes that this review is crucial in preventing student vulnerability and exploitation.

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Interestingly, this development follows the recent introduction of stricter visa rules by the United Kingdom, making it more challenging for Nigerians and other applicants to obtain a visa. The UK’s Home Secretary, James Cleverly, announced these changes in the House of Commons just a few days prior.

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