Published On: December 25th, 2023 / Last Updated: December 8th, 2023 / 2 min read /

Revised Financial requirement for Canada International Students from 01-Jan-2024

Canada’s latest immigration policy changes aim to enhance the welfare of international students. Effective January 1, 2024, students applying for study permits will need to demonstrate greater financial stability to cover Canadian living expenses.

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.

This change aligns with the country’s low-income cut-off annual updates. The government is also exploring initiatives in 2024 to assist student groups that are often underrepresented. Furthermore, reforms in the International Student Program are being introduced, including a new support framework for educational institutions to assist international students, particularly in securing housing. The government has also revised temporary policies related to work hours and online studies for these students, adapting to their evolving needs.

“International students provide significant cultural, social and economic benefits to their communities, but they have also faced challenges navigating life in Canada. We are revising the cost-of-living threshold so that international students understand the true cost of living here. This measure is key to their success in Canada. We are also exploring options to ensure that students find adequate housing. These long-overdue changes will protect international students from financially vulnerable situations and exploitation.”

– The Honourable Marc Miller, Minister of Immigration, Refugees and Citizenship

For a detailed overview, you can read the full information on the Government of Canada’s website.

If you’re ever unsure about anything or need help understanding immigration regulations, please don’t hesitate to reach out to a qualified immigration professional for assistance.

You can book a consultation for case-specific queries.

Turningstone Immigration Consulting is a full-service Immigration consultancy. Our services are provided by a Regulated Canadian Immigration Consultant (RCIC-IRB).

We deal in all types of immigration-related applications, like Permanent Residence (PR), Study Permits, Work Permits, PGWP, Visit Visa (Temporary Resident Visas), Super Visa, Family Sponsorships for PR Applications, Refusals, and much more. Contact Us Today.

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