The costofliving financial requirement for international students filing study permit applications will be increased to $20,635 in 2024, the Canadian government announced on Thursday, December 7.

Marc Miller, Minister of Immigration, Refugees and Citizenship, said the changes are being made so that international students are financially prepared for life in Canada.

“International students provide significant cultural, social and economic benefits to their communities, but they have also faced challenges navigating life in Canada,” Miller said. “We are revising the costofliving threshold so that international students understand the true cost of living here.”

“This measure is key to their success in Canada.”

While international students have contributed to life on campuses and innovation across the country, the government notes that they have also experienced some serious challenges, such as finding adequate housing, as they pursue their studies in Canada.

According to the government, the threshold will be adjusted each year when Statistics Canada updates the lowincome cutoff, or LICO, which represents the minimum income necessary to ensure that an individual does not have to spend a greater than average portion of income on necessities.

The costofliving requirement for study permit applicants has not changed since the early 2000s, when it was set at $10,000 for a single applicant. As such, the financial requirement hasn’t kept up with the cost of living over time, resulting in students arriving in Canada only to learn that their funds aren’t adequate.

With all the different immigration policies, laws, and visa opportunities in place, knowing what to apply for and how to apply can be confusing. Regulated Canadian Immigration Consultants, or RCICs, are legally authorized representatives and members in good standing with the College of Immigration and Citizenship Consultants (CICC). Having an RCIC assist you in applying for your Canadian visa can greatly simplify your application.

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