admin In a significant policy update, Immigration Minister Marc Miller announced that Canada is set to increase the cost-of-living financial requirement for incoming international students by more than double starting January 1, 2024. This move, aimed at ensuring financial preparedness for students, will impact individuals, especially from India, the leading country of origin for study permit holders in 2022, boasting a substantial 319,000 students.
Rectifying Historical Discrepancies: Aiming for Financial Preparedness and Security
Minister Miller underscored the necessity of this change, noting that the existing financial requirement of $10,000 had not kept pace with the cost of living over the years. The updated amount of $20,635 will be annually adjusted based on Statistics Canada’s benchmarks for living costs, providing a more accurate reflection of the financial demands students face. The adjustment is envisioned to empower international students with the necessary resources for a positive and secure experience in Canada.
This move is not only about financial rectification but also addresses concerns related to potential exploitation. Miller expressed worries about fraudulent employers and substandard schools, threatening to cap visas in provinces that do not support student housing or regulate questionable educational institutions. The overarching goal is to safeguard international students from unsavoury actors and ensure a legitimate and positive educational experience.
Other Changes
Beyond the financial adjustment, the Canadian government is making additional changes to support international students. The government also plans to extend the 20-hour/week off-campus work limits waiver until April 30, 2024, and there’s consideration to increase off-campus work hours to 30 per week during class sessions. These measures are grounded in data showing that 80% of international students already work more than the current limit.
These shifts in policy align with a broader government effort to address concerns about rising living costs and housing shortages. Minister Miller emphasised the importance of recognising learning institutions that provide high-quality services and support, including housing, and expects institutions to only accept students they can adequately accommodate. The comprehensive strategy aims to create a positive and supportive environment for international students in Canada, fostering a mutually beneficial educational experience.
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