IRCC announced on 7th December that the cost of living requirement for study permit applications is to increase starting 1st Jan, 2024. Previously, the requirement threshold was at $10,000, which will become $20,635 for a single study permit application. This huge change in cost of living requirements hasn’t happened since the 2000s. The increase was a necessary step to ensure that foreign students are capable of adjusting with the rising inflation.
Interesting to Read: Latest Express Entry Draw
Increase in Cost of Living Requirements for Study Permit Applications
With a news release published on 7th December, Immigration, Refugees and Citizenship Canada (IRCC) announced that it will be increasing the requirement of cost-of-living for just study permit applications starting 1st Jan, 2024.
Those applying for a study permit on or after 1st January will need to show an amount of $20,635 in addition to the tuition fees for first year as well as travel costs.
This is because previously when international students came to Canada with just $10,000 as cost-of-living requirements, they found the amount quite inadequate. They found it hard to meet the financial obligations of the current time and hence, it was difficult for them to adjust well in Canada.
However, this is not a one-time change in decades, as it happened the previous time. In fact, IRCC has said that it will keep adjusting the cost of living requirement each year based on the data provided by Statistics Canada.
Further, those applying for study permits through the Students Direct Stream (SDS) will also need to show the same cost-of-living requirements.
Download Free Immigration and PR Guide PDF
Other Important Announcements for Study Permit Holders
Along with announcing an increase in cost of living requirement for study permit applicants, IRCC made some other announcements as well.
IRCC has finally announced that it will be extending the 20-hours work limit for international students till 30th April, 2024. Those students (already in Canada) who submitted a study permit application before 7th December, 2023, are eligible for this special measure. Earlier, it was announced as a temporary measure to last from 15 Nov, 2022 to 31 Dec, 2023. But now it’s extended, and as a result, foreign students can work for more than 20 hours a week while their classes are in session.
Other announcements made were related to Post-Graduation Work Permit (PGWP).
The measure that allows foreign students to count school terms that they spent studying only for future PGWP is to extend till 1st Sept, 2024. The time will be counted as long as it doesn’t make up more than half of their total time in the program.
And the second announcement was that there will be no further extension of PGWPs. Those who are eligible to apply for the latest extension policy (with their PGWP expiring up to 31st Dec) may apply for an extension. But IRCC will not be further extending this temporary measure.
Read Next: PMP certification
Don’t forget to fill the form below to get some insights and advice from our experts!
