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Financial requirements for study permits change on January 1st, 2024

When applying for a study permit we need to demonstrate our ability to support ourselves during our studies. The amount required per year has not been updated for the past 10 years. However, the cost of living has increased significantly.
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The whole point of demonstrating a financial ability to live in Canada is to allow students to focus on their studies during their stay instead of finding ways to support daily expenses. The government wishes to prevent international students to find themselves in a difficult situation.

That’s why the financial requirements are finally being changed. Starting January 1st 2024, a foreign student will have to demonstrate a financial capacity of 20,635$ per year to get approved.

Additional information for family members is not available yet.