Canadian authorities have announced that the “cost-of-living financial requirement for study permit applicants” for international students will be increased from $10,000 to $20,000 beginning January 1, 2024.
This announcement was made on Thursday by Marc Miller, Canada’s Minister of Immigration, Refugees, and Citizenship.
“The cost-of-living financial requirement for study permit applicants will be raised beginning January 1, 2024, to ensure that international students are financially prepared for life in Canada.”
In 2024, a single applicant must show that they have $20,635, or 75% of LICO, in addition to their first year of tuition and travel expenses. “This change will apply to new study permit applications received on or after January 1, 2024,” according to the statement.
This review, which goes into effect on January 1, “will help prevent student vulnerability and exploitation,” according to the statement.
