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Our Media reports that prospective study permit applicants starting from January 1, 2024, will encounter an increased cost-of-living financial criterion, ascending to $20,635 from the initial $10,000. This adjustment aims to ensure that international students are adequately financially equipped for their life in Canada.
Honourable Marc Miller, Canada’s Minister of Immigration, Refugees and Citizenship, make this review know on Thursday. He emphasized that going forward, the new threshold will be annually adjusted in accordance with Statistics Canada’s updates to the low-income cut-off (LICO).
LICO signifies the minimum income required to prevent individuals from allocating a disproportionately high portion of their earnings towards basic necessities.
According to the details provided on the Canadian Government’s website, the cost-of-living requirement for study permit applicants has remained unchanged since the early 2000s, when it was established at $10,000 for a single applicant. This static financial criterion has failed to align with the evolving cost of living, leaving students arriving in Canada with insufficient funds and potentially plunging them into a financial crisis.
Therefore, in 2024, a sole applicant must demonstrate financial capacity totaling $20,635, equivalent to 75% of the Low-Income Cut-Off (LICO), along with covering their initial year’s tuition and travel expenses. This modification will be effective for study permit applications submitted on or after January 1, 2024.
All Nigeria Latest News reports that his adjustment aims to mitigate student vulnerability and reduce the risk of exploitation.
Minister Miller said: “We recognize that the impact of the change could vary depending on the applicant. 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.
“Today’s announcement follows important reforms to the International Student Program announced on October 27, 2023, regarding the development of a new framework to recognise learning institutions that provide top-quality services and support, including housing, to international students. We expect learning institutions to only accept the number of students that they can provide adequate support for, including housing options.
“In welcoming international students, we have a responsibility to make sure that students are supported when they come to our country. Ahead of the September 2024 semester, we are prepared to take necessary measures, including limiting visas, to ensure that designated learning institutions provide adequate and sufficient student support as part of the academic experience. In order to achieve this result, it is imperative to work together with provincial and territorial governments, learning institutions and other education stakeholders, so we can ensure international students are set up for success in Canada.”
