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Increase in Living Costs for Foreign Students in Canada | Doubled From January 2024

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Increase in Living Costs for Foreign Students in Canada | Doubled From January 2024

Increase in Living Costs for Foreign Students in Canada | Doubled From January 2024. Canada has recently made significant changes to the cost-of-living (COL) requirements for international students seeking study permits.

As of January 1, 2024, applicants will now need to meet a higher financial threshold to ensure they can cover their essential needs during their stay.

Increased Cost-of-Living Criteria

The Canadian government, in response to concerns about the well-being of arriving students, has doubled the financial threshold for individual applicants. Previously set at CAD 10,000, the new requirement is now CAD 20,635, representing a substantial shift in the nation’s approach to supporting international students.

Canada cost-of-living 2024 Details

Article Title Increase in Living Costs for Foreign Students in Canada | Doubled From January 2024
Name of Department Immigration, Refugees and Citizenship Canada (IRCC)
Country Canada
Effective from January 1, 2024
Category Finance
Old COL CAD 10,000
Increased COL CAD 20,635
Official Website canada.ca

First Update in a Decade

This adjustment, the first in ten years, underscores the government’s commitment to reevaluating Canada’s international student program. The move aims to strike a balance between attracting top talent globally and safeguarding the financial security and well-being of students upon arrival.

Aligning with Economic Realities

The revised cost-of-living criterion, equivalent to 75% of Canada’s low-income cut-off (LICO), addresses economic realities and ensures that students have sufficient funds to cover their essential living expenses. The government’s proactive approach aims to mitigate financial risks and potential abuse that students may face under the previous, lower threshold.

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Revised Application Process and Exclusive Stream Considerations

Effective January 1, 2024, the Canadian government has introduced changes to the study permit application process. Minister Marc Miller announced that the new COL criterion of CAD 20,635 will apply not only to the general study permit applications but also to those utilizing the Student Direct Stream.

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This stream, designed for citizens of 14 specific countries, offers priority processing but requires applicants to provide more comprehensive financial information upfront.

Addressing Financial Gaps and Ensuring Program Integrity

The updated COL requirement is a proactive step by Immigration, Refugees and Citizenship Canada (IRCC) to bridge the widening gap between financial needs and the actual cost of living.

The aim is to uphold the social, cultural, and economic benefits that international students bring to Canada while safeguarding their well-being and the integrity of the international student program.

Extension of Supporting Regulations

In conjunction with the COL increase, the IRCC has extended certain regulations benefiting international students. These include the extension until April 30, 2024, of off-campus work opportunities for qualified foreign students exceeding 20 hours per week.

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Additionally, the Post-Graduate Work Permit (PGWP) regulation, allowing international students to retain their study-abroad time in calculating the remaining period, has been extended until September 1, 2024.

These measures demonstrate Canada’s commitment to providing comprehensive support to its international student community

Conclusion

Canada decision to double the cost-of-living requirement for international students reflects a commitment to financial prudence and student well-being. These adjustments, coupled with extended support measures, signal a holistic approach to fostering a positive and secure environment for global learners.

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