Canada govt increases proof of funds for Nigerians, others by 100%

The Canadian Government has increases its “cost-of-living financial requirement for study permit applicants,” from $10,000 to $20,000 starting from January 1, 2024.

This was revealed by the country’s Minister of Immigration, Refugees and Citizenship, Marc Miller, in a statement on Thursday.

According to Miller, from 2024, a single applicant will need to show they have $20,635, representing 75% of LICO, in addition to their first year of tuition and travel costs, adding, “This change will apply to new study permit applications received on or after January 1, 2024.”

“Starting January 1, 2024, the cost-of-living financial requirement for study permit applicants will be raised so that international students are financially prepared for life in Canada.

“For close to two decades, study permit applicants for international students have remained at $10,000. This review, which takes effect from January 1, ‘will help prevent student vulnerability and exploitation,’” the statement added.

This development is coming a few days after the United Kingdom introduced a new set of rules that would make it more difficult for Nigerians and other applicants to obtain a visa.