Canada increased the minimum financial requirement for study permit applicants

n December 7, 2023, Marc Miller, the Minister of Immigration, Refugees and Citizenship Canada (IRCC), announced an increase in the financial requirement for study permit applicants. Based on the annual update of the low-income cut-off (LICO), this adjustment ensures students are financially prepared for life in Canada. The requirement, unchanged since the early 2000s, has become inadequate. For 2024, a single applicant must show they have $20,635, plus first-year tuition and travel costs. The change applies to new study permit applications from January 1, 2024.