Canada Study Permit 2024: All people who apply for a Canada study pass on or after January 1, 2024, will have to meet the new cost of living standard.
Along with the first year’s fees and travel costs, the new cost of living requirement for getting a study pass in Canada is now $20,635.
This requirement for living costs goes up even more based on how many family members are traveling with the foreign student.
This was set at $10,000 in the early 2000s and has never been changed since, making it hard for foreign students to pay for simple things.
IRCC will also change this cost of living measure every year to keep up with Statistics Canada’s low-income limit (LICO) so that they can continue to adapt to changes in the economy.
A single candidate in 2024 will need to show that they have $20,635, which is 75% of LICO plus the cost of their first year of school and transportation.
Changes to the cost of living requirement for getting a Canada Study Permit (and family members who come with you).
Starting January 1, 2024, the cost-of-living financial requirement for study permit applicants will be raised to ensure that international students are better prepared for life in Canada. This threshold will be adjusted each year, similarly to other immigration programs. Learn… pic.twitter.com/AMlS80zc2Y
— IRCC (@CitImmCanada) December 7, 2023
A student from outside of Canada and two family members can live in any state in Canada except Quebec for a year without having to pay $31,583 in rent.
The rise is meant to make kids less likely to be exploited so that they have enough money for their pocket money.
There are different cost of living standards for foreign students who want to study in Quebec. These will be changed in 2024.
Based on age, Quebec has the following funding needs for foreign students starting between January 1, 2023, and December 31, 2023.
- $7,176 for one person under 18 years old
- $14,349 for one person 18 years or older
- $21,046 for two adults
- $23,575 for two adults and one child under 18 years old
- $25,444 for two adults and two children under 18 years old.
Proofs that meet the Cost of Living Requirement
If a student wants to study in Canada and needs to show proof of living expenses, they can use one of the following:
- A Guaranteed Investment Certificate (GIC) from a Canadian bank that is taking part
- Proof that you have a bank account in Canada in your name if you sent money there.
- Bank records from the last four months showing proof of a student loan or school loan
- A bank transfer that can be changed into Canadian dollars
- A letter from the person or organization giving the money
If you are in a Canadian-funded school or have a grant, you must show proof that the money came from within Canada.
Students take these funds out of their accounts once they get to Canada to pay for basic things. The Canadian Immigration Department does not have access to or use these funds.
New Rule About How Much It Costs to Live in Canada vs. Other Countries
The new rules for living costs are now the same as those in countries that offer similar study permits, like Australia and New Zealand.
This makes Canada more competitive in the foreign education market, but it’s important to remember that the new rules will be stricter than in some other countries.
To live while learning in Australia, you’ll need about $21,826 CDN, and to study in New Zealand, you’ll need about $20,340 CDN.
To live and study in England or the UK costs between $15,680 and $20,447 CDN a year.
International students learning in the US, on the other hand, need to show that they have at least $10,000 USD in cash on hand every year.
Other countries, like France, Germany, and Denmark, have even lower standards for living costs. For example, Denmark only needs about $1,175 CDN.
The rise in the cost of living for foreign students with a Canada Study Permit will actually help them.
Increasing the amount of money needed for a Canada study pass and linking it to Statistics Canada’s LICO for the next few years is a good move that will help foreign students do well.
The earlier $10,000 limit wasn’t enough for students to cover their basic costs once they got to Canada, which made it easier for people to take advantage of them in many ways.
These costs of living are actually paid back to students on a daily basis to help them meet their basic needs.
Recent rises in prices and a lack of jobs, on the other hand, have forced students to rely on food banks or accept being exploited to make ends meet.
Now that funding standards have gone up, it will be easier for a new group of foreign students coming to Canada to pay for their daily needs.
