Canada raises financial support requirement for international students amid housing crisis

The increase applies to all provinces and territories except Quebec and is considered the minimum needed to cover a student's living expenses for one year, CIC News reported.

The change will apply to international students applying for a study permit starting Sept. 1, the Financial Express reported.

Students must provide documents showing the source of funds, including bank account statements, Guaranteed Investment Certificates (GICs), four months of bank statements, sponsorship letters or proof of scholarships.

The financial requirement increases if students bring family members. For two people, including the student, at least CA$28,502 is needed, and for three people, CA$35,040.

Last year, IRCC had already doubled the minimum financial proof from CA$10,000 to CA$20,635 to better reflect living costs.

Authorities say the new hike aims to manage the surge in international student numbers, which topped one million in 2023, twice the number from three years earlier, putting pressure on Canada's housing market and services.

Vietnam currently has over 17,000 students in Canada, ranking eighth among countries sending students there.

With the new living expense requirement plus tuition fees averaging CA$15,000 to 25,000 depending on program and province, total annual costs for studying in Canada now range between CA$38,000 and CA$50,000 (US$28,000–37,000).