 has recently announced significant changes to the study permit requirements, aiming to enhance the financial well-being of international students and provide them with better opportunities.){kind=link}
The Immigration, Refugees and Citizenship Canada (IRCC) has recently announced significant changes to the study permit requirements, aiming to enhance the financial well-being of international students and provide them with better opportunities. Effective from January 1, 2024, these changes include an increase in the cost-of-living requirement and an extension of working hours for students. In this formal blog, we will discuss these changes and their implications for prospective international students.
- Increase in Cost-of-Living Requirement:
Starting from January 1, 2024, the cost-of-living requirement for a single study permit applicant will be raised to $20,635. This adjustment reflects the rising cost of living in Canada and ensures that students have sufficient funds to support themselves during their studies. The previous requirement of $10,000, which has remained unchanged since the early 2000s, no longer aligns with the current economic realities.
- Annual Adjustment Based on Low-Income Cut-Off (LICO):
To ensure that the cost-of-living requirement remains up-to-date, IRCC will now adjust it annually following the low-income cut-off (LICO) determined by Statistics Canada. This adjustment will reflect the minimum income necessary to cover basic necessities and prevent students from facing financial hardships upon arrival in Canada.
- Impact on Student Direct Stream (SDS):
The new financial guidelines will also be applied to the Student Direct Stream (SDS), which offers faster processing for study permit applications for residents of 14 countries. This ensures that all applicants, regardless of their country of origin, meet the updated cost-of-living requirement.
- Extension of Working Hours:
In addition to the cost-of-living requirement, IRCC has extended the waiver on the 20-hour per week work limit for international students until April 30, 2024. This extension allows students already in Canada, as well as those who have submitted a study permit application by December 7, 2023, to work more than 20 hours per week while classes are in session. This provides students with increased financial flexibility and the opportunity to gain valuable work experience.
The recent changes announced by IRCC for study permit requirements demonstrate the government’s commitment to ensuring the well-being and success of international students in Canada. These changes, coupled with the annual adjustment based on LICO, will contribute to a more equitable and sustainable study permit system. Understand and evaluate your profile and chances through authorised ICCRC-registered immigration consultants. For more information, reach out to Novus Immigration Services. Licensed as the Regulated Canadian Immigration Law and Consultant Firm by the Bar Council of British Columbia, Canada. Discover more about Canadian Experience Class, Express Entry, PNP, Permanent Residence, and the document checklist.