If you’re planning on studying in Canada, you’ll want to prepare for some increased financial requirements. As of January 1, 2024, Immigration, Refugees, and Citizenship Canada (IRCC) has raised the cost-of-living financial requirement for single study permit applicants from $10,000 to more than double at $20,635. This increase will be applicable for all new study permit applications received on or after January 1, 2024.
This is in addition to the first-year tuition fee and travel costs of coming to Canada that an international student has to account for. The IRCC also notes that the new financial guidelines will be applied to the Student Direct Stream (SDS). The SDS is a study permit stream for applications from residents of 14 countries that offers faster processing of applications within 20 calendar days if certain requirements are met.
So, what are the requirements to apply using the SDS? You must live outside of Canada and be a legal resident of one of the designated 14 countries, have an acceptance letter from a post-secondary designated learning institute (DLI), have the minimum score required for one of the qualifying language tests, and show that you have an International Student GIC of CAD $20,635 (starting January 1, 2024). To aid international students in financing their studies, TD has provided a smooth transition for students through the TD International Student GIC Program. By participating in the TD International Student GIC Program, students can expedite their study permit application under the SDS program if they are from one of the 14 designated countries.
In addition to the financial assistance provided, TD also offers the TD International Student Banking Package to support the needs of international students. This includes no monthly fee TD Student Chequing Account (until 23 years old or with proof of enrollment in full-time post-secondary education), TD Rewards Visa* Card, no monthly fee savings accounts and potential to earn interest even before arriving in Canada at a competitive rate of 4.9%[1].
By choosing TD, students will be able to access over a thousand branches with a reputation for excellence in financial services, in addition to online support and resources to assist newcomers navigating the unique challenges of Canadian banking. If you’re ready to bank or learn more, visit TD’s website to learn more today.
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