THE COST TO STUDY IN CANADA IS INCREASING TO REFLECT THE INCREASED COST OF LIVING

As of January 1st, 2024, Immigration, Refugees, and Citizenship Canada (IRCC) adjusted the cost-of-living requirement for study permit applicants. The cost increased from $10,000CAD for a single applicant to $20,365CAD which is in addition to the first year of tuition and travel costs.

IRCC determined that the financial requirement did not keep up with the cost of living in Canada. As a result, students were arriving only to learn they did not have sufficient funds. Therefore, the cost of living will be adjusted each year based on when Statistics Canada updates the low-income cut-off (LICO). LICO is considered the minimum necessary income required in Canada to ensure that individuals do not need to spend a higher-than-average portion of their income on necessities. The adjustments will ensure the cost-of-living requirement accurately reflects the economic reality in Canada. The new financial guidelines will be applied to the Student Direct Stream (SDS) as well which is a study permit stream for applications from residents of 14 countries that offers faster processing.

Although the cost-of-living requirement for international students is increasing, Canada consistently ranks as a top destination for international students. In March 2023, An Emerging Futures Study conducted by IDP Education showed Canada is the top destination of choice for international students. Over 25% of survey respondents selected Canada as their top choice for international study out of four major destination countries - Canada, the United States, Australia, and the United Kingdom.

Along with the cost-of-living increase, IRCC is extending the waiver on the 20 hours of work per week cap for international students until April 30, 2024. Students who are already in Canada, as well as those who applied for a study permit as of December 7, 2023, are eligible for an extension.