Canada: Raises Financial Requirements for Students

Canadian Government Raises Financial Requirements for International Students, Implementing Stricter Study Permit Rules

The Canadian government has recently increased the cost-of-living financial requirement for international students applying for a study permit. Effective from January 1, 2024, individual students must now prove they have CAN$20,635 in available funds, more than double the previous requirement of CDN$10,000. This change aims to address the vulnerability of some students who struggled to cover living expenses, leading to potential exploitation by landlords and employers. The adjustment reflects 75% of the low-income cut-off in Canada and is the first increase in the savings threshold for study permits in a decade.

In response to concerns about the financial burden on students, Minister of Immigration, Refugees and Citizenship, Marc Miller, emphasized the necessity of understanding the true cost of living in Canada. The government acknowledges that not all students can meet the new savings threshold and plans to pilot ideas to assist “underrepresented cohorts” of international students.

This move is part of broader changes in Canada’s international education sector, with the government actively regulating institutions to ensure they provide adequate support for international students. The government also extended off-campus work hours until April 30, 2024, and allowed online study to count towards Post-Graduation Work Permits until September 2024. However, the extension of Post-Graduation Work Permits will be phased out, with no further extensions available after December 31, 2023.


Editor (2023) Canada: Immigration Ministry tightens student visa rules and raises minimum funds requirements, ICEF Monitor – Market intelligence for international student recruitment. Available at: (Accessed: 25 January 2024).