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Canada rejigs international student requirements

Canada is making significant changes to the financial requirements for international students starting January 1, 2024. The move, announced by Minister of Immigration, Refugees, and Citizenship Marc Miller aims to ensure that international students “are financially prepared for life in Canada.”

The cost-of-living financial requirement for study permit applicants has remained static since the early 2000s, creating a gap between the financial needs of students and the rising cost of living. Currently set at $10,000 for a single applicant, this requirement will see a substantial increase to $20,635 for 2024, representing 75% of the low-income cut-off (LICO). This adjustment reflects the government’s commitment to aligning financial requirements with current living standards.

Miller emphasized, “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. We are also exploring options to ensure that students find adequate housing. These long-overdue changes will protect international students from financially vulnerable situations and exploitation.”

You can read more on the matter here.

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