WHATSAPP
As of January 1st, 2024, Canada is adjusting its cost-of-living requirement for study permit applicants. The new minimum proof-of-funds amount sits at $20,635 for a single applicant, with additional funds required for dependents. This marks a notable increase from the previous $10,000, so budgeting will be key.
Studying abroad is a thrilling adventure with academic enrichment, cultural immersion, and personal growth. But before you get swept away, there’s one crucial reality check: Canada study permit costs.
In the following section, we shall discuss the rising in Canada study permit costs aligning closely with other popular study destinations like Australia, and New Zealand. We shall also cover major study-abroad destinations like the United States and Europe.
Canada Study Permit Costs vs. Other Global Destinations
Canada positions itself competitive in the global education market, although the recent hike in student visa costs remains higher compared to some countries.
Let’s begin comparing living expenses for studying abroad in different countries:
Financially speaking, Australia takes the top spot with living expenses mirroring Canada’s new requirement of $21,826 CAD, followed by New Zealand at $20,340 CAD.
England offers more variation, ranging from $15,680 CAD to $20,447 CAD, depending on location. England is a part of the United Kingdom (UK) that also groups Scotland, Wales and Northern Ireland.
Across the sea, the United States of America sets a lower bar with $10,000 USD annually, while continental Europe shines with even lower expectations. France, Germany, and Denmark have flexible financial requirements, with Denmark’s living costs as low as $1,175 CAD!
Popular Choice: Top Study Abroad Destination
In a survey of international study preferences, Canada emerged as the clear frontrunner, with more than one in four respondents ranking it as their top choice. This surpasses other popular destinations like the United States, Australia, and the United Kingdom.
Canada’s world-class education system, diverse program offerings, and generous financial aid options for international students likely contributed to its appeal.
Explore more study abroad destinations here.
Post-Study Opportunities for International Students in Canada
International students in Canada can seamlessly blend education with practical experience and financial support. Here’s how:
Part-Time Perks:
◼ Work-Life Balance: During semesters, students can legally work up to 20 hours per week, balancing studies with valuable experience and income.
◼ Full-Time Freedom: During scheduled breaks like winter or summer holidays, students can switch to full-time work, maximizing their earning potential.
Post-Graduation Pathway:
◼ Experience Counts: Canada’s Post-Graduation Work Permit (PGWP) program allows graduates to gain valuable work experience in their field for up to 8 months to 3 years, depending on their study program.
◼ Pathway to Permanence: This work experience significantly boosts PGWP holders’ chances of securing Canadian permanent residence, making Canada a springboard for long-term success.
Global Appeal:
1. A recent IDP Education study revealed that:
2. 63% of students worldwide consider post-study work opportunities a major factor when choosing a study destination.
3. 72% of students in the study indicated they would actively seek a work permit after graduation.
Canada’s work-study blend and post-graduation pathways clearly resonate with international students seeking a future-oriented education experience.
The Verdict
To summarize, while Australia and New Zealand require a larger financial commitment, options like England and the US offer more flexibility. And for budget-conscious adventurers, Europe beckons with its charm and affordability — France, Germany, and Denmark all boast lower living expenses.
While costs are crucial, they’re not the only factor to consider.
Scholarships, financial aid programs, and part-time work opportunities can all ease the financial burden. Additionally, each destination offers unique academic, cultural, and professional advantages.
Canada, for instance, boasts renowned research institutions, a welcoming immigrant culture, and potential pathways to permanent residency. Study permit issuance in 2023 is already surpassing the record-breaking numbers of 2022.
Immigration, Refugees, and Citizenship Canada (IRCC) forecasts (internal policy document) predict a steady rise in international student numbers:
1. 949,000 in 2023
2. Over 1 million in 2024
3. 1.1 million in 2025
4. 1.28 million in 2026
5. 1.4 million in 2027
To make the most of these favourable times, plan your study abroad with CanApprove. Book your free appointment to get started!
