Canada 2024: New Financial Thresholds for Study Permits
- Dr. Harrison Tighiri, RCIC-IRB
- Jan 6, 2024
- 3 min read
The financial requirements for Canada's study permit applicants has increase effective January 1, 2024. Previously, a single student needed CAD 10,000 annually for living expenses, excluding tuition. After the revision, a single student will require CAD 20,635 per year. This amount is set to adjust annually in line with the low-income cut-off (LICO) updates by Statistics Canada. The increase aims to ensure international students are financially prepared for life in Canada. For more details, you can visit the Government of Canada's website.
Minimum funds needed to support yourself as a student (and family members who come with you) - All provinces except Quebec Effective January 1st, 2024
Family Size | Living Expenses (CAD) / Year |
1 | 20635 |
2 | 25690 |
3 | 31583 |
4 | 38346 |
5 | 43492 |
6 | 49051 |
7 | 54611 |
Each additional member beyond 7 | +5559 per member |
Case Study: Understanding Canada's 2024 Study Permit Financial Requirements
Scenario 1: Single Applicant - Amara Adeyemi
Background: Amara Adeyemi, a 19-year-old Nigerian student, has been accepted to a university in Toronto for a Bachelor's in Environmental Science starting September 2024.
Financial Planning:
Living Expenses: Under the new 2024 requirements, Amara needs CAD 20,635 for her living expenses, excluding tuition.
Tuition Fees: Her annual tuition is estimated at CAD 25,000.
Travel Costs: Approximately CAD 2,000 for a round-trip flight from Lagos to Toronto.
Total Budget for One Year:
Living Expenses: CAD 20,635
Tuition Fees: CAD 25,000
Travel Costs: CAD 2,000
Total: CAD 47,635
Scenario 2: Family of Two - Amara and Her Younger Brother, Kayode
Background: Two years later, Amara's younger brother, Kayode, also plans to study in Canada. The family now needs to budget for two people.
Financial Planning:
Living Expenses: For two people, the requirement is CAD 25,690, assuming Kayode will live with Amara.
Tuition Fees: Assuming similar tuition fees for Kayode, an additional CAD 25,000.
Travel Costs: Another CAD 2,000 for Kayode's travel.
Total Budget for One Year for Both:
Living Expenses: CAD 25,690
Tuition Fees for Amara: CAD 25,000
Tuition Fees for Kayode: CAD 25,000
Travel Costs: CAD 4,000 (2,000 per person)
Total: CAD 79,690
Conclusion: The Adeyemi family's case illustrates the significant financial commitment required for international students and their families under Canada's new regulations. It highlights the need for meticulous financial planning and exploration of funding options like scholarships, savings, or loans. These scenarios show the impact of the new requirements on families with one or more members studying in Canada, emphasizing the importance of being financially prepared for the higher cost of living and education.
Scenario 3: Married Applicant with a Dependent Spouse and Child
Background: Amara Adeyemi, 23, is married with a 5-year-old son. She plans to pursue a Master's degree in Canada. Her husband will accompany her on a Spouse Open Work Permit (SOWP), and they plan to bring their son.
Financial Planning:
Living Expenses: The 2024 requirement for a family of three is CAD 31,583, not including tuition.
Tuition Fees: Amara's annual tuition is estimated at CAD 20,000.
Travel Costs: The estimated round-trip flight cost for the family from Nigeria to Canada is CAD 4,500.
Total Budget for One Year:
Living Expenses: CAD 31,583
Tuition Fees: CAD 20,000
Travel Costs: CAD 4,500
Total: CAD 56,083
Additional Considerations:
Spouse’s Employment: Amara's husband intends to work in Canada, potentially offsetting some living expenses.
Childcare Costs: Childcare for their son, a significant factor depending on location and care type.
Conclusion: The Adeyemis' scenario illustrates the financial commitment for a family studying in Canada. It highlights the need for thorough planning and understanding of all expenses, including tuition, living, travel, and childcare. The potential income from a spouse's employment in Canada can provide some financial relief. This case study serves as a practical example for families considering educational opportunities in Canada, emphasizing the importance of comprehensive budgeting and preparation for various costs.
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