The Canadian government, through a statement by the Minister of Immigration, Refugees and Citizenship, Marc Miller, has announced a significant increase in the “cost-of-living financial requirement for study permit applicants,” primarily affecting international students. Starting January 1, 2024, the financial requirement will be raised from $10,000 to $20,000.
According to Miller, the adjustment aims to ensure that international students are adequately financially prepared for life in Canada.
Under the new regulations, a single applicant must demonstrate they have $20,635, equivalent to 75% of the Low Income Cut-Off (LICO), in addition to covering their first-year tuition and travel expenses. This change will be applicable to new study permit applications received on or after January 1, 2024.
The statement emphasizes that the previous financial requirement of $10,000 for study permit applicants had been in place for almost two decades. Miller notes that this review is crucial in preventing student vulnerability and exploitation.
Interestingly, this development follows the recent introduction of stricter visa rules by the United Kingdom, making it more challenging for Nigerians and other applicants to obtain a visa. The UK’s Home Secretary, James Cleverly, announced these changes in the House of Commons just a few days prior.