• Dec 09, 2023
• Kawaljeet Kaur

Canada has Updated the Financial Proof Requirement and Extended their Work Rights to Study in Canada

The GIC amount to study in Canada is now C$20,635 instead of the previous C$10,000 minimum for international students. 

On December 7, 2023, Minister Marc Miller of Immigration, IRCC (Immigration, Refugees and Citizenship Canada)  announced numerous updates for international students to study in Canada. These policies are updated to protect international students from Canada's increasing cost of living and housing challenges. 

To reflect the rising cost of living, the minimum financial requirement that international students have to show in their study permit application has been raised from C$10,000 to C$20,635 from January 1, 2024. 

Additionally, the current waiver of part-time working hours is limited for international students. Initially, the working hours limit was set to expire on December 31 which has now been extended to April 30, 2024, for international students. It will allow students to work off campus working during the winter semester for over  20 hours per week.

Minister Miller has also announced new updates for some temporary measures related to post-graduation work permits for international students.

To get a Canadian study permit international students are required to show their access to a set amount of savings. It shows they are financially stable enough to study in Canada for higher education. For a single student, this amount was set at C$10,000 along with tuition and travel costs for one year. However, due to the rising cost of living in Canada, IRCC has now raised this financial requirement to C$20,635 based on the latest low-income cut-off as reported by Statistics Canada. 

This epic update will help international students to make their study abroad journey easier towards the rising cost of living in the country. So, if you are all set to fly to Canada for the next 2024 intake, you can start your journey with a Career Clinic and stay updated with the latest study abroad news.