Starting January 1, 2024, there will be a new cost of living requirement for anyone applying for a Canada study permit. This is important for students and their families to know.
The new cost of living requirement is $20,635. This is the amount needed in addition to the tuition and travel expenses for the first year.
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If a student is bringing family members, the living expense requirement will go up. This is a change from the past when it was set at $10,000, and it hadn’t been updated for many years. This made it hard for international students to afford basic needs.
To keep up with economic realities, the cost of living criterion will be adjusted every year by the Immigration, Refugees and Citizenship Canada (IRCC). In 2024, a single applicant must show they have $20,635, which is 75% of the low-income cutoff (LICO), plus the cost of the first year’s tuition and transportation.
New Cost of Living Requirement for Canada Study Permit (and family members)
For an international student and two family members spending a year in any Canadian province (except Quebec), they’ll need $31,583 for living expenses.
| Number of family members (including the applicant) | Amount of funds required per year (not including tuition) |
| 1 | CAN$20,635 |
| 2 | CAN$25,690 |
| 3 | CAN$31,583 |
| 4 | CAN$38,346 |
| 5 | CAN$43,492 |
| 6 | CAN$49,051 |
| 7 | CAN$54,611 |
| If more than 7 people, each additional family member | CAN$5,559 |
This increase aims to protect students from being taken advantage of and ensures they have enough money for their day-to-day needs.
If you’re planning to study in Quebec, the living expense requirements are different. They will be updated in 2024. Currently, Quebec has specific funding requirements based on age for the year 2023.
- One person under 18: $7,176
- One person 18 and over: $14,349
- Two people 18 and over: $21,046
- Two people 18 and over, and one person under 18: $23,575
- Two people 18 and over, and two people under 18: $25,444
How to Prove the Cost of Living Requirement
Students applying for a study permit can show they meet the living expense requirements with:
- A Guaranteed Investment Certificate (GIC) from a Canadian bank
- Canadian bank account documentation
- Proof of a student or education loan
- Bank statements for the last four months
- A bank draft in Canadian dollars
- A letter from the person or institution providing the funds
- Proof of funds received from within Canada if you have a Canadian-funded program or scholarship
These funds are used by students in Canada for their basic needs, and the Canadian Immigration Department does not use or access these funds.
New Cost of Living Requirement for Canada Study Permit vs. Other Countries
The new cost of living expense criteria bring Canada more in line with the costs in other countries that issue study permits, such as Australia and New Zealand.
Canada’s new cost of living requirements are competitive, but it’s important to note they are higher than in some other countries.
For instance:
- Australia requires about $21,826 CAD for living expenses
- New Zealand needs about $20,340 CAD
- England or the United Kingdom ranges from $15,680 CAD to $20,447 CAD
- The United States requires at least $10,000 USD
- France, Germany, and Denmark have even lower living expense requirements, with Denmark requiring about $1,175 CAD
Why the Increase in Canada Study Permit Cost of Living Helps Students
Increasing the funding requirement for a Canada study permit and linking it to Statistics Canada’s LICO is a positive step. The old requirement of $10,000 wasn’t enough for students to cover basic expenses, leading to various issues.
These living expense funds are given back to students regularly to support their basic needs. However, recent inflation and job shortages have made it difficult for students, forcing some to use food banks or accept exploitation to make ends meet.
With the new funding or cost of living requirements, future international students in Canada will have a better chance of covering their daily expenses.
Opportunities for International Student in Canada
International students in Canada can work part-time during their studies, up to 20 hours per week during the school term and full-time during breaks. This helps them gain work experience and earn extra money.
IRCC Extends Full-Time Work Policy for International Students Until April 2024
After finishing their studies, international students have a great opportunity for post-graduation work in Canada. They can apply for a Post-Graduation Work Permit (PGWP), which allows them to work for 8 months to 3 years, depending on their study program’s length. This work experience is valuable when they apply for Canadian permanent residence.
A study by IDP Education found that 63% of students consider post-graduation work when choosing where to study, and 72% plan to apply for a work permit after graduation.
Projected Growth in International Student Numbers in Canada
Despite aligning with cost-of-living requirements in other popular study destinations, Canada remains a top choice for international students.
Renowned for its world-class education, diverse programs, and ample financial aid opportunities, Canada is poised to break records and attract even more students worldwide.
Canada is expected to attract even more international students in 2024. The International Policy document from IRCC predicts a rise in the number of international students to 949,000 in 2023, over a million in 2024, 1.1 million in 2025, 1.28 million in 2026, and 1.4 million in 2027.
According to IRCC, the issuance of study permits in 2023 is increasing significantly, surpassing the record numbers of 2022. It’s expected that Canada will grant a record-breaking high of 600,000 study permits by the end of 2023. This trend is projected to continue beyond 2023, indicating that Canada remains a top choice for international students.
