The government has revised the cost-of-living requirement funds for international students to $20,635.

The Canadian government has recently announced an increase in the cost-of-living financial requirement for study permit applicants so that international students are financially prepared for life in Canada. Starting January 1, 2024, prospective international students will need to show they have access to $20,635 instead of the $10,000 requirement, in addition to paying for travel and tuition.

The government also announced the extension of the measure that allowed current international students to work for more than the 20 hours each week off campus. International students already in Canada, as well as applicants who have already applied for a study permit as of December 7, 2023, will be able to work off campus more than 20 hours per week until April 30, 2024.

“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” says Marc Miller, Minister of Immigration, Refugees and Citizenship.

Source: canada.ca