Canada hikes amount of reserve funds required by study permit applicants
Canadian immigration has raised reserve funds for study permits; now CA$ 23,448, effective from September 1, to reflect rising living costs.
Canada has raised the reserve funds requirement for study permit applicants, effective September 1, 2023. Single applicants must now demonstrate CA$ 23,448, up from CA$ 22,895, without accounting for tuition or travel expenses. This amount covers tuition, living expenses, and transportation for the applicant and accompanying family members.
Immigration, Refugees and Citizenship Canada (IRCC) emphasized the need to prove sufficient funds for the first year of studies and the ability to cover the entire duration if the program exceeds a year. The increase was partly a response to rising anti-immigrant sentiment and concerns over housing affordability in Canada. Previously, the cost-of-living requirement for study permits had remained unchanged since 2000, prompting the need for adjustment to ensure newcomers have adequate financial support upon arrival.
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