IRCC sets limits on processed study permits, not issued ones..

It's important to distinguish between the cap on study permits processed and the cap on study permits issued by the Immigration, Refugees, and Citizenship Canada (IRCC). Recent statements by the immigration minister clarified that IRCC lacks the authority to impose a cap on the number of approved study permits. However, the department does have the ability to cap the number of study permit applications it processes. Under this framework, IRCC has established that the estimated cap for study permits issued is determined by the number of study permit applications it intends to process. Utilizing a national approval rate of 60%, the department projects that it will process a little over 600,000 applications.