Explore Canada: New Financial Requirements for International Students

Canada is considered one of the top destinations for international students seeking high-quality education, a diverse and welcoming society, and exciting opportunities for work or permanent immigration via post-graduation.

Important Announcement: Financial Preparedness for a Thriving Student Life

The Honourable Marc Miller, Minister of Immigration, Refugees, and Citizenship, has unveiled a pivotal change to enhance the international student experience in Canada. Starting January 1, 2024, the cost-of-living financial requirement for study permit applicants will be increased, ensuring that students arrive financially prepared for their academic journey.

The previous cost-of-living requirement, stagnant since the early 2000s at $10,000 for a single applicant, will be revamped. In 2024, a single applicant must demonstrate financial readiness by showcasing $20,635, representing 75% of the low-income cut-off (LICO), in addition to covering first-year tuition and travel costs. This dynamic adjustment aligns with the current cost of living and aims to prevent financial challenges for incoming students.

Supporting Diversity: Targeted Pilots for Underrepresented Cohorts

Recognizing the diverse challenges faced by international students, we are committed to implementing targeted pilots in collaboration with partners. These initiatives aim to assist underrepresented cohorts of international students in pursuing their studies in Canada, promoting inclusivity and equitable access to educational opportunities.

Ensuring Quality Education: Recent Reforms and Future Commitments

This announcement follows recent reforms to the International Student Program, emphasizing a new framework to recognize institutions providing top-quality services, including housing, to international students. Learning institutions are expected to accept only the number of students they can adequately support, creating an environment conducive to academic success.

Temporary Policy Updates: Flexibility for Student Success

Minister Miller provided updates on three temporary policies:

Extension of the waiver on the 20-hour-per-week off-campus work limit until April 30, 2024, offering students increased flexibility.
Continuation of facilitative measures allowing online study to count toward post-graduation work permits for students starting programs before September 1, 2024.
A reminder that the temporary policy providing an additional 18-month work permit to post-graduation work permit holders will not be extended beyond December 31, 2023.