IRCC Increases Cost-of-Living Requirement for Study Permit Applicants Starting January 2024 

Immigration, Refugees and Citizenship Canada (IRCC) has announced a significant update to the cost-of-living requirement for study permit applicants. Beginning January 1, 2024, the new minimum financial requirement for a single applicant will be $20,635 CAD, in addition to the first year’s tuition and travel expenses.

This amount more than doubles the current threshold of $10,000 CAD, which has remained unchanged since the early 2000s. IRCC stated the update is necessary as the previous figure no longer reflects the actual cost of living in Canada, leaving many international students underfunded upon arrival.

Moving forward, the cost-of-living requirement will be adjusted annually based on Statistics Canada’s Low-Income Cut-Off (LICO)—a benchmark for the minimum income needed to cover basic needs without financial hardship.
The new financial criteria will also apply to applicants under the Student Direct Stream (SDS), a fast-track study permit process available to residents of 14 countries.

While IRCC acknowledges this change may affect applicants differently, it emphasizes that the update aims to reduce student vulnerability and improve support. The department also plans to launch targeted pilot programs in 2024 to assist underrepresented groups of international students.