The financial threshold for the cost of living has been raised for international students applying study permits in Canada, according to an announcement made by the government. Individual students will now need to show that they have CAD 20,635 in money available as of January 1, 2024 more than twice as much as they did previously, when they just needed CAD 10,000. The action attempts to address a worrying trend in which students who reach the prior cutoff struggle upon arrival, leaving them vulnerable to financial risk and possible abuse.
This is the first change in ten years, and it is indicative of a closer look by the federal government at Canada’s international student program. In terms of economics, the new figure is equivalent to 75% of Canada’s low-income cut-off (LICO), guaranteeing that people have enough money to cover their essential needs. Here i am updating you about Canada raises COL requirements for international students so check this page.
Canada Raised Cost-of-Living Requirements for Foreign Students
The cost-of-living criteria for foreign students seeking a study visa in Canada is going up, as per the government of Canada. In addition to the sum required for tuition, individual students will now need to demonstrate that they have CAD 20,635 in accessible cash, excluding any expenses for additional family members traveling with them to Canada. Canada is more than increasing the amount of money that international students must bring in due to the nation’s cost-of-living issue.
According to Immigration, Refugees and Citizenship Canada (IRCC), a single applicant will have to prove they have CAD 20,635 for applications submitted after from 1 January 2024 as compared to CAD 10,000 in prior years. These changes highlight how Canada’s policy for international students is changing, with the government trying to find a balance between bringing in top talent from across the world and ensuring the safety of individuals who are studying there.
Canada cost-of-living 2024 Details
| Article Title | Canada raises cost-of-living requirements for international students |
| Name of Department | Immigration, Refugees and Citizenship Canada (IRCC) |
| Country | Canada |
| Effective from | January 1, 2024 |
| Category | Finance News |
| Old COL | CAD 10,000 |
| Increased COL | CAD 20,635 |
| Official Website | canada.ca |
Canada Revised COL Requirement for International Students from January 1, 2024
With effect from January 1, 2024, the Canadian government has announced an increase in the cost-of-living criteria for applicants seeking study permits. On December 7, 2023, Canadian Immigration Minister Marc Miller shared that CAD 20,635 will be the new cost-of-living criterion for an applicant seeking a single study visa, in addition to first-year tuition and travel expenses. The Student Direct Stream, an exclusive application process for study permits available to citizens of 14 countries, is also subject to these revised financial requirements.
This revised procedure promises priority processing but calls for more upfront information from applicants. The higher financial criterion is intended to address a situation where some students arrive in Canada under the mistaken impression that they meet the CAD 10,000 level and can sustain themselves, only to discover that they do not.
COL increased due to growing financial requirement
Canada Revised COL Requirement for International Students aligns with the low-income cut-off (LICO) and is the first since it was set at CAD 10,000 in the early 2000s, will be updated yearly by Statistics Canada. With effect from January 1, 2024, the Canada COL increased 2024 aims to assist new study permit applicants by addressing the widening gap between the financial requirement and the actual COL.
Just to maintain the significant social, cultural, and economic benefits that international students bring to Canada, Immigration, Refugees and Citizenship Canada (IRCC) must address issues that have rendered some students powerless and called into question the integrity of the international student program. Students coming to Canada may face more financial challenges when they start their studies owing to the long-overdue increase in the cost of living threshold.
Canada doubled COL requirement for international students
For international students, Immigration, Citizenship and Refugees Canada (IRCC) has updated its rules and regulations. The cost-of-living criterion for study visa applicants will rise from the current CAD 10,000 for a single applicant to CAD 20,635 as of January 1, 2024. Furthermore, the IRCC has revised the temporary regulations for foreign students that were scheduled to conclude at the end of 2023. Among them are:
- Extending until April 30, 2024, the regulation that permits qualified foreign students to work off-campus in Canada for more than 20 hours; and
- The Post-Graduate Work Permit (PGWP) regulation that permits international students to have their time spent studying abroad not be subtracted from its remaining period has been extended until September 1, 2024.
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