International Students Will Now Have To Pay Two Times Financial Prerequisites In Canada. Check It Out

The Canadian government has announced an increase in the cost of living financial prerequisite for international students applying for a study permit. Beginning from January 1, 2024, individual students would now have to make available CAN$20,635 in funds, over two times the past requirement of CDN$10,000.

The move, as per the government is to address a disturbing trend where students, meeting the previous limit, struggle upon arrival, presenting themselves to possible double-dealing and monetary weakness. The change, the first in a decade, reflects the federal government’s wider scrutiny of Canada’s international student program.

In terms of economics, the new amount equals 75% of Canada’s low-income threshold, ensuring that people can afford basic necessities. Marc Miller, Minister of Immigration, Refugees, and Citizenship, accentuated that these progressions are significant for the success of international students in Canada.

Nonetheless, recognizing that not all students can meet the increased investment funds prerequisite, the government intends to steer drives to help such international students. Critics, including Sarom Rho of Migrant Students United, argue that the sudden financial adjustment pose a hindrance for working-class students, prompting urgent calls for stability, fairness, and permanent residency for all.

The heightened financial requirement comes amid concerns about the rising cost of living in Canada for international students. A September 2023 survey by the Daily Bread Food Bank revealed that living expenses estimated during the application process significantly underestimated the actual costs for students in Toronto.

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As international students grapple with financial challenges, Minister Marc Miller issued a warning to institutions and provinces, urging them to improve student supports. He emphasized the need for institutions to accept a manageable number of students and provide adequate housing or assistance in finding off-campus accommodation.

Ahead of September 2024, the government is prepared to take measures, including visa limitations, to ensure institutions offer sufficient support.

These developments underscore the evolving landscape of Canada’s international student program, with the government striving to strike a balance between attracting global talent and safeguarding the well-being of those pursuing education there.

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