The government of Canada has announced that the financial threshold for the cost of living for international students applying for study permits has been raised. Individual students will now have to demonstrate that, as of January 1, 2024, they have CAD 20,635 in cash on hand—more than twice as much as they did the previous year, when they only needed CAD 10,000. This action aims to address a concerning trend: students who arrive after the previous cutoff often struggle, leaving them open to financial risk and potential abuse.
This is the first adjustment in a decade, and it suggests that the federal government is taking a closer look at Canada’s exchange student policy. From an economic perspective, the new amount is equal to 75% of Canada’s low-income cut-off (LICO), ensuring that individuals have access to sufficient funds to meet their basic necessities. Check out this page for updates on Canada’s increased COL requirements for international students.
Canada Raised Cost-of-Living Requirements for Foreign Students
According to the Canadian government, the cost of living requirements for international students applying for a study visa in Canada are increasing. Apart from the tuition amount, each student must now show that they have CAD 20,635 in available funds, exclusive of any costs for additional family members who are accompanying them to Canada. Because of the country’s high cost of living, Canada is more than raising the amount of money that international students must bring in.
As opposed to CAD 10,000 in previous years, a single applicant will now need to demonstrate they have CAD 20,635 for applications filed after January 1, 2024, according to Immigration, Refugees and Citizenship Canada (IRCC). These adjustments demonstrate how Canada’s policies regarding foreign students are evolving, as the government attempts to strike a balance between attracting the best students from around the globe and guaranteeing their safety while they are enrolled in classes.
Canada cost-of-living 2024 Details
| Article Title | Canada raises cost-of-living requirements for international students |
| Name of Department | Immigration, Refugees and Citizenship Canada (IRCC) |
| Country | Canada |
| Effective from | January 1, 2024 |
| Category | Finance News |
| Old COL | CAD 10,000 |
| Increased COL | CAD 20,635 |
| Official Website | canada.ca |
Canada Effective January 1, 2024, Revised COL Requirement for Foreign Students
The Canadian government has announced that the cost-of-living requirements for those applying for study permits will increase as of January 1, 2024. On December 7, 2023, Canadian Immigration Minister Marc Miller announced that in addition to first-year tuition and travel expenses, the new cost-of-living requirement for an applicant seeking a single study visa will be CAD 20,635 per year. These updated financial requirements also apply to the Student Direct Stream, an exclusive application process for study permits open to nationals of 14 countries.
Although priority processing is promised by this revised procedure, applicants must provide more upfront information. The higher financial criterion is meant to alleviate a situation where certain students arrive in Canada believing they meet the CAD 10,000 threshold and are self-sufficient, only to find out they do not.
COL increased due to growing financial requirement
The first since it was set at CAD 10,000 in the early 2000s, the Canada Revised COL Requirement for International Students is in line with the low-income cut-off (LICO) and will be updated annually by Statistics Canada. The Canada COL increased 2024, which goes into effect on January 1, 2024, intends to help new study permit applicants by addressing the growing discrepancy between the required amount of money and the actual COL.
Immigration, Refugees and Citizenship Canada (IRCC) has to address issues that have left some students helpless and raised doubts about the integrity of the international student program if it hopes to preserve the major social, cultural, and economic benefits that international students bring to Canada. The long-overdue increase in the cost of living threshold may increase the financial challenges that new students to Canada may encounter when they begin their studies.
Canada doubled COL requirement for international students
Immigration, Citizenship and Refugees Canada (IRCC) has revised its guidelines for overseas students. As of January 1, 2024, the cost-of-living requirement for applicants seeking study visas will increase from the current CAD 10,000 for a single applicant to CAD 20,635 per year. Additionally, the interim rules for international students that were supposed to expire at the end of 2023 have been updated by the IRCC. Among them are:
The rules allowing qualified international students to work off-campus in Canada for longer than 20 hours have been extended until April 30, 2024; additionally, the Post-Graduate Work Permit (PGWP) regulation, which allows international students to have their time spent studying abroad deducted from their remaining period, has been extended until September 1, 2024.
