As of September 1, 2025, Canada’s Immigration, Refugees and Citizenship Canada (IRCC) will require international student applicants—excluding those in Quebec—to show a minimum of CAD 22,895 in living funds per year, up from CAD 20,635—a jump of about 11%. This increase directly impacts prospective Heritage College students from India and other countries. Simultaneously, stricter financial rules are leading to a dramatic slowdown in study permit approvals, with a notable 31% drop in permits for Indian students in the first quarter of 2025.
Why This Change?
- Rising living costs: Inflation and costs in Canada have pushed the government to align financial thresholds with Statistics Canada’s Low Income Cut-Offs.
- Reducing temporary migration: This move complements Canada’s broader strategy to limit temporary residents (including students and workers) to 5% of the population by 2027.
- Ensuring student well-being: The revision encourages stronger financial preparation among prospective students to reduce dropout rates, emergency reliance, and in-country permit retries.
Indian Student Numbers: A Wake-Up Call
Canada’s stricter measures are hitting Indian applicants especially hard:
- Q1 2024: 44,295 study permits issued to Indian students
- Q1 2025: 30,640 permits—down by 31%
India accounted for over a third of all Canadian study permits in 2024, making it the most affected demographic.
Implications for Heritage College Applicants
- Higher financial thresholds = stricter vetting
Applicants must provide stronger proof: saved funds, GICs, student loans, scholarships, or sponsor letters.
Tip: Begin gathering proof and documentation early—productive time is now. - Tighter margins = limited room for errors
Applications missing adequate funds risk rejection or delays. With fewer permits available—especially for Indian students—there’s little tolerance for submission deficiencies. - Family implication: more funds per dependent
Due to rising annual requirements, students applying with spouses or children must show significant additional money: e.g., a two-member family now needs CAD 28,502/year versus CAD 25,690 prior. - Competitive alternative strategies
Applicants might shift to shorter programs, dual intakes, or provincial streams to mitigate reduced overall permit numbers.
How Heritage College Is Supporting Applicants
Heritage College is committed to helping applicants meet the new financial standards:
- Financial guidance workshops: Year-round webinars and group sessions breaking down proofs (bank docs, loans, sponsor letters, GICs).
- Document review services: Admissions support includes financial document auditing before IRCC applications.
- Scholarship & loan assistance: Connections with lenders and foundations offering tailored student support.
- Program flexibility: Promotion of shorter credentials, diplomas, and certificate programs that require the same financial proof, but may be more affordable and quicker to start.
Canada’s updated financial proof requirement reflects IRCC’s goal to elevate student preparedness, cut risks of abandonment or emergency hardship, and reduce system stress.
