On December 7, 2023, Immigration, Refugees and Citizenship Canada (IRCC) announced that, starting January 1, 2024, the cost-of-living financial requirement for new study permit applicants will be increased to CAD 20,635.
- This threshold will then be adjusted each year when Statistics Canada updates the low-income cut-off (LICO).
- LICO represents the minimum income necessary to ensure that an individual does not have to spend a greater than average portion of income on necessities.
- CAD 20,645 represents 75% of LICO.
Applicants must, in addition, have enough to pay for their tuition and travel costs. The cost-of-living requirement for study permit applicants has not changed since the early 2000s, when it was set at CAD 10,000 for a single applicant.
Erickson Insights and Analysis
Erickson Immigration Group will continue to monitor developments and share updates as more news is available. Please contact your employer or EIG attorney if you have questions about anything we’re reporting above or case-specific questions.