Canada has announced a significant adjustment to its visa requirements, impacting international students seeking study permits. Starting January 1, 2024, the cost-of-living financial requirement for study permit applicants will be increased from $10,000 to $20,000, according to a statement from Marc Miller, the Canadian Minister of Immigration, Refugees, and Citizenship.
In his announcement on Thursday, Miller stated that this adjustment aims to ensure that international students are financially prepared for life in Canada.
For the year 2024, a single applicant will be required to demonstrate possession of $20,635, representing 75% of the Low-Income Cut-Off (LICO), in addition to covering their first-year tuition and travel costs.
The revised requirement will be applicable to new study permit applications received on or after January 1, 2024.
The statement highlighted that this review is implemented to safeguard international students from vulnerability and exploitation.
The move is part of Canada’s commitment to maintaining the well-being of students entering the country and aims to prevent financial challenges during their stay.
This adjustment in visa requirements is expected to have implications for prospective international students planning to pursue education in Canada, as they now need to meet the updated financial criteria starting next year.
