Headed to Canada for College?
Pack an Extra Suitcase of Cash
International students planning to study in Canada have new cost of living requirements to meet starting in 2024. The Immigration, Refugees and Citizenship Canada (IRCC) recently updated the amount of money study permit applicants must prove they have access to in order to cover expenses while in Canada.
This change aims to ensure students are well-prepared to handle the high costs associated with living and studying in cities across Canada.
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What are the new cost of living requirements?
As of January 1, 2024, the IRCC will require the following funds to be available to international students for study permit approval:
- $18,500 CAD per year if studying anywhere except Toronto, Vancouver or Montreal
- $22,200 CAD per year if studying in Montreal
- $23,800 CAD per year if studying in Toronto
- $26,900 CAD per year if studying in Vancouver
These amounts are approximately 20-30% higher than current requirements in most cases. It reflects the rapidly rising costs of rent, food, transportation, health insurance and other living expenses in Canada in recent years.
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Why has IRCC increased the required funds?
The IRCC stated that regular reviews found the old amounts no longer accurately reflected true costs students face in Canadian cities today. Housing shortages and inflation have led rent and overall cost of living to skyrocket, especially in desirable destinations like Toronto, Vancouver and Montreal.
Ensuring international students can genuinely afford their studies and stay is important to Canada retaining diverse talent after graduation as well. Thus, updated and higher proof of funds aims to set applicants up for financial stability right from the start.
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How can students prepare for the new requirements?
Students hoping to study in Canada in 2024 or later should budget for the new elevated costs in their chosen city or province. Saving enough funds may require planning far in advance in some cases. Students should also research affordable housing options, part-time work opportunities on campus, public transit passes and budget-friendly ways to handle all expenses beyond just tuition.
Some schools may offer scholarship opportunities, affordable dorm rooms or financial planning guidance as well. Connecting with current international students is a great way to get advice from those with experience living in Canada as a student too.
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Extended Working Hours and PGWP Updates
International students in Canada are getting some extra flexibility and support from recent IRCC policy changes. Students already in the country on a study permit, as well as those who applied by December 7, 2023, can now work more than 20 hours a week without penalty until April 30, 2024. This waiver understands the financial strain caused by rising living costs for students and gives them a chance to earn what they need.
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Good News!
There is also positive news for the Post Graduation Work Permit (PGWP) frequently used by international graduates to gain Canadian work experience. The provision allowing online study terms to count towards PGWP eligibility has been extended to September 1, 2024.
However, the IRCC has confirmed there will be no more extensions offered beyond that date. Graduates whose work permits expire by the end of this year can still apply under the current extension policies. But students should complete program requirements in person when possible, as online terms will no longer count after September 2024.
These supportive policy updates aim to ease financial pressures and workforce barriers for internationals choosing Canada as their study destination. Planning ahead for the PGWP changes is advised while the cost of living waiver offers some stable ground right now.
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The bottom line
While the new proof of funds requirements may seem daunting at first, proper preparation can set international students up for success. Financial readiness will allow students to focus on their studies and make the most of their life and education in Canada.
Reaching out for support from various resources can further help students smoothly transition into their abroad studies adventure despite rising costs.
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