Financial Requirement For Study Permit Applicants

March 5, 2022

Comments: 0

Starting January 1, 2024, the cost-of-living financial requirement for study permit applicants will be raised to ensure that international students are better prepared for life in Canada. This threshold will be adjusted each year, similarly to other immigration programs. Learn more: immigration…

For 2024, a single applicant will need to show they have $20,635 in addition to their first year of tuition and travel costs. This change will apply to new study permit applications received on or after January 1, 2024.

  • International students already in Canada, as well as applicants who have already submitted an application for a study permit as of December 7, 2023, will be able to work off- campus for more than 20 hours per week until April 30, 2024.
  • The measure that has allowed international students to count time spent studying online towards the length of a future post-graduation work permit, as long as it constitutes less than 50% of the program of study, will continue to be in place for students who begin a study program before September 1, 2024.
  •  A temporary policy was introduced on three occasions to provide an additional 18-month work permit to post-graduation work permit holders as their initial work permit was expiring. Foreign nationals with a post-graduation work permit expiring up to December 31, 2023, remain eligible to apply. However, this temporary policy will not be extended further.