The Immigration, Refugees and Citizenship Canada (IRCC) has announced significant updates to the financial requirements for study permit applicants, effective September 1, 2025. International students planning to study in Canada should be aware of these changes, which will directly impact their applications.
Key Changes:
1. Increased Financial Requirements: The required funds for financial support will increase to $22,895 for the number of family members, including the applicant.
2. Proof of Financial Support: Applicants will need to show proof of financial support, including:
- Payment of the first year’s tuition fee for multiyear programs.
- Proof of Canadian bank account in the applicant’s name.
- Guaranteed Investment Certificate (GIC) or other financial instruments.
- Bank statement for the past four months.
- Letter from the person or school providing financial support.
- Proof of scholarship or other funding.
Important Considerations:
1. Funds must be in the applicant’s name: The financial proof should be in the applicant’s name, rather than a parent’s or guarantor’s.
2. Avoid using promissory notes: Showing funds with a promissory note can be tricky, so it’s best to avoid this approach.
3. GIC is not mandatory but recommended: While GIC is not a mandatory requirement, it can provide comfort to the Canadian government that the funds will be available throughout the program.
Applicability:
These changes will apply to all study permit applicants starting September 1, 2025. If you’re planning to apply for a Canadian study permit, ensure you meet the new financial requirements.
Conclusion:
The IRCC’s updates to the financial requirements for study permit applicants aim to ensure that international students have sufficient funds to support themselves in Canada. By understanding these changes, applicants can better prepare their applications and increase their chances of success.
Let Worldbridge Immigration Services be your guide to a successful future in Canada
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