Canada Increases Proof Of Funds For Nigerians, Other Countries’ Students

Canada Increases Proof Of Funds For Nigerians, Other Countries’ Students

Canada has adjusted its requirement for international students by raising the Proof of Funds (PoF) for those applying to immigrate to Canada.

PoF shows that an applicant has enough money to live on their own and support their family while studying in Canada.

Canada has had a PoF requirement for a study permit applicant since the early 2000s when it was set at $10,000 per applicant.

However, in a statement dated Thursday, December 7, IRCC announced that the PoF had been raised to $20,635 Canadian dollars, plus the first year’s tuition and travel expenses, to ensure international students are adequately prepared to live in Canada.

The amendment will be applicable to new applications for study permits submitted on or after 1 January 2024 and will be updated annually when Statistics Canada revises the low-income cut-off.

“International students provide significant cultural, social and economic benefits to their communities, but they have also faced challenges navigating life in Canada,” the minister of immigration, refugees and citizenship, Marc Miller, was quoted to have said.

“We are revising the cost-of-living threshold so international students understand the true cost of living here. This measure is key to their success in Canada.

“We are also exploring options to ensure that students find adequate housing. These long-overdue changes will protect international students from financially vulnerable situations and exploitation.”

The IRCC also extended the waiver on the number of hours international students are allowed to work off campus while class is in session to April 30, 2024.

Nigerians, who constitute a significant portion of international students in Canada, will be greatly impacted by the decision to increase the cost of the Proof of Funds (PoF).

Reports revealed earlier that during the first half of 2023, Canada received a staggering 21,845 study permit applications from Nigerians, which is twice the number received in the entire year of 2022.

This places Nigeria as the second highest country, following India, in terms of study permit applications. The Canadian government’s decision to revise the PoF requirements coincides with the United Kingdom’s implementation of stricter measures to control migration.

In 2022, Canada announced its intention to welcome 1,450,000 migrants between 2023 and 2025 in order to address labour shortages.

This is because the country heavily relies on economic immigration as a significant contributor to its revenue.

International education, which will now become more challenging for many foreign students, contributes over $22 billion to Canada’s economy annually, surpassing the country’s exports of auto parts, lumber, or aircraft.