Canadian Government doubles financial requirement for study permit applicants, including Nigerians

The Canadian government has made a significant adjustment to its financial requirements for study permit applicants and international students, increasing the “cost-of-living” threshold from $10,000 to $20,000 starting January 1, 2024. Minister of Immigration, Refugees, and Citizenship, Marc Miller, made the announcement on Thursday, emphasizing the need for financial preparedness among international students residing in Canada.

Under the new regulations, a single applicant must demonstrate possession of $20,635, equivalent to 75% of LICO (Low-Income Cut-Off), in addition to covering the costs of their first-year tuition and travel expenses. Minister Marc Miller clarified, “This change will apply to new study permit applications received on or after January 1, 2024.”

The decision to review and increase the cost-of-living financial requirement aims to enhance the financial resilience of international students during their stay in Canada. The statement highlighted the need to prevent student vulnerability and exploitation by aligning the financial criteria with the current economic landscape.

This adjustment follows nearly two decades during which study permit applicants for international students maintained a $10,000 financial requirement. The proactive move reflects the Canadian government’s commitment to ensuring the well-being of international students and addressing changing economic realities.

It’s noteworthy that this change in financial requirements comes shortly after the United Kingdom implemented stricter visa regulations, impacting applicants, including Nigerians. The revisions, revealed by Home Secretary James Cleverly, aim to create more robust visa processes and maintain the integrity of the immigration system.