Shocking Increase! Canada Doubles Cost-Of-Living Requirements for Foreign Students Starting January 2024 – Are You Prepared?
Shocking Increase! Canada Doubles Cost-Of-Living Requirements for Foreign Students Starting January 2024 – Are You Prepared? The financial threshold for the cost of living has been raised for international students applying for study permits in Canada, according to a government notice. Individual students must now demonstrate that they have CAD 20,635 in funds accessible as…
Shocking Increase! Canada Doubles Cost-Of-Living Requirements for Foreign Students Starting January 2024 – Are You Prepared?
The financial threshold for the cost of living has been raised for international students applying for study permits in Canada, according to a government notice. Individual students must now demonstrate that they have CAD 20,635 in funds accessible as of January 1, 2024, which is more than double the amount required earlier, when they only needed CAD 10,000. The action seeks to address a troubling trend in which students who meet the previous threshold struggle upon arriving, leaving them subject to financial risk and potential exploitation.
This is the first adjustment in ten years, and it indicates that the federal government will take a closer look at Canada’s overseas student program. In terms of economics, the new amount represents 75% of Canada’s low-income cut-off (LICO), ensuring that people have enough money to meet their basic necessities. Check out this website for an update on Canada’s new COL requirements for international students.
Canada Raised Cost-of-Living Requirements for Foreign Students
According to the Canadian government, the cost-of-living criteria for international students applying for a study visa in Canada are increasing. In addition to the tuition amount, individual students must now demonstrate that they have CAD 20,635 in available cash, excluding any expenses for other family members going with them to Canada. Canada is increasing the amount of money that international students must bring in due to the country’s high cost of living.
According to Immigration, Refugees, and Citizenship Canada (IRCC), a single applicant must establish they have CAD 20,635 for applications submitted after January 1, 2024, compared to CAD 10,000 in previous years. These revisions demonstrate how Canada’s attitude toward international students is evolving, with the government attempting to strike a balance between attracting top talent from around the world and protecting the safety of those studying there.
Canada cost-of-living 2024 Details
| Article Title | Canada raises cost-of-living requirements for international students |
| Name of Department | Immigration, Refugees and Citizenship Canada (IRCC) |
| Country | Canada |
| Effective from | January 1, 2024 |
| Category | Finance News |
| Old COL | CAD 10,000 |
| Increased COL | CAD 20,635 |
| Official Website | canada.ca |
Canada Revised COL Requirement for International Students from January 1, 2024
The Canadian government has announced that the cost-of-living criterion for study visa applicants will be increased beginning January 1, 2024. On December 7, 2023, Canadian Immigration Minister Marc Miller announced that CAD 20,635 will be the new cost-of-living criterion for applicants seeking a single study visa, in addition to first-year tuition and travel costs. The Student Direct Stream, an exclusive application process for study permits open to nationals of 14 countries, is likewise subject to the enhanced financial requirements.
This updated system promises faster processing but requires more upfront information from applicants. The higher financial requirement is meant to solve a situation in which some students arrive in Canada believing they fulfill the CAD 10,000 level and can support themselves, only to learn they do not.
COL increased due to growing financial requirement
Canada’s Revised COL Requirement for International Students corresponds with the low-income cut-off (LICO) and is the first since it was set at CAD 10,000 in the early 2000s. It will be revised annually by Statistics Canada. With effect from January 1, 2024, the Canada COL raised 2024 intends to assist new study permit applicants by bridging the growing gap between the financial need and the real COL.
To maintain the significant social, cultural, and economic benefits that international students bring to Canada, Immigration, Refugees, and Citizenship Canada (IRCC) must address issues that have left some students powerless and questioned the program’s integrity. Students coming to Canada may encounter more financial hardships when they begin their studies because of the long-overdue hike in the cost of living threshold.
Canada doubled COL requirement for international students
Immigration, Citizenship, and Refugees Canada (IRCC) has modified the laws and regulations for international students. The cost-of-living requirement for study visa applicants will increase from the current CAD 10,000 for a single application to CAD 20,635 on January 1, 2024. Furthermore, the IRCC altered the temporary regulations for international students, which were set to expire at the end of 2023. Among them are:
The regulation allowing qualified foreign students to work off-campus in Canada for more than 20 hours has been extended until April 30, 2024. Additionally, the Post-Graduate Work Permit (PGWP) regulation has been extended until September 1, 2024, allowing international students to not have their time spent studying abroad deducted from their remaining period.
