Immigration, Refugees and Citizenship Canada (IRCC) updated the cost-of-living requirement for study visa applicants, effective January 1, 2024.

Compared to the early 2000s, when the minimum was $10,000 for a single candidate, this modification represents a significant shift. This year's revised cost-of-living requirement is $20,635, plus the first year's tuition and living expenses.

By raising the financial criterion, the IRCC hopes to protect students from exploitation and vulnerability. It acknowledges that the previous threshold is out of date and no longer fairly represents the genuine cost of living for students in Canada. Acknowledging the possible obstacles that may arise from this modification, IRCC intends to launch focused trial programs to help underrepresented groups of foreign students continue their education in Canada.