The Canadian government has announced an increase in the “cost-of-living financial requirement for study permit applicants,” doubling the amount from $10,000 to $20,000, effective January 1, 2024. The change was communicated by Marc Miller, the Minister of Immigration, Refugees, and Citizenship.
Starting from 2024, single applicants are now required to demonstrate they possess $20,635, representing 75% of the Low-Income Cut-Off (LICO), in addition to covering their first-year tuition and travel costs. The adjustment applies to new study permit applications received on or after January 1, 2024.
The decision to raise the cost-of-living financial requirement comes after nearly two decades, during which study permit applicants for international students were expected to show $10,000 in financial preparedness for life in Canada. The government justified the move as a means to prevent student vulnerability and exploitation.
“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 close to two decades, study permit applicants for international students have remained at $10,000. This review, which takes effect from January 1, ‘will help prevent student vulnerability and exploitation,’” the statement added.
The announcement from Canada follows a recent update from the United Kingdom, which introduced new rules aimed at making it more challenging for applicants, including Nigerians, to obtain visas. The UK’s Home Secretary, James Cleverly, unveiled these changes in the House of Commons earlier this week.
