On December 7, 2023, Minister Marc Miller of Immigration, Refugees and Citizenship Canada (IRCC) announced several important updates affecting international students coming to (or already studying in) Canada. These policies will help protect international students against an increased cost of living and recent housing challenges.
As of January 1, 2024, the minimum financial requirement that students must show as part of their study permit application will rise from C$10,000 (where it has sat for nearly two decades) to C$20,635 to reflect the rising cost of living.
In addition, the current waiver on working hour limits for international students, which was set to expire as of December 31, has now been extended to April 30, 2024. This enables students to continue working off campus for more than 20 hours per week during the winter semester. Minister Miller also provided updates on some temporary measures related to post-graduation work permits, which are detailed below.
Keep reading for more details and insight into how these updates may affect you as an international student, advisor, or recruitment partner.
Did you know: In Canada, immigrants account for 36% of medical doctors, 33% of business owners with staff, and 41% of engineers.
Higher Cost-of-Living Financial Minimum for Students
Perhaps the biggest news in this package of announcements involves Canada’s revised expectations for proof of financial support as required on a student’s study permit application.
When international students apply for their Canadian study permit (often referred to as a student visa), they’re required to show their access to a set amount of savings, thus proving they’re financially prepared to live and study in Canada. For the past several years, this amount was set at C$10,000 (plus travel costs and the cost of tuition for one year) for a single applicant. However, rising costs of living have made this an unrealistically low number for students to plan around.
From now on, IRCC will raise this financial requirement on an annual basis, based on the latest low-income cut-off as reported by Statistics Canada. In 2024, a single applicant will be required to show they have access to C$20,635, as well as enough funds to cover their travel expenses and the cost of their first full year of tuition.
This new minimum amount will come into effect for all new study permit applications as of January 1, 2024. This change also applied to those applying through Canada’s Student Direct Stream before November 8, 2024, which requires students to show their proof of financial support through a Guaranteed Investment Certificate (GIC). GIC amounts will now need to be at least C$20,635 instead of the previous C$10,000 minimum.
GICs are an excellent way for any international student applying for their Canadian study permit to prove their financial preparedness. Learn more about GICs on the ApplyBoard blog.
Working Hours Limit Waiver Extended to April
Although Minister Miller’s announcement was primarily focused on the higher financial requirement, he also provided some timely updates on a few other temporary student-facing measures.
Back in the fall of 2022, IRCC announced that as of November 15, 2022, and continuing throughout 2023, international students with off-campus work authorization on their study permit would be able to work off-campus for more than the standard 20 hours per week during their studies.
This temporary waiver was expected to expire on December 31, 2023, but is now being extended until April 30, 2024. This extension applies to international students already in Canada, as well as incoming applicants who have submitted their study permit application as of December 7, 2023.
This work-hours waiver has benefitted international students in many ways. They now have greater flexibility to choose their working hours, can graduate with more work experience, and can earn more income to support their studies.
Although the extension only lasts until the end of April, notably, Minister Miller did not close the door on permanently raising the working hours limit to 30 hours per week. As the official news release states:
“We continue to examine options for this policy in the future, such as expanding off-campus work hours for international students to 30 hours per week while class is in session.”
Learn more about working hours for international students in Canada on our blog.
A Few Post-Graduation Work Permit Updates
Over the past few years, due to the significant changes and restrictions in mobility caused by the global COVID-19 pandemic, the Canadian government made temporary changes to its popular Post-Graduation Work Permit (PGWP) Program.
One of these measures allowed international students to study remotely online instead of in Canada, while still counting that study time toward a future PGWP (up to a maximum of 50% of the program of study). Today, IRCC announced this measure remains in effect for any students who begin a Canadian study program before September 1, 2024—the final cut-off date for students to benefit from this unique rule.
Also due to the pandemic, Canada previously announced extensions for qualifying PGWP holders who were unable to take full advantage of their PGWP after graduating. An additional work permit enabled these PGWP holders to gain work experience in Canada. Today, Minister Miller confirmed that those with PGWPs expiring before the end of 2023 are still eligible for the extension, but that this policy will not be extended any further.
These updates from Canada’s IRCC help to ensure that international students are set up for success when studying, working, and living in Canada. ApplyBoard is glad to see the Canadian government taking steps to address many of the recently highlighted issues faced by international students.
In 2024, we hope to see even more measures taken to properly support and facilitate the well-being of international students in Canada.
As always, for the most up-to-date information, please visit the news page on the IRCC website.
