Canada Immigration Adjusts Cost-of-Living Requirement for Study Permit Applicants
Good news for future international students looking to study in Canada! Immigration, Refugees and Citizenship Canada (IRCC) has announced that, starting January 1, 2024, the cost-of-living requirement for study permit applicants will be increasing to $20,635. This update marks a significant change from the previous requirement of $10,000 set in the early 2000s.
IRCC’s decision to adjust the cost-of-living requirement is a response to the outdated financial requirement that no longer accurately represents the actual cost of living in Canada for students. The increase aims to prevent student vulnerability and exploitation, and targeted pilots will be implemented to help underrepresented cohorts of international students pursue their studies in Canada.
In line with economic conditions, IRCC plans to adjust the cost-of-living requirement annually to reflect the changes in Statistics Canada’s low-income-cut off (LICO). This will ensure that the requirement accurately reflects the economic reality in Canada and is closely tied to the yearly cost of living.
While the cost-of-living requirement in Canada will increase, it aligns with the expenses in other popular study destinations such as New Zealand and Australia. Additionally, Canada offers a world-class education system, a wide range of programs and degrees, and numerous scholarships and financial aid options for international students.
One of the advantages of studying in Canada is the opportunity for post-graduation work, with various work permits available for students to gain valuable work experience after completing their studies. According to an IDP Education study, 63% of students globally say post-study work is a main factor in choosing where to study, highlighting the appeal of Canada’s post-graduation work opportunities.
The rise in international student numbers is expected to continue, with IRCC forecasting a surge in the issuance of study permits. Canada consistently ranks as a top study destination, with 25% of survey respondents in an IDP Education study selecting Canada as their top choice for international study.
With a strong education system, diverse programs, ample financial aid opportunities, and post-graduation work benefits, Canada remains a top choice for international students looking to further their studies. Discover your options to study in Canada and take advantage of the countless benefits this vibrant and welcoming country has to offer.
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