Canada is poised to increase the financial requirement for international students applying for study permits, effective January 1, 2024, as announced by Minister of IRCC Marc Miller. The stagnant cost-of-living requirement, fixed at $10,000 since the early 2000s, will now rise to $20,635.5 for single applicants, constituting 75% of the low-income cut-off (LICO). This adjustment, reflecting current living costs, will be annually updated with Statistics Canada’s LICO. Notably, study permit applicants must demonstrate compliance with this new financial requirement in addition to tuition and travel expenses for the student’s initial year.
| SIZE OF FAMILY UNIT (PERSON) | 2023 LICO（CA$） | 75% |
|---|---|---|
| 1 | 27,514 | 20,635.50 |
| 2 | 34,254 | 25,690.50 |
| 3 | 42,100 | 31,575.00 |
| 4 | 51,128 | 38,346.00 |
| 5 | 57,988 | 43,491.00 |
| 6 | 65,400 | 49,050.00 |
| 7 | 72,814 | 54,610.50 |
| If more than seven persons, for each additional person, add | 7,412 | 5,559.00 |
These changes align with the reformed International Student Program announced on October 27, 2023, which emphasizes a new framework of learning institutions to provide top-quality service and support, including housing. The government plans to target pilots with partners to assist underrepresented international student cohorts. Minister Miller has also extended certain temporary policies, including an off-campus work limit waiver until April 30, 2024, and the continued inclusion of online study time toward post-graduation work permits for students starting before September 1, 2024. However, the policy granting an additional 18-month work permit for post-graduation work permit holders will not extend beyond December 31, 2023.
These adjustments aim to enhance support for international students, ensuring an enriched academic experience in Canada.
