5 Tips to help you prepare for your Proof of Funds when studying in Canada

Across the globe, inflation is making life more expensive — the rise in prices and the increasing cost of living. This economic situation is affecting both developed and developing countries, leaving people faced with challenges as necessities get pricier.

Canada, one of the top destinations for international students, is also affected by the global trend impacting the cost of living. Despite their significant contributions to campus life and innovation across the country, international students in Canada face notable challenges, such as securing suitable housing as they pursue their studies in Canada.

What’s new in Canada for International students?

• Canada has increased the cost-of-living requirement for international students from $10,000CAD to $20,635CAD starting January 1, 2024.
• New updates are available on part-time work, online courses, and visa extension policies for international students already in Canada.
• Expert tips available to help you prepare for your Proof of Funds such as planning your number of dependents and using IDP’s free services to help you save funds.

Studying in Canada during these times can feel intimidating, but you don’t have to worry!

IDP’s expert Education Counselors are here to guide you in every step of the way. From choosing the right school and course, providing you with updated and accurate information on international student policies, and helping you prepare for your studies in Canada with our free study abroad and student essential services. Your dream of going to Canada should not be delayed, consult with an Education Counselor to get started.

Updated Regulations for International Students in Canada

Effective January 1, 2024, Canada has increased the cost-of-living requirement to $20,635. (Previously the amount was $10,000).

The Honorable Marc Miller, Minister of Immigration, Refugees and Citizenship, announced that this change is to reflect accurate living costs, so all students are prepared for life in Canada. The $20,635 is the Low-Income Cut Off (LICO) set by Statistics Canada and will be updated annually.

The new financial guidelines are also being applied to the Student Direct Stream applications.

Minister Miller also provided important updates on 3 temporary policies affecting international students that were all set to expire at the end of 2023, including the following:

Part-time work opportunities

International students already in Canada & applicants who have submitted an application for a study permit BEFORE DECEMBER 7, 2023, will be able to continue working off campus for more than 20 hours until April 30,2024. New student applicants should expect a cap at 20 hours of off-campus work until otherwise noted. (The government is looking at policy options to possibly expand this to 30 hours/week while class is in session but for now, count on 20 hours).

Online Courses

Students who begin a program before September 1, 2024 can continue to take up to 49% of their courses online and still have it count towards their future PGWP (post graduate work permit).  This will not apply to students who begin studies on Sept 1, 2024 or later.

Visa Extension

The temporary policy to provide an additional 18-month work permit to PGWP is expiring and will not be available after December 31, 2023. (Foreign nationals with a post-graduation work permit expiring up to December 31, 2023, remain eligible to apply.)

5 Tips to help you prepare for your Proof of Funds

Following these changes in policies to study in Canada, we’ve listed a few tips to help you better prepare and make sure that you have the right amount for your proof of funds needed to secure a study permit in Canada.

1. Take advantage of IDP's free services

As the global leader in international education, you can be confident that IDP’s expert Education Counselors can help you in your study in Canada journey.

IDP has more than 50 years of experience in the global education industry and is also partnered with more than 120 schools in Canada. With our experience and expertise, you can trust that there’s a higher chance for your student permit to get approved if you choose to study in Canada with IDP. 

The best thing about IDP is that our services are free! Unlike other agencies that charge you for their services, IDP will help you find the right school and course for you, help you with your school application and enrolment, find the right accommodation, and provide you with pre-departure and onshore services to ensure that your study in Canada journey is smooth and hassle free.

With our free services, choosing IDP as your partner in your study in Canada journey can help you save time and money, ranging from CAN$2000 to CAN$15,000. The money you save can be a valuable addition to your proof of funds, making your financial planning more efficient.

2. Decide on the number of your dependents

With the increase of the cost-of-living requirement, it is important to think about how many family members will be going with you while you study in Canada.

Canada has provided a matrix of minimum funds needed to support yourself as a student and family members who come with you:

On or before January 1, 2024

Example: If you and 2 family members want to come to a province (other than Quebec) for a year, you will need CAD$31,583 for living expenses.

To study in Quebec, applicants must prove they meet the financial requirements outlined by the ministère de l’Immigration, de la Francisation et de l’Intégration.

The number of dependents you will bring will affect the proof of funds or show money you’ll need. It’s best to plan ahead and decide whether you would like to bring your family while you study, or after completing your studies. You can also consult your Education Counselor for your options.

3. Consider the location of where you want to study

The cost of living varies depending on the Canadian province you are studying in. When choosing where to study in Canada, it's important to factor in the location as it directly impacts your cost of living. Different cities and regions vary in terms of housing costs, transportation expenses, and overall living expenses.

Big cities generally have higher living costs compared to smaller towns. Consider the lifestyle you prefer, and research the cost of accommodation, food, and other necessities in the specific location you're interested in.

By factoring in the cost of living, you can make more informed decisions about your budget and ensure that you can afford to live comfortably and have a good time while studying in Canada.

4. Explore scholarship options

While the cost-of-living requirement in Canada has increased, the tuition fees in most schools have remained the same. Having a scholarship while studying in Canada offers significant financial relief by covering portions of the tuition fees, providing living allowances, and potentially reducing the reliance on personal savings.

Scholarships not only ease the burden of academic expenses but also contribute to meeting the proof of funds requirement for international students. The financial support provided by scholarships allows international students in Canada to redirect funds toward other essential living expenses.

5. Understand the role of proof of funds in your visa approval

It's important to understand that the proof of funds doesn't represent the exact cost of your stay. The actual amount needed can vary based on your chosen location and lifestyle. Nonetheless, having the required proof of funds is crucial because it demonstrates your financial preparedness for your time abroad.

And while it's a key aspect of your student visa application, it's not the only thing that matters for approval. While showing you have enough money is crucial, visa officers also consider various factors like the purpose of your study, ties to your home country, and your overall application.

So, keep in mind that having sufficient funds is just one piece of the puzzle, and a well-rounded study permit application addressing all necessary aspects increases your chances of visa approval.

If you have a dream, we have the way!

Changes in study abroad policies and visa requirements are inevitable, but it should not stop you from making your study in Canada dreams come true!

At IDP, we offer free services to help Filipino international students. Our Education Counselors are here to assist you with your application to study in Canada. We offer free study abroad services from course search up to pre-departure orientation, to help you make the most of your study in Canada adventure.

Simply book your free consultation session by filling out the inquiry form.