← Canada · 2024

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Increase to International Student Cost-of-Living Financial Requirement

Validated finding · five-country-2010-20260922-v118-evidence-presentation-fix

CountryCanada
Operative dateJanuary 1, 2024
CategoryEntry and stay conditions
Policy toolFinancial requirement
Affected groupInternational students

Policy effect

Increased the threshold of funds required to demonstrate financial sufficiency for new study permit applicants from $10,000 CAD (single applicant) to $20,635 CAD (representing 75% of Statistics Canada’s Low-Income Cut-Off) to ensure students can cover realistic living costs.

Conditions and exceptions

Validated condition or limit: Increased the threshold of funds required to demonstrate financial sufficiency for new study permit applicants from $10,000 CAD (single applicant) to $20,635 CAD (representing 75% of Statistics Canada’s Low-Income Cut-Off) to ensure students can cover realistic living costs.

Official source excerpt

Quoted verbatim from the official source below. Ellipses indicate omitted text.

… for some to work or immigrate permanently after graduation. While international students have contributed to life on campuses and innovation across the country, they have also experienced some serious challenges, such as finding adequate housing, as they pursue their studies in Canada. 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. While this will help prevent student vulnerability and exploitation, 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. Today’s announcement follows …
IRCCImmigration, Refugees and Citizenship Canada (IRCC), Program Delivery Instructions / International Student Program Financial Requirement Guidance, 2024.Open official source
Retrieved from https://www.canada.ca/en/immigration-refugees-citizenship/news/2023/12/revised-requirements-to-better-protect-international-students.html

Review method

Two separate automated exact-claim source reviews

Automated source validation is not independent human legal review. The finding should not be treated as legal advice. Record fcp3-18ad033a51efd2cf51a9. Something wrong? Flag this record.

Other Canada changes operative in 2024