In a move aimed at ensuring international students are financially prepared for their life in Canada, the cost-of-living financial requirement for study permit applicants will be raised starting January 1, 2024. The Canadian government has announced that the financial threshold for single applicants will be increased to $20,635, representing 75% of the Low Income Cut Off (LICO), in addition to the first year of tuition and travel costs.
For almost twenty years, the financial requirement for study permit applicants has remained at $10,000. However, considering the changing economic landscape and the need to provide adequate support to international students, the Canadian government has decided to adjust the financial requirement.
According to an official statement, the new financial requirement will only be applicable to new study permit applications received on or after January 1, 2024. This means that those who have already submitted their applications or plan to apply before this date will not be affected by the increase.
The decision to raise the cost-of-living financial requirement is expected to ensure that international students have the necessary funds to cover their day-to-day expenses while studying in Canada. By setting a higher threshold, it is anticipated that students will have a smoother transition and be able to fully focus on their academic pursuits without financial hardship.
The Canadian government understands the importance of attracting talented international students who can contribute to the cultural, social, and economic fabric of the country. By implementing this change, they aim to provide a supportive environment for international students to thrive while also maintaining the high standards of education and living in Canada.
Aspiring students planning to pursue their studies in Canada should take note of this change and assess their financial capabilities accordingly. Ensuring they meet the new cost-of-living financial requirement will greatly enhance their chances of obtaining a study permit and embarking on a rewarding educational journey in the Great White North.
