Students including Indians aspiring to study in Canada must be aware of the recent changes in funds required for student visas.
The changes in funds required for student visas become effective from January 1, 2024.
Funds needed for Canadian student visa
For a Canadian student visa, students including Indians need a minimum of CAN$20,635 to fulfill the study in Canada dream. If additional family members accompany the student, the fund requirement increases accordingly.
Following is the fund required for a Canadian visa based on a number of family members accompanying the applicant.
| Number of family members including student | Funds required (In CAN$) |
| 1 | 20635 |
| 2 | 25690 |
| 3 | 31583 |
| 4 | 38346 |
| 5 | 43492 |
| 6 | 49051 |
| 7 | 54611 |
| If more than 7 people, each additional family member | 5559 |
Hurdles in study in Canada dream
Apart from fund requirements, Indians who are on student visas express concerns about limited job opportunities in Canada. The high cost of living, especially in cities like Toronto, prompts students to compromise on living conditions to save on rent and utilities.
Addressing the growing unemployment and housing crisis, Immigration Minister Marc Miller suggests the potential capping of international students in the coming months. While the extent of reduction remains unspecified, Miller aims to alleviate housing demand in the first and second quarters of the year.
These challenges, coupled with the fund requirements for student visas, are discouraging Indians from pursuing their study in Canada dreams.
The impact of the proposed cap on international students remains uncertain.
