Canada will ask international students to have more money in their accounts
Financial requirements for those coming to the country to study have been updated.
Immigration Minister Marc Miller announced on Dec. 7 that financial requirements for study permit recipients will be raised starting Jan. 1, 2024.
Why?
This decision is related to the rising cost of living in Canada and is driven by concern for students. The previous requirements did not reflect the current realities in the country, and foreigners coming to Canada on a tight budget were severely underfunded.
Moreover, from now on, this threshold will be adjusted every year — when Statistics Canada updates the low-income cut-off (LICO).
How much do you need to have in your account?
In 2024, each applicant must have at least CA$ 20,635 in an account, which is 75% of the cost of living. And this is in addition to first-year tuition and transportation costs.
The changes to the financial requirements will apply to student permit applications received beginning January 1, 2024.
How much bigger is it than it used to be?
The requirement for student permit applicants has not changed since the early 2000s when it was set at CA$ 10,000 per person.
Thus, financial requirements have not kept pace with the cost of living over time, with the result that students who come to Canada find out on the spot that the funds available to them are insufficient.
Although the new requirements will help prevent many students from being exploited, the Department of Immigration realizes that students still need help from the government. In 2024, the government intends to implement targeted pilot projects to test new ways of supporting different categories of students.
What else should students be aware of?
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Updating financial requirements is just one step in the global reform of the International Student Program announced Oct. 27. Recently, for example, the verification of enrollment letters became required. All innovations are aimed at ensuring a decent education and standard of living for students.
In addition to the new financial requirements, Marc Miller reminded that several other changes will go into effect in the coming year of 2024:
- The ability to work more than 20 hours a week will be extended until April 30, 2024 — and the Department of Immigration is considering changing that to 30 hours of work per week in the future.
- For students who begin their studies before September 1, 2024, there will be a measure to credit online learning time for future work authorization after graduation if it is less than 50% of the program of study.
- The pandemic policy of granting additional work authorization expires on December 31, 2023 — and will not be renewed.
In addition, ahead of the September 2024 semester, Canadian authorities are going to limit the number of student visas to ensure that all students at all institutions receive adequate and sufficient support.
To achieve this outcome, the federal government is going to work together with provincial and territorial governments, training institutions and other education stakeholders.
