Canada Tightens Financial Requirements for International Students

Starting from January 1, 2024, international students planning to study in Canada will need to have double the amount of money in their bank accounts, totaling CAD 20,635, in addition to their first year of tuition and travel costs, to be eligible for a Canadian study permit. The cost of living requirement has been increased due to rising housing costs and will be adjusted annually. Canada's immigration minister also mentioned the possibility of limiting visas if educational institutions fail to provide sufficient support to international students. However, the waiver on the 20-hour limit for off-campus work has been extended until April 30, 2024. India was the largest source country for international students in Canada, with 2.2 lakh new students in 2022.