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Study Permit Financial Requirement Update

Canada is a leading country and would be a first choice for international students, primarily assigned to look upon educational universities and hoping for employment or permanent immigration post-graduation. The influence of international students is palpable, enriching university life where faculty supports students to achieve.

However, this journey is not without its share of forbidding challenges, with issues like securing suitable housing posing significant difficulties for students once they enter into academic pursuits in Canada. Money needed for the cost of living, applicable to study permit applicants, will be raised to ensure that international students have enough money to lead their lives in Canada.


From January 1, 2024, GIC has been updated for international students the, minimum cost of living has been increased from 10,000$ to 20,635 Canadian dollars.

In the future, this point of reference will undergo annual adjustments in line with Statistics Canada's updates to the low-income cut-off (LICO). The LICO is designed for individuals and will help to use some proportion of money on essential needs where they can easily escape from financial strain.

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Immigration, Refugees and Citizenship Canada (IRCC)

On December 7, 2023, Immigration, Refugees and Citizenship Canada (IRCC) announced policy changes to safeguard international students from the challenges posed by the rising cost of living and recent housing issues.

Minimum Financial Requirement

Effective January 1, 2024, a notable increase in the minimum financial requirement for study permit applications will now be raised to C$20,635, to put in order with the current upward trend in living charges. Moreover, Minister Miller has extended the existing exemption on working hour restrictions for international students, originally scheduled to conclude on December 31. This extension allows students to continue to work off-campus for more than 20 hours per week during the winter semester, now valid until April 30, 2024.

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