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.
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