Marc Miller, the Minister of Immigration, Refugees and Citizenship Canada (IRCC), made an important announcement on December 7, 2023. He revealed that there would be a significant increase in the financial requirement for individuals applying for study permits. This adjustment was deemed necessary due to the annual update of the low-income cut-off (LICO) and aimed to ensure that students are adequately prepared for their life in Canada.
The financial requirement for study permit applicants had remained unchanged since the early 2000s, which had led to its inadequacy over time. Recognizing this, the government decided to implement a new requirement for the year 2024. As of January 1, 2024, a single applicant must demonstrate that they possess a minimum of $20,635 in addition to covering their first-year tuition fees and travel expenses.
This change in the financial requirement is applicable only to new study permit applications submitted on or after January 1, 2024. It is crucial for prospective students to be aware of this adjustment and ensure that they meet the updated criteria when applying for their study permits. By increasing the financial requirement, the government aims to ensure that students have the necessary funds to support themselves during their studies in Canada, thereby enhancing their overall experience and success in the country.