The Honourable Marc Miller, Minister of Immigration, Refugees and Citizenship, announced today that starting January 1, 2024, the cost-of-living financial requirement for study permit applicants will be raised so that international students are financially prepared for life in Canada. Moving forward, this threshold will be adjusted each year when Statistics Canada updates the low-income cut-off (LICO). LICO represents the minimum income necessary to ensure that an individual does not have to spend a greater than average portion of income on necessities.
The cost-of-living requirement for study permit applicants has not changed since the early 2000s, when it was set at $10,000 for a single applicant. As such, the financial requirement hasn’t kept up with the cost of living over time, resulting in students arriving in Canada only to learn that their funds aren’t adequate. For 2024, a single applicant will need to show they have $20,635, representing 75% of LICO, in addition to their first year of tuition and travel costs. This change will apply to new study permit applications received on or after January 1, 2024.
Minister Miller extended policies affecting international students, including the waiver on off-campus work hours, the inclusion of online study time for post-graduation work permits, and the temporary policy for post-graduation work permit holders. Canada is committed to addressing challenges, ensuring a positive academic experience for international students.
Disclaimer: The information from the newsletter is directly derived from IRCC. The material and information contained on this website is for informational purposes only and should not be construed as professional advice. Although best efforts have been made to ensure the accuracy of the information at the time of writing, we cannot guarantee the completeness or accuracy of all information. As information may change without notice, always refer to Immigration, Refugees and Citizenship Canada’s website for the most accurate and up-to-date information.