Canada to increase cost-of-living requirement for international students

Credit to Author: Canadian Immigrant| Date: Mon, 11 Dec 2023 22:48:29 +0000

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. Moving forward, this threshold will be adjusted each year when Statistics Canada updates the low-income cut-off (LICO). LICO represents the minimum income necessary to ensure that an individual does not have to spend a greater than average portion of income on necessities.

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, 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.

Not only will this help prevent student vulnerability and exploitation so students are supported when they come to Canada, but also ensure that learning institutions only accept the number of students that they can provide adequate supports for, including housing options.

According to Immigration Minister Marc Miller: “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.”

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