Program delivery update: Updates to financial requirements for study permit applicants

January 10, 2024

On December 7, 2023, the Honourable Marc Miller, Minister of Immigration, Refugees and Citizenship, announced that starting January 1, 2024, the cost-of-living financial requirement for study permit applicants will be raised to help ensure that international students are better prepared for life in Canada.

Updates to financial requirements for study permit applicants

• Outside Quebec: For 2024, a single applicant will need to show they have CAN$20,635 (in addition to their first year of tuition and travel costs), an increase from the current requirement of CAN$10,000. This change will apply to new study permit applications received by IRCC on or after January 1, 2024. Going forward, this threshold will be adjusted each year, similar to other immigration programs, as Statistics Canada updates the low-income cut-off.
• In Quebec: To study in Quebec, applicants must demonstrate their financial capacity to cover the costs outlined by the Ministère de l’Immigration, de la Francisation et de l’Intégration.

Updates to Student Direct Stream (SDS) guaranteed investment certificate (GIC) requirements

For SDS applicants, the required SDS GIC amount depends on the applicant’s intended province or territory of study.

• Outside Quebec
  • SDS applications received by IRCC before January 1, 2024, will continue to be assessed using the CAN$10,000 GIC requirement in place until December 31, 2023.
  • New SDS applications received by IRCC on or after January 1, 2024, require proof of an SDS-eligible GIC in the amount of CAN$20,635 for 2024.Note: If the applicant has family members accompanying them, they also need to demonstrate that they meet the regular study permit financial requirements for each additional person.
• In Quebec
  • SDS applications received by IRCC before January 1, 2024, will continue to be assessed using the CAN$10,000 GIC requirement in place until December 31, 2023.
  • New SDS applications received by IRCC on or after January 1, 2024, require proof of an SDS-eligible GIC that meets the financial requirements outlined by the Ministère de l’Immigration, de la Francisation et de l’Intégration for one person aged 18 and over.