In the recent updates from the Honourable Marcย Miller, Minister of Immigration, Refugees and Citizenship, announced today that starting Januaryย 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 2024, aย single applicant will need to show they have $20,635, representing 75% of LICO, in addition to their first year of tuition and travel costs. This change will apply to new study permit applications received on or after Januaryย 1, 2024.
The cost-of-living requirement for study permit applicants has not changed since the early 2000s, when it was set at $10,000 for a single applicant.ย