Canadian authorities have announced the increase of “cost-of-living financial requirement for study permit applicants” for international students, from $10,000 to $20,000, starting from January 1, 2024.
Before this development, study permit applicants for international students remained at $10,000.
Announcing the new measure, Marc Miller, Canadian Minister of Immigration, Refugees and Citizenship, in a statement on Thursday, disclosed that “Starting January 1, 2024, the cost-of-living financial requirement for study permit applicants will be raised so that international students are financially prepared for life in Canada.
“For 2024, a single applicant will need to show they have $20,635, representing 75% of LICO, in addition to their first year of tuition and travel costs. This change will apply to new study permit applications received on or after January 1, 2024,” the statement reads in part.
According to Miller, the one hundred percent increase will “help prevent student vulnerability and exploitation.”
