Increased Cost of Living Requirement for International Students to Canada

Starting from January 1, 2024, Immigration Refugees and Citizenship Canada (IRCC) has heightened the financial stipulation for single study permit applicants, doubling the cost-of-living requirement from $10,000 to $20,635. In conjunction with the initial year’s tuition fee and travel expenses associated with relocating to Canada, international students must now consider this augmented financial obligation.

The revised financial requirement will be effective for all new study permit applications submitted on or after January 1, 2024.

Eligibility criteria for applying through the SDS:

To be eligible, you must:

  • – Reside outside of Canada and hold legal residency in one of the designated 14 countries.
  • – Possess an acceptance letter from a post-secondary designated learning institute (DLI). Attain the minimum score stipulated for one of the qualifying language tests.
  • – Demonstrate possession of an International Student Guaranteed Investment Certificate (GIC) amounting to CAD $20,635 (effective January 1, 2024).

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