Canada Raises Cost-of-Living Threshold to over $20,600 for International Students Seeking Study Permits

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Canada introduced significant reforms to Canada’s study permit requirements this week in order to strengthen the financial preparedness of international students, according to a release by the Canadian ministry of Immigration, Refugees and Citizenship, led by minister Marc Miller.

The changes include a sizable increase in the cost-of-living financial requirement for study permit applicants. The changes will take effect from January 1, 2024.

“We are revising the cost-of-living threshold so that international students understand the true cost of living here. This measure is key to their success in Canada. We are also exploring options to ensure that students find adequate housing. These long-overdue changes will protect international students from financially vulnerable situations and exploitation,” Miller was quoted as saying by news agency ANI.

Canada is now raising the threshold to $20,635 from the previous $10,000 which has been the cost-of-living requirement since early 2000s owing to the evolving cost-of-living. The threshold represents 75% of the low-income cut-off (LICO). This adjustment will ensure international students are adequately prepared for the financial demands of life in Canada.

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