Canada raises demand for proof of funds (POF) from $10,000 to $20,000

The quantity of proof of finances (PoF) required for overseas students in Canada has been increased.

PoF is a financial requirement for people applying to migrate to countries like Canada and the United Kingdom, indicating that they have enough money to support themselves and their families while in the new country.

Since the early 2000s, the Canadian cost-of-living criterion for study visa applications has been set at $10,000 for a single candidate.

However, Immigration, Refugees and Citizenship Canada (IRCC) said on Thursday that the PoF has been increased to $20,635, in addition to their first year of tuition and travel fees, “so that international students are financially prepared for life in Canada.”

The change will apply to new study permit applications received on or after January 1, 2024 and will be adjusted each year when Statistics Canada updates the low-income cut-off (LICO).

“International students provide significant cultural, social and economic benefits to their communities, but they have also faced challenges navigating life in Canada,” Marc Miller, minister of immigration, refugees and citizenship, said.

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“We are revising the cost-of-living threshold so that international students understand the true cost of living here. This measure is key to their success in Canada.

“We are also exploring options to ensure that students find adequate housing. These long-overdue changes will protect international students from financially vulnerable situations and exploitation.”

The IRCC also extended the concession for the number of hours international students can work off campus while classes are in session until April 30, 2024.

The decision to raise the PoF will have an impact on Nigerians, who account for one of the greatest proportions of international students in Canada.

Canada received 21,845 study permit applications from Nigerians in the first six months of 2023, more than doubling the total received in 2022.

According to the data, Nigeria is second only to India in terms of the number of study permit applications.

The Canadian government’s change comes at a time when the United Kingdom has announced harsher steps to combat migration.

In 2022, Canada stated that it hoped to accept 1,450,000 migrants between 2023 and 2025 in order to address a labor deficit.

This is due to the country’s reliance on economic immigration as a major source of revenue.

International education, which will now be more difficult for many international students, generates more than $22 billion in economic activity each year, which is more than Canada’s exports of car components, lumber, or aircraft.

More than 200,000 employment in North America are supported by international education.

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