Low-Income-Cut Off (LICO)
The Low-Income-Cut Off (LICO) serves as a crucial benchmark, ensuring individuals have sufficient income to meet their basic needs. As per the recent announcement, the LICO threshold for funds will be annually adjusted based on Statistics Canada's updates.
Updated Cost of Living
The cost-of-living requirement for study permit applicants has long stood at $10,000 for a single applicant, a figure established in the early 2000s. Recognizing the need for adjustment to reflect the current economic landscape, starting in 2024, applicants must showcase financial capacity by having $20,635, equivalent to 75% of the LICO. This change applies to new study permit applications received on or after January 1, 2024.
Permit to Off-campus Work
The extension of the waiver on the 20-hour-per-week limit for off-campus work during class sessions is now extended until April 30, 2024. This extension benefits both current international students in Canada and those who submitted study permit applications by December 7, 2023. This flexibility allows individuals falling under these categories to work off-campus for more than 20 hours per week until the specified date.