The Canadian government has announced an adjustment in the “cost-of-living financial requirement for study permit applicants,” particularly affecting international students.
Starting from January 1, 2024, the new requirement will see an increase from $10,000 to $20,000.
Minister of Immigration, Refugees and Citizenship, Marc Miller, revealed this development in a statement on Thursday.
Under the updated regulations, a single applicant must demonstrate they possess $20,635, equivalent to 75% of the Low Income Cut-Off (LICO). This financial proof is in addition to covering their first year of tuition and travel expenses.
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Minister Miller clarified that the revised requirement will be applicable to new study permit applications received on or after January 1, 2024.
The statement revealed
“Starting January 1, 2024, the cost-of-living financial requirement for study permit applicants will be raised so that international students are financially prepared for life in Canada.
“For close to two decades, study permit applicants for international students have remained at $10,000. This review, which takes effect from January 1, ‘will help prevent student vulnerability and exploitation.”
This announcement follows closely on the heels of the United Kingdom’s recent adjustments to visa rules, which aim to create more stringent conditions for applicants, including those from Nigeria.
Home Secretary James Cleverly outlined these changes in the House of Commons on Monday, indicating a broader trend in global immigration policies.
Reactions have started to trail this new development, as the Canadian government’s decision is expected to have implications for prospective international students, who will now need to meet the heightened financial criteria to pursue education in the country.
