The Canadian government has announced a significant increase in the cost-of-living financial requirement for incoming international students, effective January 1, 2024. Minister of Immigration, Refugees, and Citizenship Marc Miller stated in a news release that a single applicant must demonstrate possession of 20,635 Canadian dollars ($15,181) in addition to their first-year tuition and travel costs.
The cost-of-living requirement for study permit applicants has remained unchanged since the early 2000s when it was established at 10,000 Canadian dollars ($7,357). This lack of adjustment to the financial requirement has failed to keep pace with the rising cost of living, leading to situations where students arrive in Canada only to discover that their funds are insufficient, according to the release.
Miller specified that this threshold will be subject to annual adjustments based on updates to the low-income cut-off (LICO) by Statistics Canada. LICO represents the minimum income necessary to ensure individuals do not spend an excessively high proportion of income on essential needs.
In emphasizing Canada's responsibility to support international students upon their arrival, Miller noted that measures, including visa limitations, will be implemented before the September 2024 semester to ensure that designated learning institutions offer appropriate and adequate support to students as part of their academic experience.
International education plays a substantial role in Canada's economy, contributing over 22 billion Canadian dollars (16 billion U.S. dollars) in economic activity annually. This figure surpasses Canada's exports of auto parts, lumber, or aircraft and sustains more than 200,000 jobs in the country, according to the release.
(With Agency Inputs)
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