Updates to financial requirements for study permit applicants have been released by the Immigration, Refugees and Citizenship Canada (IRCC). IRCC has also released the Student Direct Stream (SDS) guaranteed investment certificate (GIC) requirements for students in and outside Quebec.
On December 7, 2023, 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.
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.
Costs of studies and living in Québec
To study in Québec, you must demonstrate your financial capacity to cover Tuition fees, Transportation costs and Living expenses.
The following are the amounts, in Canadian dollars, that you must have between January 1 and December 31, 2024. They may vary depending on the age and number of people included in your application:
One person under the age of 18: $7,541
One person aged 18 and over: $15,078
Two people aged 18 and over: $22,115
Two people aged 18 and over and one person under the age of 18: $24,773
Two people aged 18 and over and two people under the age of 18: $26,737
Settlement fees for the first year : The settlement fees for your first year is $500 Canadian.
Costs of health and hospital insurance: You must demonstrate that you can assume the costs of health and hospital insurance for the entire duration of your stay in Québec for you and all accompanying family members.