The required amount—which had been stagnant for more than a decade—will also now be recalculated each year to keep pace with inflation.
The required amount—which had been stagnant for more than a decade—will also now be recalculated each year to keep pace with inflation.
Canada is increasing the cost-of-living financial requirement for international students for 2024.
Beginning Jan. 1, the requirement for each study permit applicant will increase to CA$20,635 (approx. US$15,000), more than doubling the $10,000 standard that had been set since the early 2000s, according to the agency Immigration, Refugees and Citizenship Canada (IRCC).
The adjustment aims to ensure new entrants are “financially prepared” for https://msmreporter.com/study-visa-no-guarantee-for-permanent-residency-canadian-senators-warn/, which has been working to stabilize inflationary pressure throughout the year.
Low-income cut-off
The required amount—which had been stagnant for more than a decade—will also now be recalculated each year to keep pace with the low-income cut-off (LICO) identified by Statistics Canada. The cut-off refers to the minimum income individuals need to live comfortably in the country.
For 2024, the income standard for international students will be equivalent to 75% of LICO. The amount required is in addition to their first year of tuition and travel costs.
True cost of living
While Canada remains a top destination for international students because of its quality of education, cultural diversity, and economic opportunities, the IRCC also recognizes the hurdles that international students face—not the least of which are finding adequate housing and buffering the impact of inflation on their quality of life.
“We are revising the cost-of-living threshold so that international students understand the true cost of living here. This measure is key to their success in Canada,” Immigration Minister Marc Miller said.
“We are also exploring options to ensure that students find adequate housing. These long-overdue changes will protect international students from financially vulnerable situations and exploitation.”
The move to raise the financial requirement aims to prevent the exploitation of students who might be forced into illegal employment arrangements in Canada in a bid to make ends meet.
Helping underrepresented cohorts
But while the increase will likely limit the number of applicants eligible for entry, the IRCC will also explore avenues to continue to diversify the cohort of students choosing the country.
“Next year, in collaboration with partners, we intend to implement targeted pilots that will test new ideas aimed at helping underrepresented cohorts of international students pursue their studies in Canada,” the IRCC said.
“In welcoming international students, we have a responsibility to make sure that students are supported when they come to our country.”
Months before the September 2024 semester, the IRCC will be considering measures such as limiting visas and ensuring “designated learning institutions provide adequate and sufficient student supports as part of the academic experience.”
The IRCC said it will collaborate with provincial and territorial governments, learning institutions and other education stakeholders, to support the success of Canada’s international student population.
