The increase is about 11% and will apply nationwide, except in the province of Quebec.
This is the minimum living expenses that an international student needs to ensure that they are eligible to study and live in Canada for one year. If you are traveling with relatives, the financial requirements also increase. For example, for 2 people it is 28,502 CAD, for 3 people it is 35,040 CAD and for each additional person, the financial requirement must increase by 6,170 CAD.
In addition to the minimum amount, IRCC also requires transparency about the source of funds. International students must submit documents such as bank accounts, guaranteed investment certificates (GIC), bank statements for the last 4 months, financial support letters or scholarship certificates.
The new policy is seen as the Canadian government’s response to the growing pressure from international students, who are expected to surpass one million by 2023, doubling in just three years. This influx of students is putting significant pressure on housing, health care and social services.
With the new cost of living plus an average tuition fee of 15,000 - 25,000 CAD, the total cost of studying in Canada is currently around 38,000 - 50,000 CAD per year. There are currently more than 17,000 Vietnamese students studying in Canada, ranking 8th in the number of international students in this country.
Source: https://giaoducthoidai.vn/canada-tang-yeu-cau-chung-minh-tai-chinh-doi-voi-du-hoc-sinh-post738821.html
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