As of January 1st, the Canadian government is implementing significant alterations to the financial requirements for international students seeking study permits. Notably, there will be a doubling of the mandatory funds required to obtain a study permit, aligning with the current cost of living standards in the country.

Under the updated regulations, a single applicant must now demonstrate possession of 20,635 CAD to sustain themselves in Canada, a substantial increase from the previous 10,000 CAD requirement. Immigration Minister Marc Miller emphasized that these adjustments aim to mirror the current cost of living and ensure that international students have adequate financial support during their stay.

Minister Miller further elaborated that future alterations to financial prerequisites will be linked to the low-income threshold established by Statistics Canada. This approach intends to safeguard international students amid escalating living costs within Canada.

In positive news for international students, Minister Miller also announced an extension of the temporary policy allowing students to work beyond the standard 20 hours per week. Initially set to expire with the new year, this policy will now remain effective until April 30, 2024. This extension offers continued opportunities for students to engage in part-time employment alongside their studies.

Minister Miller cautioned that visa availability may be restricted if educational institutions fail to adequately support international students.

These adjustments reflect the Canadian government’s commitment to maintaining a supportive environment for international students, ensuring their financial well-being, and sustaining their academic and personal pursuits in the country.