As of January 01, 2024, Immigration, Refugees, and Citizenship Canada (IRCC) is raising the cost-of-living requirement for Canada Study Visa applications.
IRCC noticed that the financial requirements have not been at par with the cost of living in Canada, and international students have been arriving only to learn that their funds do not go as far as they hoped.
The Honourable Marc Miller, Minister of IRCC, announced today that starting January 01, 2024, the cost-of-living requirement for a single Study Visa applicant will be $20,635. This is in addition to the first-year tuition fee and travel costs. The revised pricing is more than double the current cost-of-living requirement of $10,000.
“International students provide significant cultural, social, and economic benefits to their communities, but they have also faced challenges navigating life in Canada. We are revising the cost-of-living threshold so that international students understand the true cost of living here. This measure is key to their success in Canada. We are also exploring options to ensure that students find adequate housing. These long-overdue changes will protect international students from financially vulnerable situations and exploitation.” quoted Marc Miller.
With the ever-growing interest in Canada by international students from across the world, IRCC continues to set the bar higher.
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