Canada Implements Stricter Measures for International Students to Enhance Financial Preparedness
Written by Sanjay Kumar
In a bid to bolster the financial readiness of international students, Canada’s Minister of Immigration, Refugees, and Citizenship, Marc Miller, has unveiled significant reforms to the country’s study permit requirements. The changes, slated to be enforced from January 1, 2024, primarily focus on a substantial increase in the cost-of-living financial prerequisite for study permit applicants.
Miller emphasized the importance of these changes, stating, “International students provide significant cultural, social, and economic benefits to their communities, but they have also faced challenges navigating life in Canada. 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.”
Historically stagnant since the early 2000s at USD 10,000 for a single applicant, the cost-of-living requirement is now set to surge to USD 20,635. This new threshold represents 75 per cent of the low-income cut-off (LICO) and will be subject to annual updates based on Statistics Canada’s LICO data. The adjustment aims to ensure that international students are adequately prepared for the evolving financial demands of life in Canada.
The move not only responds to the rising cost of living but also addresses challenges faced by international students, particularly in finding suitable housing. The reforms align with the government’s commitment to protecting students from financial vulnerability and exploitation.
To further support underrepresented cohorts of international students, the government plans to launch targeted pilots in collaboration with partners in 2024. These initiatives will explore new ideas to facilitate the pursuit of studies in Canada for students facing unique challenges.
The announcement follows the October 27, 2023, reforms to the International Student Programme, introducing a new framework to recognize learning institutions providing top-quality services and support, including housing. Learning institutions are now expected to accept only the number of students they can adequately support.
Minister Miller also provided updates on three temporary policies affecting international students, including an extension of the waiver on the 20-hour-per-week limit for off-campus work until April 30, 2024, and the continuation of a facilitative measure allowing the counting of online study time towards post-graduation work permits.
While acknowledging the significant benefits international students bring to Canada socially, culturally, and economically, the government underscores the need to address challenges that have made some students vulnerable. The revised cost-of-living threshold is considered a crucial step to ensure the success and well-being of international students in Canada, according to the official release.
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