Last Updated On 5 February 2024, 10:05 AM EST (Toronto Time)
The new cost of living requirement for Canada study permits will come into effect for all applicants applying on or after January 1, 2024.
The new cost of living requirement for applying for a Canada study permit will now be $20,635, on top of the first year’s tuition and travel expenses.
Furthermore, this living expense requirement increases further depending on the number of accompanied family members with an international student.
Previously, this was set at $10,000 in the early 2000s and was never revised again, leaving international students struggling to cover the cost of basic needs.
Furthermore, IRCC will be adjusting this cost of living criterion every year to stay up with Statistics Canada’s low-income cutoff (LICO) in order to maintain continued responsiveness to economic realities.
In 2024, a single applicant will have to demonstrate that they have $20,635, which is equivalent to 75% of LICO plus the cost of their first year’s tuition and transportation.
New Cost of Living requirement for Canada Study Permit (as well as any accompanying family members)
If an international student and his or her two family members want to spend a year in any Canadian province other than Quebec, then they will require $31,583 in living expenses.
| Number of family members (including the applicant) | Amount of funds required per year (not including tuition) |
|---|---|
| 1 | CAN$20,635 |
| 2 | CAN$25,690 |
| 3 | CAN$31,583 |
| 4 | CAN$38,346 |
| 5 | CAN$43,492 |
| 6 | CAN$49,051 |
| 7 | CAN$54,611 |
| If more than 7 people, each additional family member | CAN$5,559 |
The increase is meant to reduce student susceptibility to exploitation so that students have enough finances for their pocket money.
For international students destined to study in Quebec, the cost of living requirements are different and will be revised in 2024.
Currently, Quebec has below-listed funding requirements for international students effective between January 1, 2023, and December 31, 2023, based on age.
- One person under the age of 18: $7,176
- One person aged 18 and over: $14,349
- Two people aged 18 and over: $21,046
- Two people aged 18 and over and one person under the age of 18: $23,575
- Two people aged 18 and over and two people under the age of 18: $25,444
Acceptable proofs for the Cost of Living Requirement
Students applying for a study permit in Canada can prove the living expense requirements with one of the following:
- A Guaranteed Investment Certificate (GIC) from a participating Canadian financial institution
- Documentation of a Canadian bank account in your name if you’ve transferred money to Canada.
- Proof of a student or education loan from Bank
- Bank statements for the last four months
- A bank draft convertible to Canadian dollars
- A letter from the individual or institution providing the funds
- Evidence of funds received from within Canada, if you are enrolled in a Canadian-funded program or have a scholarship
These funds are withdrawn by students after reaching Canada to meet their basic expenses and the Canadian Immigration Department does not access or use these funds.
New Cost of Living Requirement for Canada Study Permit vs. Other Countries
The new living expense criteria is now in line with the costs of other similar study permit countries, like Australia and New Zealand.
This move puts Canada in a competitive position in the international education market, but it’s vital to note that the new requirements will be greater than in certain other nations.
About $21,826 CDN is needed for living expenses while studying in Australia, and $20,340 CDN is needed to study in New Zealand.
Living expenses range from $15,680 CDN to $20,447 CDN to study in England or the United Kingdom.
In contrast, international students studying in the United States must demonstrate that they have at least $10,000 USD in funds annually.
Other nations, such as France, Germany, and Denmark, have even lower living expense requirements; Denmark, for example, only requires about $1,175 CDN.
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
The increase in the Canada Study Permit Cost of Living will actually help international students
The new increase in the funding requirement for a Canada study permit and tying it to Statistics Canada’s LICO for the upcoming years is a constructive step in setting up international students for success.
The previous requirement of $10,000 was not enough for students to cover their basic expenses after reaching Canada, resulting in the opening of multiple ways of exploitation.
These cost-of-living expenses are actually paid back to students at regular intervals to support their basic needs.
However, recent increases in inflation and employment scarcity have led to students relying on food banks or accepting exploitation to make ends meet.
With the increase in funding requirements, a new cohort of international students coming to Canada will have better odds of meeting their daily expenses.
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