Canada’s study permit will be available only if you have Rs 14 lakh in your account, new conditions announced for fall intake
Canada Study Permit Requirements: Canada is one of those countries in the world where studying is the most expensive. One of the main reasons for this is to provide proof of savings before admission here.
Canada Study Permit For Indian Students: This is important news for those taking admission in Fall Intake 2025 in Canada. Now you will have to spend even more money to study in Canada. The reason for this is that the government has increased the limit of the amount of financial support for students applying for Canada’s study permit. Students will now have to show proof of having 2000 Canadian dollars more than before. This is going to increase the cost of their studies in Canada.
According to the CIC report, Immigration, Refugees and Citizenship Canada (IRCC) has changed the condition of financial support for study permit application. Students coming to study in Canada have to prove that they have enough money to bear the cost of studies. This is known as financial support. Students have to provide proof of having money other than first year fees and travel expenses. Earlier, students were required to provide proof of having $20,635, which will increase to $22,895 (roughly Rs. 14.39 lakhs) from the fall intake.
Why does the government take proof of financial support?
The cost of living and food in Canada is very high. Because of this, the government does not want any student to come here to study, who has money to pay tuition fees and book flight tickets, but does not have a single rupee to live. If students with low budget come here to study, the financial pressure on the government will increase. There is also a high possibility of such students working illegally. This is the reason why the government gives study permits only to those students who have savings.
When are the new rules being implemented?
Fall intake is the most popular in Canada, because at this time students from most countries including India come here to study. Because of this, the new rules will be applicable to students applying for study permit on or after September 1. Canada has increased the limit of financial support in view of the rising living and food expenses. If the student is coming here only to study, then now he will have to provide proof of having $ 22,895. For each person accompanying the student, he or she will have to show an additional amount of around $6,000.
What documents are required to show financial support?
However, now the question arises that if someone has to show proof of financial support for a study permit, what proofs will he have to show? IRCC considers the following documents as documents of financial support. Study permit can be obtained by showing any one of these.
- Having a bank account in Canada in the name of the student, if he has transferred money to this account.
- ‘Guaranteed Investment Certificate’ (GIC) received from a Canadian financial institution.
- Documents of student or education loan taken from the bank.
- Bank statement of the last four months.
- A bank draft, which can be converted into Canadian dollars.
- A letter received from a school or person, which proves the payment.
- Scholarship letter received in Canada.
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