Will New GIC Requirements Apply to My Unfinished Canada Study Visa Application?

Thank you for the A2A. The new rules introduced for the Canadian study visa process apply to anyone who submitted their application after December 31st, 2023. However, if you submitted your application before that date, and the biometrics have not yet been completed, you will still be considered under the old system. Under the old system, the financial requirement was only C10,000 in Guaranteed Investment Certificates (GICs).

Risk of Expanding GIC Requirements Post-Due Date

Unfortunately, if your application is not complete, including the biometric requirement, as of January 1, 2024, you will need to provide a substantial increase in the GIC amount. The new requirement is C30,655.00. This amount does not include your tuition fees, which can range from C8,500 to C14,500 for your first year.

Although this amount is significantly higher than the previous requirement, it is necessary. The Canadian government has found it impossible for individuals to live and study in Canada for a year with less than C30,000. Historically, the minimum financial requirement used to be much lower, leading to situations where international students were dropping out of programs due to the high cost of living. The government is taking steps to ensure these students can complete their studies without financial hardship.

Impact on International Students

The change was prompted by the challenges faced by international students, who were struggling to cover their living expenses, leading to a reliance on food banks and part-time work. To ease the burden, the government is allowing temporary increases in the number of permitted work hours for international students.

Preparation and Strategy

Given these changes, it's crucial to ensure you are fully prepared before applying for your visa. If your application is incomplete as of January 1, 2024, it is likely that you will be responsible for providing this increased proof of funds. The government's announcements suggest that only applications completed prior to January 1, 2024, will be subject to the lower GIC requirement of C10,000.

It's important to prioritize your financial readiness. The new GIC requirement is still considered low, as even C40,000 may be necessary to comfortably live and study in Canada. For a four-year degree, you will need at least C55,000 per year, which includes tuition fees. Refusing to acknowledge these costs could lead to financial strain and potential drop-out, which is not ideal for either you or your family.

To avoid financial hardship and ensure a smooth application process, carefully review and prepare all required documents well in advance. Familiarize yourself with the new financial requirements and ensure you have enough to meet the demands of your studies without worrying about the cost of living.

Conclusion

While understanding that the increased GIC requirement presents a financial challenge, take comfort in the fact that this new policy aims to support international students in completing their studies without financial distress. Be proactive, and ensure you have a solid financial plan in place before applying for your Canadian study visa.

If you have any specific questions or need further assistance, do not hesitate to reach out to the Canadian embassy or a credible immigration advisor. They can provide you with detailed guidance and support throughout this process.