Study in Canada: Did IRCC Raise the Cost of Living Requirement for Study Permits in Canada From Jan’24?

Yes, Immigration, Refugees and Citizenship Canada (IRCC) minister Marc Miller has recently made this announcement. He declared that the study permit application would require an increased amount of financial proof for cost-of-living. This change will be applicable from the 1st of January 2024

The cost of living requirement for study permit applications was $10,000 for a single applicant before the new guidelines. Moving forward, the applicants need to produce proof of $20,635 in funds for every application in 2024. 

Moreover, this threshold will be revised based on the Statistics Canada report on low-income cut-off (LICO) every year. LICO is the minimum income value required to ensure that a person does not spend a greater than average section of their income on necessities. 

Starting January 1, 2024, the cost-of-living financial requirement for study permit applicants will be raised to ensure that international students are better prepared for life in Canada. This threshold will be adjusted each year, similarly to other immigration programs. Learn… pic.twitter.com/AMlS80zc2Y

— IRCC (@CitImmCanada) December 7, 2023

What Does it Mean for the Intrn’l Students in Future? 

Though many people see it as bad news, it is actually good news for international students. But how can the requirement of more funds be a benefit? Here is what it actually means.

IRCC has not increased the cost of living in Canada, it has instead updated its admission requirements to give students a clearer picture of how much it costs to live as a student in Canada. 

For instance, if you research, the cost of living in Canada for international students is around $37,000 yearly for major cities like Toronto. Now, if the cost of living requirement on the study permit is as low as $10,000 it might create a false sense of security in the student. 

Therefore, to save international students from the trouble of settling in Canada IRCC has updated its guidelines. Moreover, the earlier amount was updated in the year 2000, which is far back in time. 

As the cost of living standards have changed in the country, IRCC wants to revamp its guidelines and requirements to match the same. That was all about today’s update. If you want to read more on the latest developments on studying abroad, make sure you follow Leverage Edu News Updates.