Commencing January 1, 2024, the financial landscape for international students in Canada is evolving in response to the escalating cost of living. It aims to address the disparity between existing criteria and actual living expenses. Adapting annually to Statistics Canada’s Low-Income Cut-Off (LICO), these revisions ensure that international students arrive with adequate funds, guarding against unforeseen financial challenges. Notably, this adjustment also encompasses the Student Direct Stream (SDS) that is designed to expedite processing for residents of 14 countries.
In Canada, LICO stands for “Low-Income Cut-Off” and acts as a benchmark for determining income thresholds beneath which individuals or families are likely to allocate a larger proportion for essential needs like food and shelter. Calculated by Statistics Canada, LICO values vary based on family size and location, influencing eligibility for social assistance programs and immigration-related financial assessments.
| SIZE OF FAMILY UNIT (PERSON) | 2023 LICO（CA$） |
|---|---|
| 1 | 27,514 |
| 2 | 34,254 |
| 3 | 42,100 |
| 4 | 51,128 |
| 5 | 57,988 |
| 6 | 65,400 |
| 7 | 72,814 |
| If more than seven persons, for each additional person, add | 7,412 |
Recognizing the diverse impacts these changes may have on applicants, the Immigration, Refugees, and Citizenship Canada (IRCC) plans targeted pilot programs in the upcoming year to support underrepresented groups of international students. Navigating these changes, a strategic approach to study permit applications becomes crucial for students. EGI offers specialized expertise, guiding students through the application process and beyond. Please feel free to contact EGI for a free consultation about studying abroad.
Reference:
[1] https://www.canada.ca/en/immigration-refugees-citizenship/news/2023/12/revised-requirements-to-better-protect-international-students.html#
[2] https://www.canada.ca/en/services/immigration-citizenship.html
