At ACME Visa Solutions, we have personally witnessed the difficulties faced by students who aspire to study in Canada. One significant challenge is ensuring that students are financially prepared for the expenses associated with living in Canada.

To address this concern, Immigration Refugees and Citizenship Canada (IRCC) has decided to increase the requirement for cost-of-living funds for study permit applicants starting January 1, 2024.

Rise In Cost Of Living Requirement

Starting on January 1st, 2024, applicants for a study permit will be required to demonstrate a minimum of $20,635 for living expenses in addition to tuition fees and travel costs for the year. Any study permit applications received on or after January 1st, 2024, will be subject to this policy update.

Compared to the current requirement of $10,000, last adjusted in the early 2000s, the new cost is more than double.

The current cost of living in Canada surpasses the financial threshold for study permits, leaving international students in a financial quandary. Consequently, the announcement, according to the IRCC, is greeted as a salutary stride in the right direction. This not only affords international students the opportunity to concentrate on their academic pursuits but also shields them from succumbing to the perils of financial adversity and exploitation.

Adjustment Of Financial Guidelines

Moreover, there will be an annual adjustment to the cost-of-living requirement, guided by the Low-Income Cut-Off (LICO) threshold disseminated by Statistics Canada. This threshold embodies the minimum income essential to fulfill basic needs without allocating an undue proportion of earnings to essentials such as sustenance, accommodation, and attire.

Student Direct Stream (SDS)

The new guidelines are also applicable to the Student Direct Stream (SDS). This is a special study permit stream meant for students from 14 countries that asks for additional information beforehand from the applicant and facilitates expedited processing.

Extended Working Hours For Students

Furthermore, the IRCC has declared an extension to the waiver of the 20-hour work-per-week cap for international students until April 30, 2024. This affords students the chance to engage in employment exceeding the 20-hour limit while classes are in session. It is essential to note, however, that this extension is exclusively applicable to students already residing in Canada and those who have submitted their study permit application before December 7th, 2023.

Originally instituted on November 15th, 2022, this measure was initially slated to conclude on December 31st, 2023.

To be eligible to work while studying in Canada, students need to be:

• Studying full-time at any DLI-designated learning institution
• Holding a valid study permit
• Showing sound and satisfactory academic position as per the institution
• Pursuing any academic, vocational, or professional training for at least six months leading to a degree, diploma, or certificate
• Having a Social Insurance Number (SIN)

Post Graduation Work Permit (PGWP) Updates

In addition to the above, two announcements related to the Post Graduation Work Permit (PWGP) were also made.

Firstly, international students are now allowed to count school terms spent studying online toward their future PGWP, provided this duration does not exceed half of the total duration in the program. This waiver is now extended until September 1, 2024.

Secondly,  no further special extension of PGWPs will be implemented after the current period has ended. During the past 18 months, the government of Canada has used a special temporary policy to extend PGWPs three times. If you are eligible to apply under the most recent extension policy (with a work permit expiring late December 31st, 2023), you may do so, but IRCC will not extend PGWPs after this period has ended.