POF Canada increased for Nigerian students and international students to $10k to $20k

Information reaching Kossyderrickent has it that POF Canada increased for Nigerian students and international students to $10k to $20k.

PoF is a financial requirement for persons applying to migrate to countries like Canada and the United Kingdom, to show that the applicants have enough money to support themselves and their families while in the new country.

Since the early 2000s, the Canadian cost-of-living requirement for study permit applicants has been set at $10,000 for a single applicant.. 

Proof of funds demonstrates that you have enough money to settle in Canada. Anyone who receives an invitation to apply (ITA) through an Express Entry draw must be able to show written proof that they have this money.

However, anyone applying under the Canadian Experience Class does not need to show that they have enough money to support themselves and their family.

An Express Entry candidate who is authorized to work in Canada and has a valid job offer is also exempt. This is true even if you apply under the Federal Skilled Worker Program or the Federal Skilled Trades Program.

The change will apply to new study permit applications received on or after January 1, 2024 and will be adjusted each year when Statistics Canada updates the low-income cut-off (LICO).

“International students provide significant cultural, social and economic benefits to their communities, but they have also faced challenges navigating life in Canada,” Marc Miller, minister of immigration, refugees and citizenship, said.

“We are revising the cost-of-living threshold so that international students understand the true cost of living here. This measure is key to their success in Canada.