Canadian authorities have announced that “cost-of-living financial requirement for study permit applicants” for international students will increase from $10,000 to $20,000, starting from January 1, 2024.

Marc Miller, Canadian Minister of Immigration, Refugees and Citizenship, made this announcement in a statement on Thursday. “Starting January 1, 2024, the cost-of-living financial requirement for study permit applicants will be raised so that international students are financially prepared for life in Canada.

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For 2024, a single applicant will need to show they have $20,635, representing 75% of LICO, in addition to their first year of tuition and travel costs. This change will apply to new study permit applications received on or after January 1, 2024,” the statement reads in part.

This review, which takes effect from January 1, “will help prevent student vulnerability and exploitation,” the statement added.