Effective January 1, 2024, the Canadian government has raised the financial requirement for study permit applicants and international students regarding the “cost-of-living” to $20,000 from the previous $10,000.
Minister of Immigration, Refugees, and Citizenship Marc Miller announced this adjustment in a Thursday statement.
He highlighted that, starting in 2024, a single applicant must demonstrate possession of $20,635, equivalent to 75% of LICO (Low-Income Cut-Off), along with their initial year’s tuition and travel expenses.
Miller specified, “This change will be applicable to new study permit applications received on or after January 1, 2024.”
“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.
“For close to two decades, study permit applicants for international students have remained at $10,000. This review, which takes effect from January 1, ‘will help prevent student vulnerability and exploitation,’” the statement added
