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Time of India
a day ago
- Business
- Time of India
Want a Canadian degree? Prove you can afford ₹14 lakh, or no entry from September
Indian students must show Rs. 14 lakh in their accounts for living expenses in Canada. Planning to head to Canada for higher studies? You'll need more than just good grades and a college offer. Starting September 1, 2025, international students—including thousands from India—must show they have at least CAN $22,895 (roughly ₹14 lakh) in their bank account just to qualify for a study permit. That's a CAN $2,000 hike from the current requirement. The announcement, made by Immigration, Refugees and Citizenship Canada (IRCC), means that dreaming of a degree in Canada now comes with a serious financial checkpoint. Bigger wallet, stricter rules This change applies to all international students applying to schools outside Quebec. The government says it's simply aligning visa requirements with the actual cost of living in Canada—which, let's face it, hasn't exactly been getting cheaper. So, if you're applying for a study permit on or after September 1, make sure you've got the revised amount in hand. Submitting your application before that? You're still covered under the old rule of CAN $20,635. Bringing family? Bring more money Moving with family? Your proof of funds just got even more expensive. Here's the updated breakdown: 2 people: CAN $28,502 3 people: CAN $35,040 4 people: CAN $42,543 Each additional family member adds another CAN $6,170 to the total. Translation: Canada wants to make sure your entire household can survive the snow and the rent. No vague promises: Canada wants hard proof You can't just say you'll 'figure it out' once you land. IRCC has made it clear: no funds, no visa. Here's what they'll actually accept as proof: A Canadian bank account in your name A Guaranteed Investment Certificate (GIC) An education loan letter from a bank Recent bank statements (last 4 months) A bank draft convertible to Canadian dollars A formal letter from whoever's sponsoring you Proof of scholarship or Canadian government funding In short, your financial paperwork needs to be airtight. Show the money before you show up If you're serious about Canada, get your financial documents ready—especially if you're applying after September 1. The updated rules are non-negotiable. One missing document or shortfall in funds could mean no study permit. This isn't a deterrent, says IRCC. It's a reality check. Canada still wants bright, driven international students—it just wants to make sure they can actually afford to live there once they arrive. So before you book your ticket or dream of sipping Tim Hortons on a snowy campus, ask yourself: Got ₹14 lakh ready to go? Ready to navigate global policies? Secure your overseas future. Get expert guidance now!
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First Post
2 days ago
- Business
- First Post
Planning to study in Canada? You'll need to show Rs 14 lakh for living costs from September 2025
From September 2025, international students including those from India must show CAN $22,895 (₹14 lakh) in living expenses to study in Canada. The new rule, announced by IRCC aims to ensure students are financially self-sufficient. Proof of funds must also cover any dependents accompanying the student. read more Indian students heading to Canada for higher education will soon have to show proof of increased financial support. Starting September 1, 2025, Immigration, Refugees and Citizenship Canada (IRCC) will mandate that international students demonstrate they have at least CAN $22,895 (approximately ₹14 lakh) available to cover their annual living expenses—a rise of CAN $2,000 from the current requirement. The updated rule applies to all provinces and territories outside Quebec. The current threshold of CAN $20,635 will remain applicable only for study permit applications submitted before the September deadline. STORY CONTINUES BELOW THIS AD The revised financial requirement also scales up based on family size. For a two-person household, the proof-of-funds threshold is CAN $28,502, while three people will need CAN $35,040. A family of four must show CAN $42,543, and a household of five requires CAN $48,252. For six and seven members, the required funds jump to CAN $54,420 and CAN $60,589 respectively. Each additional dependent beyond that adds CAN $6,170 to the total requirement. What qualifies as proof of funds? To support their application, students must provide documentation that clearly demonstrates their ability to sustain themselves financially during their stay in Canada. Acceptable forms of proof include a Canadian bank account in the applicant's name (if funds have already been transferred), a Guaranteed Investment Certificate (GIC) from a participating Canadian bank, or proof of an education loan from a recognised bank. Applicants may also submit bank statements from the past four months, a bank draft that can be converted to Canadian dollars, a letter from a sponsor, either an individual or an educational institution, committing to cover the student's expenses or documentation of Canadian-based funding such as scholarships or paid educational programmes.
Time of India
2 days ago
- Business
- Time of India
Canada hikes fund requirement for foreign students: Indians must show Rs 14 lakh for living expenses
Canada hikes fund requirement for foreign students. Canada has increased the fund requirement for foreign students by $2000 (Canadian) which will be applicable to all foreign students starting from September 1, 2025. Immigration, Refugees and Citizenship Canada announced the updated requirement of financial support requirement. Indian students will need at least t CAN $22,895 (₹14 lakh) for living expenses, up from the current CAN $20,635. The new requirement applies to international students studying in all provinces and territories outside Quebec. International students must provide proof that they have these funds as living expenses to support themselves and any accompanying family members in Canada. Funds required for those applying for a study permit on or after September 1, 2025 based on family size 1 person: CAN $22,895 2 people: CAN $28,502 3 people: CAN $35,040 4 people: CAN $42,543 5 people: CAN $48,252 6 people: CAN $54,420 7 people: CAN $60,589 Each additional family member: CAN $6,170 This requirement applies only to study permit applications submitted on or after September 1, 2025. The current amount—CAN $20,635—will remain in effect for all applications submitted before that date. What documents are accepted as proof of funds The IRCC has specified documents that can be used as proof of funds. Proof of a Canadian bank account in their name, if they have transferred the money to Canada. A Guaranteed Investment Certificate (GIC) from a participating Canadian financial institution. Proof of a student or education loan from a bank. Bank statements for the past 4 months. A bank draft that can be converted to Canadian dollars. A letter from the person or school that is giving them money. Proof of funding paid from within Canada, if they have a scholarship or are in a Canadian-funded educational program.
