Home » Changes Coming in 2024: Canada Increased Financial Requirements for Study Permit Applicants

Changes Coming in 2024: Canada Increased Financial Requirements for Study Permit Applicants

Revised requirements to better protect international students

by Olufemi Awoyinka

Starting from January 1, 2024, there will be an upward adjustment to the cost-of-living financial prerequisite for study permit applicants, aimed at better preparing international students for their life in Canada.

Similar to other immigration programs, this financial threshold will be annually revised. In the year 2024, a single applicant must demonstrate financial readiness by proving they possess $20,635, in addition to covering their first-year tuition and travel expenses.

It is important to note that this adjustment will be applicable to all new study permit applications received on or after January 1, 2024.

Minister Miller has also provided an important update on three temporary policies set to expire at the close of 2023.

“International students provide significant cultural, social and economic benefits to their communities, but they have also faced challenges navigating life in Canada. We are revising the cost-of-living threshold so that international students understand the true cost of living here. This measure is key to their success in Canada. We are also exploring options to ensure that students find adequate housing. These long-overdue changes will protect international students from financially vulnerable situations and exploitation.”

– The Honourable Marc Miller, Minister of Immigration, Refugees and Citizenship

Among these policies, one significant change is that international students already in Canada and those who submitted a study permit application before December 7, 2023, will now have the opportunity to work off-campus for more than 20 hours per week until April 30, 2024.

The measure that has allowed international students to count time spent studying online towards the length of a future post-graduation work permit, as long as it constitutes less than 50% of the program of study, will continue to be in place for students who begin a study program before September 1, 2024.

A temporary policy was introduced on three occasions to provide an additional 18-month work permit to post-graduation work permit holders as their initial work permit was expiring.

Foreign nationals with a post-graduation work permit expiring up to December 31, 2023, remain eligible to apply. However, this temporary policy will not be extended further.


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