The government of Canada increased its “cost-of-living financial requirement for study permit applicants,” basically for international students, from $10,000 to $20,000 starting from January 1, 2024.
This development was announced by Minister of Immigration, Refugees and Citizenship, Marc Miller, in a recent statement.
According to the Minister, from 2024, a single applicant will need to prove he/she has $20,635, representing 75% of LICO, in addition to their first year of tuition and travel costs.
He said: “This change will apply to new study permit applications received on or after January 1, 2024.”
“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.
“For close to two decades, study permit applicants for international students have remained at $10,000. This review, which takes effect from January 1, ‘will help prevent student vulnerability and exploitation.”
