Canada has made the decision to raise the financial requirement for international students applying for a study permit, as reported.
Marc Miller, the Minister of Immigration, Refugees, and Citizenship, stated that while international students contribute significantly to Canada culturally, socially, and economically, they also face challenges. The adjustment to the cost-of-living threshold is intended to provide a more accurate understanding of the actual living expenses in Canada for international students and to address housing concerns.
Effective January 1, 2024, the Guaranteed Investment Certificate (GIC) requirement has been increased from 10,000 Canadian dollars to $20,635 per applicant. The GIC is obligatory for international students applying to schools in Canada under the Student Direct Stream (SDS) category. Minister Miller emphasized that these changes are overdue and are designed to protect international students from financial vulnerabilities and exploitation, ensuring they do not face hardships in the country.
Additionally, the Canadian government has extended a rule until April 30, 2024, allowing international students to work full-time. This extension comes as a continuation of a rule set to expire on December 31, 2023, which temporarily lifted the limit on the number of hours international students could work. Previously, they were permitted to work for 20 hours a week.
