In a major policy shift, Canadian authorities have announced a significant increase in the cost-of-living financial requirement for study permit applicants, providing a positive turn for international students seeking education opportunities in the country.
The announcement, made by Marc Miller, Canadian Minister of Immigration, Refugees and Citizenship, on Thursday, stated that starting January 1, 2024, the cost-of-living financial requirement for study permit applicants would double from $10,000 to $20,000. Minister Miller emphasized that this adjustment aims to ensure that international students are adequately financially prepared for their life in Canada.
“For 2024, a single applicant will need to show they have $20,635, representing 75% of LICO, in addition to their first year of tuition and travel costs. This change will apply to new study permit applications received on or after January 1, 2024,” the statement reads.
This decision marks a significant departure from the status quo, as the cost-of-living financial requirement has remained at $10,000 for close to two decades. Minister Miller stressed that the review, which comes into effect in the new year, is designed to prevent student vulnerability and exploitation, reflecting Canada’s commitment to providing a supportive environment for international students.
Interestingly, this move by Canada follows recent changes in the United Kingdom’s visa rules, which have created more hurdles for visa applicants, including Nigerians. Home Secretary James Cleverly announced adjustments that include setting a higher minimum annual salary for foreign workers eligible for a skilled worker visa in the UK.
While the UK tightens its visa regulations, Canada’s decision stands out as a welcoming gesture for prospective international students, reaffirming the country’s dedication to providing a quality education experience for individuals from around the world.
