Starting in January 2024, prospective students eyeing studying in Canada for their studies face a substantial alteration in financial prerequisites. The students are required to show $20,635 in their bank accounts, in addition to their first-year tuition fees and travel expenses. Minister Marc Miller announced this change on December 7, 2023, stating that failure to meet this requirement could result in a study permit rejection.
Miller highlighted that this adjustment aims to prevent students from struggling with insufficient funds upon arrival in the country. Notably, the change will affect new study permits issued on or after January 1, 2024.
He mentioned that the country is reevaluating its cost-of-living standards to give international students a better understanding of the actual expenses in Canada. The cost-of-living requirement has remained unchanged since the early 2000s, standing at $10,000, as stated by the IRCC.
Additionally, the government extended the unlimited working hours for international students until April 30, 2024. Initially, IRCC was considering a permanent increase to 30 hours per week; this was intended to expand the working hour allowance. However, Marc Miller implemented a rule permitting students to work full-time at least until the end of this academic session in April 2024.
Miller warned institutions to only accept applications from students with secured housing arrangements in light of the housing crisis. Further, he emphasised the importance of offering proper health support and a quality academic experience.
Additionally, he urged institutions to provide ample support to international students, highlighting that a lack thereof could lead to visa application restrictions. This warning aims to address exploitation within the international student programme, aligning with the government’s efforts in this regard.
