The Canadian study permit process requires the candidate to show financial ability in Canada. The department's cost-of-living criterion is stated in "base amounts," according to the Immigration, Refugees and Citizenship Canada (IRCC). The base amounts prove that Canadian study permit applicants have sufficient funds to cover their tuition fees, costs associated with travelling to and from Canada, and minimum cost of living in Canada for one year. If the applicant’s country uses foreign exchange control, proof of exportation will be required.
The Immigration, Refugees and Citizenship Canada (IRCC) has increased the cost-of-living for a single study permit applicant to $20,635 from 1 January 2024. This change last occurred in the early 2000s and it was set at $10,000 for a single applicant. The previous stipulation was doubled to make sure the students manage their funds as anticipated. According to IRCC, the students are not able to manage with the previous budget. As per Immigration, Refugees and Citizenship Canada (IRCC), the cost of living requirement will be adjusted yearly. Also, this threshold will be adjusted each year when Statistics Canada updates the Low-Income Cut-Off (LICO). LICO describes the minimum income necessary to ensure that an individual does not have to spend a greater than average portion of income on necessities.
Next year, in collaboration with partners, IRCC plans to implement targeted pilots that will test new ideas to help underrepresented international students pursue their studies in Canada. The international Student Program announced on 27 October 2023, has undergone reforms, introducing a new framework to acknowledge institutions providing top-quality services and support, including housing, to international students. According to Immigration, Refugees and Citizenship Canada (IRCC), learning institutions are expected to only accept students they can support adequately, including housing options.
Ahead of the September 2024 semester, IRCC is committed to supporting international students and is preparing to limit visas and ensure adequate support from designated learning institutions. They informed that the collaboration with provincial and territorial governments, learning institutions, and other education stakeholders is essential to ensure international students are prepared for success in Canada.
Minister Miller announced three temporary policies affecting international students set to expire at the end of 2023.
The 20-hour-per-week waiver on off-campus work hours while class in session will be extended until April 30, 2024, allowing international students and applicants who applied for study permit as of December 7, 2023, to work more than 20 hours off campus.
The facilitative measure allowing students to count online time towards a future post-graduation work permit will continue for students starting a study program before 1 September 2024, but will no longer apply to those starting a program on or after that date.
A temporary policy which was introduced during pandemic and post-pandemic era to provide an additional 18-month work permit to post-graduation work permit holders, but this policy will not be extended further.
If you are an international student pursuing post-secondary education in Canada, Immigration, Refugees and Citizenship Canada (IRCC) offers several avenues to demonstrate financial ability/capacity for entering the country:
Guaranteed investment certificate (GIC). It is an investment sold by Canadian financial institutions. When buying a GIC, investors deposit money in the bank for a fixed length of time, receiving interest on that money and the principal when the investment matures.
Banker’s draft (to Canadian dollars) that resembles a traditional paper check. But unlike personal checks, a draft is guaranteed by the issuing bank, with no chance that the check could bounce.
If you already have paid tuition and housing fees, you can submit those proofs.
Applicants can prove the financial stability through Canadian bank account if there are any transactions.
The last 4 months bank statement.
Student or education loan documents.
A person or school’s letter which says they are giving the money for living.
Check if you qualify to migrate to Canada. Check out Owlspriority Immigration’s Canada Settlement Resources to learn about finding employment in Canada, making your initial days stress-free, etc.
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