Starting January 1, 2024, the cost-of-living financial requirement for study permit applicants in Canada will increase.
The new amount will be $20,635 from the previous $10,000. The adjustment aims to ensure that international students are better financially prepared for the cost of living in Canada. Canada’s Minister of Immigration, Refugees and Citizenship, Honourable Marc Miller, announced this review, noting that the new threshold will be updated annually based on Statistics Canada’s low-income cut-off (LICO).
Minister Miller emphasized the need for this adjustment, stating, “The cost-of-living requirement for study permit applicants has not changed since the early 2000s, leading to students arriving in Canada with insufficient funds, causing financial crises.”
Beginning in 2024, a single applicant must demonstrate $20,635, representing 75% of LICO, in addition to covering their first-year tuition and travel costs. The new requirement will apply to study permit applications received on or after January 1, 2024.
Minister Miller highlighted the government’s commitment to preventing student vulnerability and exploitation, stating, “We recognize that the impact of the change could vary depending on the applicant. Next year, in collaboration with partners, we intend to implement targeted pilots that will test new ideas aimed at helping underrepresented cohorts of international students pursue their studies in Canada.”
The announcement aligns with recent reforms to the International Student Program, including the development of a new framework recognizing learning institutions that provide quality services and support to international students. Minister Miller stressed the importance of learning institutions accepting a number of students they can adequately support, including housing options.
As Canada remains a top destination for international students, Minister Miller emphasized the responsibility to ensure students receive sufficient support. Ahead of the September 2024 semester, measures may be taken, including limiting visas, to ensure designated learning institutions provide adequate support. Collaboration with provincial and territorial governments, learning institutions, and education stakeholders is crucial to ensuring the success of international students in Canada.
