While education statistics confirm that there is little difference in the dropout rates of native-born and immigrant youth, analyses of Toronto District School Board (TDSB) data have revealed significant variation in school persistence within immigrant groups. Among newcomer youth, the decision to leave school early has been reported to be strongly influenced by socioeconomic status as well as such factors as country of origin, age at arrival, generational status, family structure, and academic performance. While living in low-income conditions is thought to place both foreign- and Canadian-born youth at risk of poor school performance and early school withdrawal, their substantially higher incidence of poverty suggests that today's immigrant youth are likely to face greater obstacles to academic success that may in turn have detrimental, long-term consequences. This paper uses TDSB data to investigate the extent to which living below the low-income cutoff affects the likelihood of dropping out of secondary school, while taking into account generational status as well as a variety risk factors, noted above. Policy implications are discussed.