Canada Study Permit: New Cost of Living Requirements Effective January 1, 2024

The cost of living requirement for Canada study permits will undergo a significant increase for applicants applying on or after January 1, 2024. Here are the key details:

Key Changes:

1. Increased Living Expense: The new cost of living requirement for a Canada study permit will be $20,635, in addition to the first year’s tuition and travel expenses.
2. Family Consideration: The living expense requirement increases based on the number of accompanying family members.
3. Annual Adjustment: The cost of living criterion will be adjusted annually by IRCC to align with Statistics Canada’s low-income cutoff (LICO) to reflect economic realities.

Living Expense Requirements (Including Tuition) for Different Family Sizes:

• 1 person: CAN$20,635
• 2 people: CAN$25,690
• 3 people: CAN$31,583
• 4 people: CAN$38,346
• 5 people: CAN$43,492
• 6 people: CAN$49,051
• 7 people: CAN$54,611
• Each additional family member (more than 7): CAN$5,559

Purpose of Increase:

• The increase aims to reduce student vulnerability to exploitation by ensuring students have sufficient funds for their daily expenses.

Quebec’s Different Requirements

Quebec has distinctive funding requisites for international students, with specific amounts based on age, effective between January 1, 2023, and December 31, 2023:

• One person under the age of 18: $7,176
• One person aged 18 and over: $14,349
• Two people aged 18 and over: $21,046
• Two people aged 18 and over and one person under the age of 18: $23,575
• Two people aged 18 and over and two people under the age of 18: $25,444

Accepted Proofs for Cost of Living Requirement:

Applicants can demonstrate the living expense requirements with documents such as a Guaranteed Investment Certificate (GIC), Canadian bank account statements, proof of student loans, bank drafts, or letters from funding sources.

Comparison with Other Countries:

• The new living expense criteria aligns with similar study permit countries like Australia and New Zealand, making Canada more competitive.
•  However, it’s important to note that the new requirements may be higher than in some other nations.

Positive Impact on International Students:

• The increase in funding requirements is seen as a positive step to set up international students for success.
• The previous requirement of $10,000 was insufficient for basic needs, leading to student exploitation and reliance on food banks.

Conclusion:

The adjustment in the Canada study permit cost of living is aimed at providing international students with adequate financial support during their stay, aligning with the economic landscape and fostering a positive educational experience in Canada.