Maple News reports that recent regulatory changes from Immigration, Refugees and Citizenship Canada (IRCC) present a significant opportunity for international students planning to study in Canada. With key policy updates taking effect on January 1, 2024, applicants who finalize and submit their study permit applications in December 2023 stand to benefit—in both cost savings and program flexibility.
The most impactful update is an increase in the financial threshold international students must meet. Starting next year, applicants will need to prove they have at least $20,635 CAD available for living expenses—more than double the current $10,000 CAD requirement established in the early 2000s. However, those who apply before January 1 will still be assessed under the existing $10,000 CAD rule, giving prospective students a chance to save over $10,000 in required financial documentation.
Still, Maple News cautions that while applicants may qualify under the lower financial requirement, they should seriously consider whether $10,000 CAD is realistic given today’s living costs in Canada. IRCC’s updated amount is meant to more accurately reflect the expenses international students typically face.
Another advantage of applying in December is continued access to flexible study options. IRCC has extended its temporary policy that allows students to begin their studies from outside Canada—with remote learning time still counting toward their Post-Graduation Work Permit (PGWP). Students are eligible for this provision if their program starts before September 1, 2024, and less than 50% of their coursework is completed from abroad. This can significantly reduce upfront housing and living costs.
To apply for a study permit, applicants must present a letter of acceptance from a Designated Learning Institution (DLI), a valid passport, proof of financial support for tuition, travel, and living expenses, and additional documents that vary by region. Those studying in Quebec must also secure a Quebec Acceptance Certificate (CAQ). Medical and criminal admissibility and evidence of temporary intent to stay in Canada are also evaluated by IRCC officers.
Fast processing options are available for eligible students through the Student Direct Stream (SDS), which offers study permit processing in as little as 20 days. This expedited path is limited to applicants from specific countries and requires additional criteria, such as proof of language proficiency and a Guaranteed Investment Certificate (GIC).
Maple News emphasizes that while applying early can offer strategic advantages, navigating the application process can be complex. Immigration officers are granted discretion and may reject an application—even when all documents are in order—if they’re not convinced the applicant will leave Canada at the end of their stay. Many students seek professional guidance from immigration experts to strengthen their applications and avoid unforeseen delays or denials.