In a statement on Thursday, Marc Miller, Minister of Immigration, Refugees, and Citizenship, announced that starting January 1, 2024, the minimum cost of living financial requirement for students will be increased from the current 10,000 Canadian dollars to 20,635 Canadian dollars.
He stated that this adjustment aims to ensure that students do not encounter financial hardship while in the country.This requirement will be revised annually, aligning with Statistics Canada’s low-income cut-off (LICO), which reflects the minimum income necessary for essential expenses.