IRCC gives updates on new financial requirements for study permit in Canada 2024

Effective January 1, 2024, Immigration Refugees and Citizenship Canada (IRCC) has increased the financial requirement for single study permit applicants from $10,000 to $20,635.

This adjustment, more than doubling the previous amount, is an additional consideration alongside the initial-year tuition fees and travel costs associated with coming to Canada for international students. The heightened financial requirement will be applicable to all new study permit applications submitted on or after January 1, 2024.

It is noteworthy that these updated financial guidelines extend to the Student Direct Stream (SDS), a study permit stream that expedites processing within 20 calendar days for applications from residents of 14 specified countries, given they meet specific criteria.

To qualify for SDS, applicants must:

1. Reside outside Canada and be a legal resident of one of the designated 14 countries.
2. Possess an acceptance letter from a post-secondary designated learning institute (DLI).
3. Attain the minimum score required for one of the qualifying language tests.
4. Demonstrate possession of an International Student Guaranteed Investment Certificate (ISGIC) amounting to CAD $20,635 (effective January 1, 2024).

TD is committed to facilitating a seamless transition for international students in Canada. By enrolling in the TD International Student GIC Program, applicants can expedite their study permit application under the SDS program if they hail from one of the 14 specified countries. The ISGIC ensures a secure investment with the potential to earn a guaranteed rate of return for the investment term.

Benefits of the TD International Student GIC Program include:

1. No application fees.
2. A straightforward online application process.
3. The potential to earn interest even before arriving in Canada at a competitive rate of 4.9%[1].

Upon arrival in Canada, initiating banking as an international student is crucial. TD offers the TD International Student Banking Package, which encompasses a range of services, including no monthly fees for the TD Student Chequing Account (applicable until 23 years old or with proof of full-time enrollment), the TD Rewards Visa* Card (subject to approval), and no monthly fees for savings accounts – TD Every Day Savings Account & TD ePremium Savings Account.

With a history spanning 150 years and a vast network of branches, TD is dedicated to supporting newcomers in navigating the Canadian banking system. The bank provides online support, resources on various topics, and extended hours for convenience, making it one of the largest and most trusted banks in Canada, serving 16 million Canadians.

For those already in Canada, scheduling an appointment with a TD Personal Banking Associate to explore the TD New to Canada Banking Package is recommended. This can be done online or by visiting the TD website for more information.

Legal Disclaimer: The information provided in this article by TD Bank Group and other sources is believed to be accurate and reliable, but its accuracy, completeness, or current status cannot be guaranteed at all times. The content is for informational purposes only and should not be considered financial, legal, accounting, or tax advice. It is not a solicitation to buy, and products and services are offered only in jurisdictions where lawful. All offerings are subject to the terms of the applicable agreement. Information in this article is subject to change without notice. The TD logo and trademarks are the property of The Toronto-Dominion Bank or its subsidiaries.

*Trademark of Visa International Service Association; Used under license.

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