The Canadian government, through a statement on December 7, revealed that the “cost-of-living financial requirement for study permit applicants” for international students will see an elevation from $10,000 to $20,000, effective January 1, 2024. Marc Miller, the Canadian Minister of Immigration, Refugees, and Citizenship, conveyed this update.
Commencing on January 1, 2024, there will be an increase in the cost-of-living financial prerequisite for study permit applicants to ensure the financial readiness of international students for their life in Canada.
“In 2024, a solitary applicant must demonstrate possession of $20,635, equivalent to 75% of LICO, along with their initial year’s tuition and travel expenses. This modification is applicable to fresh study permit applications received on or after January 1, 2024,” states the announcement.
For nearly two decades, the financial requirement for study permit applicants among international students has stayed fixed at $10,000. The upcoming adjustment, effective January 1, is aimed at preventing student vulnerability and exploitation, according to the statement. This development coincides with recent changes in the UK, where Home Secretary James Cleverly announced new rules in the House of Commons on Monday, making it more challenging for Nigerians and others to obtain a visa.
The government has announced a revision in the eligibility criteria for skilled worker visas, setting a new minimum annual salary for foreign workers at £38,700, up from the previous £26,200. Notably, this figure surpasses the current median average salary of a full-time worker in Britain.