The cost-of-living requirement for individuals applying for study permits in Canada will be increased, and there will also be an extension of work hours for students.
This announcement was made by IRCC and will take effect on January 1, 2024. The new cost-of-living requirement for a single study permit applicant will be $20,635.
This amount is more than double the previous requirement of $10,000, which was set in the early 2000s and has remained unchanged since then.
It is important to note that this new requirement is in addition to the first year of tuition and travel costs.
IRCC explains that the financial requirement has not kept up with the rising cost of living in Canada, resulting in situations where students arrive only to discover that their funds do not cover their expenses as expected.
The department has announced that in addition to the increase on January 1st, the cost-of-living requirement will now be adjusted every year based on Statistics Canada’s updates to the low-income cut-off (LICO).
LICO is the minimum income needed in Canada to ensure that individuals don’t have to spend a larger portion of their income on basic necessities.
These new financial guidelines will also be applicable to the Student Direct Stream (SDS), which is a study permit stream that provides faster processing for applicants from 14 specific countries.
IRCC highlights the importance of modifying the cost-of-living requirement to protect students from vulnerability and exploitation. They acknowledge that the impact of this adjustment may differ for each potential applicant.
Furthermore, the department plans to introduce targeted pilot programmes in the upcoming year to support underrepresented groups of international students in their pursuit of education in Canada.
Additionally, IRCC has announced an extension of the exemption on the 20-hour-per-week work limit for international students until April 30, 2024.
This extension only applies to students who are presently in Canada and have applied for a study permit by December 7th, 2023.
