This new policy will apply to new study permit applications received on/after January 1, 2024, according to a statement by the Minister of Immigration, Refugees and Citizenship, Canada (IRCC), Marc Miller.

Miller said that effective from January 1, 2024, the cost-of-living requirement for a single study permit applicant will be $20,635, as against the $10,000 currently being paid.

Miller said: “Starting January 1, 2024, the cost-of-living financial requirement for study permit applicants will be raised so that international students are financially prepared for life in Canada.

“For close to two decades, study permit applicants for international students have remained at $10,000. This review, which takes effect from January 1, ‘will help prevent student vulnerability and exploitation.”

Alongside the cost-of-living requirement, IRCC also announced that it is extending the waiver on the 20 hours of work per week for international students until April 30, 2024.

According to the IRCC, only students already in Canada, as well as those who have already submitted an application for a study permit as of December 7th, 2023, are eligible for this extension.