top of page

Proof Of Funds Update: Canada Doubles Cost of Living Requirements for Study Permit Applicants

Updated: Mar 7

In a significant move aimed at enhancing the overall experience of international students in Canada, the Honourable Marc Miller, Minister of Immigration, Refugees, and Citizenship, today announced a substantial increase; doubling the cost-of-living financial requirement for study permit applicants, effective January 1, 2024. The Proof of Funds requirements is now increased

Canada, renowned for its high-quality educational institutions and inclusive society, has long been a top destination for international students. However, the challenges faced by these students, particularly in securing adequate housing, have prompted the government to reevaluate the financial requirements for study permits.

Starting in 2024, the cost-of-living requirement for single applicants will be raised to $20,635, representing 75% of the low-income cut-off (LICO). This adjustment addresses the longstanding stagnation of the financial threshold, set at $10,000 since the early 2000s, which failed to keep pace with the rising cost of living. The change will apply to new study permit applications received on or after January 1, 2024, requiring applicants to demonstrate financial readiness by showcasing the increased amount alongside their first-year tuition and travel costs. Below is an estimated cost of studying in Canada in 2024 based on the new rules.

Other Policies Update

Minister Miller also provided updates on three temporary policies affecting international students:

  • Off-campus work: The waiver on the 20-hour-per-week limit for off-campus work during class sessions is extended until April 30, 2024, benefiting existing students and applicants as of December 7, 2023. Future options, including expanding off-campus work hours to 30 per week, are under consideration.

  • Online study: The facilitative measure allowing students to count online study time towards a post-graduation work permit will continue for those starting a program before September 1, 2024. However, this will no longer apply to students commencing a study program on or after that date.

  • Post-graduation work permit: The temporary policy granting an additional 18-month work permit to post-graduation work permit holders will remain in effect for those expiring up to December 31, 2023, but will not be extended further.

How We Can Help?

The increase in the cost-of-living threshold aims to provide arriving students with a stronger financial foundation as they embark on their studies in Canada.

Our team of immigration experts is well-versed in the latest updates to the Study permit requirements and can provide personalized guidance tailored to your unique circumstances.

Book a Consultation: To ensure you are well-informed and on the right path towards achieving your Study in Canada goals, we invite you to book a consultation with our experienced team. During this session, we'll assess your eligibility, discuss the recent changes, and provide insights into the application process.

Our Services: Additionally, we offer comprehensive services to streamline your immigration journey. From document preparation to application submission, we take care of the details, allowing you to focus on your future in Canada. Our commitment is to make the process as smooth and stress-free as possible.

Stay Updated: Given the dynamic nature of immigration policies, staying updated is crucial. We encourage you to stay connected with us through our newsletters, social media channels, and website updates for the latest information on immigration policies, eligibility criteria, and procedural changes.

901 views0 comments


bottom of page