Canada Raised Cost-Of-Living Requirements: Check the details here

Canada Raised Cost-Of-Living Requirements: The financial limit for living expenses for international students applying for a study permit in Canada has been increased, according to a government announcement. Individual students must now show that they have C$20,635 available as of January 1, 2024, more than double the amount previously required when they only needed C$10,000.

The measures aim to address a worrying trend where students who have reached the previous limit face difficulties on arrival, leaving them vulnerable to financial risks and potential abuse.

This is the first change in a decade and is a sign that the federal government is taking a closer look at Canada’s international student program. In financial terms, the new figure is equivalent to 75% of Canada’s Low Income Limit (LICO), which ensures that people have enough money to meet their essential needs.

Canada has raised living costs for international students According to the Canadian government, the cost of living criteria for international students applying for study visas in Canada will increase. In addition to the amount required for tuition, individual students must now show that they have $20,635 CAD in cash, plus expenses for family members traveling to Canada. Canada adds more money that international students have to bring in because of the country’s cost of living problem.

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Immigration Refugees and Citizenship Canada

According to the Immigration, Refugees and Citizenship Canada (IRCC), a single applicant must prove that they have $20,635 for applications submitted after January 1, 2024, up from $10,000 in previous years. The changes highlight how Canada’s international student policy is changing as the government tries to strike a balance between bringing in top talent from around the world and keeping students there safe.

Canada changed the COL requirement for international students effective January 1, 2024 The Canadian government has announced that it has increased the cost of living criteria for those applying for a study permit starting January 1, 2024.

On December 7, 2023, Canadian Immigration Minister Marc Miller said that the new cost of living criteria for individual student visa applicant, in addition to the first year’s tuition and travel costs, will be C$20,635. These revised financial requirements also apply to the Student Direct Stream, an exclusive study permit application process available to citizens of 14 countries.

This revised procedure allows for priority processing but requires more advance information from applicants. The higher financial criterion aims to address the situation where some students arrive in Canada and seem to meet the CAD 10,000 level and can support themselves, only to discover that they do not.

COL increased due to increasing financial need Canada’s revised COL requirement for international students is in line with the Low Income Limit (LICO) and is the first since it was set at C$10,000 in the early 2000s. Statistics Canada updates it every year.

Canadian COL Raised 2024

It aims to assist new study permit applicants by bridging the growing gap between financial need and actual COL. In order to maintain the significant social, cultural and economic benefits that international students bring to Canada, Immigration, Refugees and Citizenship Canada (IRCC) must address issues that have gripped some students and challenged the integrity of the international student program.

Students arriving in Canada may face greater financial challenges as they begin their studies due to the long-awaited increase in the cost of living. It doubled the COL requirement for international students For international students, Immigration, Citizenship and Refugees Canada (IRCC) has updated the rules and regulations.

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Canada Raised Cost-Of-Living Requirements

The cost of living criteria for study visa applicants will increase from the current 10,000 Canadian dollars per applicant to 20,635 Canadian dollars effective January 1, 2024. In addition, IRCC revised the temporary rules for international students that were due to expire at the end of 2023.

They are:

• Until April 30, 2024, the regulation allowing qualified international students to work off-campus in Canada for more than 20 hours is extended; and
• The PGWP (Post-Graduate Work Permit – PGWP) regulation has been extended until September 1, 2024, according to which the time spent studying abroad by foreign students is not deducted from the remaining time.