Increased Cost of Living Requirement for International Students to Canada – How TD can help?

Published: January 3, 2024

As of January 1, 2024, Immigration Refugees and Citizenship Canada (IRCC) has raised the cost-of-living financial requirement for single study permit applicant from $10,000 to more than double at $20,635.

As of January 1, 2024, Immigration Refugees and Citizenship Canada (IRCC) has raised the cost-of-living financial requirement for single study permit applicant from $10,000 to more than double at $20,635.

This is in addition to the first-year tuition fee and travel cost of coming to Canada that an international student has to account for. This increase will be applicable for all new study permit applications received on or after January 1, 2024.

The IRCC also notes that the new financial guidelines will be applied to the Student Direct Stream (SDS). The SDS is a study permit stream for applications from residents of 14 countries that offers faster processing of application within 20 calendar days if certain requirements are met.

Benefit from TD's International Student GIC Program

Requirements to apply using the SDS?

You must:

  • Live outside of Canada and be a legal resident of one of the designated 14 countries
  • Have an acceptance letter from a post-secondary designated learning institute (DLI)
  • Have the minimum score required for one of the qualifying language tests
  • Show that you have an International Student GIC of CAD $20,635 (starting January 1, 2024)

TD is here to help provide a smooth transition for international students in Canada. When you apply for, and participate in the TD International Student GIC Program, it can help you expedite your study permit application under the SDS program if you are from one of the 14 designated countries. An International Student Guaranteed Investment Certificate (ISGIC) can be a safe way to save money because your original investment is secure. Plus, you’ll earn a guaranteed rate of return for the term of your investment.

Benefits of TD International Student GIC Program:

  1. No application fees when you apply for the TD International Student GIC Program
  2. A simple online application for international students to a TD International Student GIC
  3. Potential to earn interest even before you arrive in Canada at a competitive rate of 4.9%[1]

After arriving in Canada, starting your banking as an international student is an important part of your initial journey.  As an international student, you can open chequing or savings accounts with a Canadian financial institution and get access to helpful services, such as wire transfers, currency exchange, and debit and credit cards. Make sure you research the different options available and compare rates, fees, and student discounts to find the best fit for your needs. TD offers a specially designed TD International Student Banking Package to support you.

TD International Student Banking Package Includes:

  1. No monthly fee TD Student Chequing Account (until 23 years old or with proof of enrollment in full-time post-secondary education)
  2. TD Rewards Visa* Card, subject to approval
  3. No monthly fee savings accounts – TD Every Day Savings Account & TD ePremium Savings Account

With the offers specially designed for international students, TD strives to make the transition easier, so you can focus on your studies and enjoy your experience in Canada.

Learn more about TD's International Student Banking Package

Why Choose TD?

150 years helping Canadians:

TD has a proud history of delivering financial solutions to Canadians for more than 150 years. TD also brings a century of experience helping newcomers navigate the unique challenges of the Canadian banking system.

With over a thousand branches, a reputation for excellence in financial services, and the ability to also serve you in more than 60 different languages, TD has become one of the largest and most trusted banks in Canada, now serving 16 million Canadians.

TD offers online support and resources of interest to newcomers on topics such as banking. basics, moving to Canada, credit score essentials, and more. TD is open longer hours for your convenience. TD has thousands of ATMs across Canada to help you take care of your everyday banking quickly and easily.

Ready to Bank?

Learn more about  TD International Student Banking Package today    

If you have already arrived in Canada book an appointment to talk with a TD Personal Banking Associate about the TD New to Canada Banking Package. You can book online right away, or visit the TD website to learn more.

Legal Disclaimer: Information provided by TD Bank Group and other sources in this article is believed to be accurate and reliable when placed on this site, but we cannot guarantee it is accurate or complete or current at all times. Information in this article is for informational purposes only and is not intended to provide financial, legal, accounting or tax advice and should not be relied upon in that regard. This information is not to be construed as a solicitation to buy. Products and services of the TD Bank Group are only offered in jurisdictions where they may be lawfully offered for sale. All products and services are subject to the terms of the applicable agreement. The information in this article is subject to change without notice. ® The TD logo and other trademarks are the property of The Toronto-Dominion Bank or its subsidiaries.

* Trademark of Visa International Service Association; Used under license.

[1] Current interest rate as of Dec 21, 2023. Subject to change

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