The Canadian Government has announced a significant increase in the “cost-of-living financial requirement for study permit applicants,” impacting international students.
The adjustment raises the financial threshold from $10,000 to $20,000, and it will be effective starting January 1, 2024.
Marc Miller, the Minister of Immigration, Refugees, and Citizenship in Canada, disclosed this information in a statement released on Thursday.
Starting in 2024, a single applicant is required to demonstrate financial capacity by showing $20,635, equivalent to 75% of the Low-Income Cut-Off (LICO).
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This financial evidence must be accompanied by proof of funds covering the first year of tuition and travel costs.
The adjustment will be applicable to new study permit applications received on or after January 1, 2024.
The Minister emphasized that this change aims to ensure that international students are financially equipped for life in Canada.
The statement highlighted that the cost-of-living financial requirement for study permit applicants has remained at $10,000 for almost two decades.
The adjustment, effective from January 1, is viewed as a measure to prevent student vulnerability and exploitation.
This announcement follows closely after the United Kingdom introduced new visa rules, making it more challenging for applicants, including Nigerians, to obtain visas.
Home Secretary James Cleverly revealed these changes in the House of Commons on Monday.
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