Canada, a premier destination for international students, is taking significant steps to improve the study and living experience for those seeking education in this diverse and welcoming country. Marc Miller, the Honourable Minister of Immigration, Refugees and Citizenship, has announced key reforms targeting the financial stability and well-being of international students.
Starting January 1, 2024, Canada is raising the financial requirement for study permit applicants. This increase ensures international students are well-prepared for the cost of living in Canada. The change, linked to the low-income cut-off (LICO) by Statistics Canada, will be adjusted annually. The new requirement for a single applicant in 2024 is $20,635, plus tuition and travel expenses. This update is crucial for students looking into Canada immigration for international students.
This reform addresses the challenges international students face, such as finding adequate housing, ensuring they have sufficient resources to thrive in Canada. Additionally, Canada's commitment to supporting international students is evident in the development of a framework to ensure learning institutions provide comprehensive services, including housing.
As part of Canada's dedication to creating a supportive environment for international students, several temporary policies have been extended:
The increase in the cost-of-living financial requirement also influences the Guaranteed Investment Certificate (GIC) requirements. International students must ensure they meet these updated financial thresholds to maintain their study permits and support their stay in Canada.
These measures reflect Canada's dedication to enriching the academic and social experiences of international students. By addressing financial, housing, and work-related challenges, Canada aims to set international students up for success, ensuring they contribute positively to the country's diverse landscape.