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Business Standard
2 days ago
- Business
- Business Standard
Canada study visa: Indian students must show Rs 14 lakh for living expenses
Canada will raise the minimum funds international students must show for living expenses to ₹14 lakh from September 1, 2025, affecting new study permit applicants Surbhi Gloria Singh New Delhi Indian students planning to study in Canada will soon need to show more money in their bank accounts. Starting September 1, 2025, those applying for a Canadian study permit must demonstrate access to at least CAN $22,895 (₹14 lakh) for living expenses, up from the current CAN $20,635. The new rule was announced by Immigration, Refugees and Citizenship Canada (IRCC) on June 2, 2025, and will apply to all international students heading to provinces and territories outside Quebec. The amount is in addition to the first year's tuition fee and travel expenses. The revised amount reflects an annual update in line with the cost of living. Students bringing family members with them will also need to show increased funds. 1 person: CAN $22,895 2 people: CAN $28,502 3 people: CAN $35,040 4 people: CAN $42,543 5 people: CAN $48,252 6 people: CAN $54,420 7 people: CAN $60,589 Each additional family member: CAN $6,170 This requirement applies only to study permit applications submitted on or after September 1, 2025. The current amount—CAN $20,635—will remain in effect for all applications submitted before that date. What counts as proof of funds? IRCC accepts a variety of financial documents to demonstrate that a student can support themselves in Canada. These include: • A Canadian bank account in the student's name (if funds have already been transferred) • A Guaranteed Investment Certificate (GIC) from a participating Canadian financial institution • Proof of a student or education loan from a recognised bank • Bank statements for the past four months • A bank draft convertible to Canadian dollars • A letter from the person or school funding the student • Proof of funding from within Canada (such as a scholarship or paid educational programme) These documents help assess whether a student can afford the cost of living while studying in Canada. For those applying with dependents (like spouses or children) the total proof of funds must include their living costs as well.
Yahoo
14-06-2025
- Business
- Yahoo
The Best Approach for Your $7,000 TFSA Contribution This Year
Written by Andrew Walker at The Motley Fool Canada Volatile market action has self-directed Tax Free Savings Account (TFSA) holders wondering which investments might be good to buy right now for a retirement portfolio focused on income and long-term total returns. The TFSA limit is $7,000 in 2025. This brings the cumulative maximum lifetime TFSA contribution space to $102,000 for anyone who has qualified since the creation of the TFSA in 2009. Interest, dividends, and capital gains earned inside the TFSA are all tax-free. This means the full value of the earnings can go straight into your pocket or reinvested. TFSA income is not counted toward the net-world income calculation used by the CRA to determine the Old Age Security (OAS) pension recovery tax, or OAS clawback, as it is otherwise known. That is important to consider for seniors who receive OAS and have high-income levels. Non-cashable Guaranteed Investment Certificate (GIC) rates are currently available in the 3% to 3.75% range, depending on the term and the financial institution. That's down from the 5% to 6% investors were able to get in late 2023 but is still comfortably above the current rate of inflation. Markets are at record highs, and tariffs threaten to trigger a global recession, so it makes sense to put some of the TFSA funds into GICs. Dividend stocks can provide better yields, but they come with capital risks. Share prices can slip below the purchase price, and dividends might get cut if a company gets into financial trouble. However, stocks that have good track records of increasing their dividends are worth considering, as each dividend hike raises the yield on the initial investment. Enbridge (TSX:ENB) is a good example of a reliable dividend-growth stock. The company raised its dividend in each of the past 30 years. The stock is up about 28% in the past year but has pulled back a bit from the 2025 highs. Investors who buy ENB at the current price can get a dividend yield of 6%. Enbridge grows through a combination of acquisitions and internal projects. The company spent US$14 billion in 2024 to buy three natural gas utilities. Revenue from these rate-regulated assets tends to be predictable and reliable. Other acquisitions in the past few years include an oil export terminal in Texas and renewable energy developer for wind and solar projects. In addition, Enbridge is a partner in the Woodfibre liquified natural gas (LNG) export facility being built in British Columbia. Natural gas demand is expected to rise in the coming years as new gas-fired power generation facilities are built to provide electricity for AI data centres. Enbridge's gas transmission, storage, and utility assets put it in a good spot to benefit. On the development side, the $28 billion capital program will drive earnings and cash flow higher in the next few years. This should support steady dividend increases. Investors with some cash to put to work in a TFSA can quite easily build a diversified portfolio of GICs and dividend stocks to get an average yield of 4% to 5% today. The strategy reduces capital risk while boosting average returns and provides an opportunity to generate long-term capital gains. The post The Best Approach for Your $7,000 TFSA Contribution This Year appeared first on The Motley Fool Canada. More reading Made in Canada: 5 Homegrown Stocks Ready for the 'Buy Local' Revolution [PREMIUM PICKS] Market Volatility Toolkit Best Canadian Stocks to Buy in 2025 Beginner Investors: 4 Top Canadian Stocks to Buy for 2025 5 Years From Now, You'll Probably Wish You Grabbed These Stocks Subscribe to Motley Fool Canada on YouTube The Motley Fool recommends Enbridge. The Motley Fool has a disclosure policy. Fool contributor Andrew Walker has no position in any stock mentioned. 2025 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
