Canada has announced a major increase in the cost-of-living funds required for study permit applications in a significant move that affects international students. Starting January 1, 2024, students applying for Study Permits in Canada must demonstrate financial sufficiency of CA$20,635, more than double the previous requirement of CA$10,000.

Financial Struggles of International Students

This change, announced by Immigration, Refugees and Citizenship Canada (IRCC), comes amid escalating living costs and a housing affordability crisis in the country. Reports have emerged of international students resorting to food banks, highlighting their financial struggles.

The IRCC explained that the financial requirements for study permit applicants had yet to be updated since the early 2000s. The increase aims to reflect the actual living costs in Canada more accurately. Immigration Minister Marc Miller emphasized that this measure is crucial for the success of international students, ensuring they are well informed about the real expenses of living in Canada.

However, this decision has raised concerns about its impact on future applications. Ontario-based immigration expert Naresh Chavda predicts a significant effect on the volume of applications from countries like India. The total cost, including proof of funds for a year of study and airfare, could amount to an estimated ₹35 to ₹50 lakh before a student even enters Canada.

Action Against Educational Institutions

The IRCC also plans to act against educational institutions that fail to provide adequate housing for international students. Measures could include limiting visas to ensure that these institutions offer sufficient support, including housing, as part of the academic experience. Miller pointed out that some institutions have been operating as ‘diploma mills’, providing an inadequate student experience, and stressed the need to end such practices.

These changes reflect Canada’s commitment to ensuring international students are well-supported. While this move could potentially reduce the number of applications, it also aims to safeguard students’ well-being and success in the country. Students planning to study in Canada must now prepare for these increased financial requirements and ensure they are adequately equipped to meet the challenges of living and studying abroad.

The Canadian government, acknowledging its responsibility in welcoming international students, is prepared to take necessary steps to ensure that educational institutions fulfill their role in providing adequate student support. This adjustment in financial requirements for study permits is a step towards ensuring a more realistic and well-supported academic journey for international students in Canada.

Know More At Choice Immigration Services

If you’re an aspiring student and looking for the Best Immigration Consultants in Edmonton, get in touch with Choice Immigration Services today. Our team of experts will keep you informed on all the latest updates by IRCC concerning your immigration needs.