What is the New GIC/Living Expense Requirement for Canada Study Permit Application?
Effective 1st January, 2024 the new requirement for GIC/ living expense for Canada Study permit will be set at $20,635 for a single applicant, previously it was only $10,000.
Ottawa, Canada – The Honourable Marc Miller, Minister of Immigration, Refugees and Citizenship, has announced a crucial update to the financial requirements for study permit applicants in Canada. Effective January 1, 2024, the cost-of-living financial threshold for international students will be increased to better align with the current living expenses in Canada.
This significant policy change comes after years of the requirement remaining static. Since the early 2000s, international students have been required to prove they have $10,000, aside from tuition and travel expenses, to cover their living costs in Canada. However, this amount has not been revised in over two decades, leading to a disconnect between the required funds and the actual cost of living.
To address this, the new requirement will be set at $20,635 for a single applicant, representing 75% of the low-income cut-off (LICO) as determined by Statistics Canada. LICO is a benchmark that reflects the minimum income level required to avoid spending a disproportionate amount of income on necessities. This adjustment will ensure that international students are better equipped financially to handle life in Canada.
The policy update will apply to all new study permit applications received on or after January 1, 2024. It aims to ensure that international students are not placed in financially vulnerable positions upon their arrival in Canada, reducing the risk of exploitation and financial stress.
The Canadian government recognizes that this change might have varied impacts on applicants from different backgrounds. In response, the government plans to collaborate with partners in 2024 to launch targeted pilots. These pilots will explore innovative solutions to support underrepresented groups of international students, enabling them to pursue their studies in Canada more effectively.
This proactive step by the Canadian government reflects its commitment to the welfare of international students and the recognition of their valuable contribution to the country’s cultural and economic fabric. By aligning the financial requirements with the actual cost of living, Canada continues to strengthen its position as a leading destination for international education.
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