The Canadian government has decided to increase the financial requirement for study permit applicants and international students for “cost-of-living” expenses from $10,000 to $20,000, effective January 1, 2024. Marc Miller, the Minister of Immigration, Refugees, and Citizenship, made this announcement on Thursday.
Under the new policy, single applicants will be required to demonstrate financial readiness by having $20,635, which represents 75% of the Low-Income Cut-Off (LICO), in addition to covering their first-year tuition and travel expenses. This change will be applicable to study permit applications received on or after January 1, 2024. The adjustment is aimed at ensuring that international students are financially prepared for their life in Canada.
The decision to raise the cost-of-living requirement follows almost two decades of maintaining it at $10,000. The government believes that this review will contribute to preventing vulnerability and exploitation among student applicants. This update coincides with recent changes in the United Kingdom’s visa policies, making it more challenging for applicants, including Nigerians, to obtain visas. Home Secretary James Cleverly announced these revisions in the House of Commons earlier this week.