The Canadian government, through the Minister of Immigration, Refugees, and Citizenship, Marc Miller, has announced an increase in the proof of funds required for international students, including Nigerians. The adjustment raises the financial threshold from ₦8,025,000.00 ($10,000) to ₦16,050,000.00 ($20,000) and is set to take effect from January 1, 2024.
According to Miller’s statement on Thursday, the new financial requirement aims to ensure that international students are adequately prepared for the cost of living in Canada. Starting from 2024, single applicants are expected to demonstrate they possess $20,635, equivalent to 75% of the Low-Income Cut-Off (LICO), in addition to covering their first-year tuition and travel expenses.
The revised proof of funds requirement will be applicable to new study permit applications received on or after January 1, 2024. This marks a significant change, considering that study permit applicants for international students have maintained a $10,000 requirement for close to two decades.
The statement emphasizes that the review is intended to prevent student vulnerability and exploitation. By ensuring that students have sufficient funds to support themselves during their studies, Canada aims to enhance the overall experience of international students in the country.
This announcement comes in the wake of the United Kingdom implementing stricter visa rules, making it more challenging for Nigerians and others to obtain a visa. The UK’s recent changes include setting a minimum annual salary for foreign workers eligible for a skilled worker visa at £38,700, an increase from £26,200. While health and social care workers are exempted, they will be restricted from bringing family dependents. The UK also plans to raise the surcharge migrants pay for NHS access by 66%, reaching £1,035.
Canada’s move reflects a global trend in adjusting immigration and student visa policies, with nations reevaluating financial requirements amid evolving economic and social considerations.
