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Canada increases financial requirement for study permits
This new announcement expands on earlier changes to the International Student Program aimed at setting the international students up for success in Canada.
Representative image / Canada Immigration
Canada implemented changes aimed at improving international students' financial preparedness once they land in the country.
The cost-of-living financial requirement for study permit will increase to CAD $20,635, effective January 1, 2024. This adjustment is set to align with Statistics Canada’s low-income cut-off and address the longstanding challenges faced by international students, particularly concerning housing.
Marc Miller, Minister of Immigration, Refugees and Citizenship, emphasized the necessity of this change to protect students from financial vulnerability and exploitation. He said, “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,” he added.
The government claims that this adjustment will have two positive effects: first, it will ensure that international students come to Canada with enough money to cover their studies, which will reduce the likelihood that they will have insufficient funds.
Second, the government plans to work with partners to run targeted pilots that will address the needs of underrepresented groups among international students. The goal of these programs is to create a more welcoming and inclusive environment for all international students.
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