Canadian immigration authorities have increased the amount of reserve funds required for international students applying for a study permit from this month onward.
Increasing the cost-of-living was among the initial measures the Canadian government adopted as it attempted to temper the intake of international students in the face of growing anti-immigrant sentiment in the country, as they were also blamed for a housing affordability crisis. As such, the financial requirement hasn’t kept up with the cost of living over time, resulting in students arriving in Canada only to learn that their funds aren’t adequate.” In December 2023, IRCC stated that for new study permit applications received on or after January 1, 2024, a single applicant will “need to show they have CA$ 20,635, as against CA$ 10,000 earlier. Explaining the increase, a release issued at the time stated, “The cost-of-living requirement for study permit applicants has not changed since the early 2000s, when it was set at $10,000 for a single applicant.
