Immigration Minister Miller Provides Update On International Students Program
In a recent development, the Canadian government has announced a significant adjustment to the financial requirements for international students applying for study permits. Under the new regulations, individual students must now demonstrate access to CAN$20,635 in available funds, in addition to covering tuition fees and exclusive of expenses for accompanying family members. This represents a substantial increase, more than doubling the existing savings requirement of approximately CDN$10,000. The revised financial criteria will be applicable to study permit applications received on or after January 1, 2024, marking a noteworthy shift in the approach to Canada's international student program.
The rationale behind this heightened financial requirement is to address a common issue where students arrive in Canada with the belief that meeting the $10,000 threshold is sufficient, only to find themselves financially unprepared. Such situations can render students vulnerable to challenges such as precarious housing situations and exploitative employment practices as they struggle to meet their basic needs. The new financial threshold, set at CDN$20,635, is calculated at 75% of the low-income cut-off (LICO) in Canada, signifying the minimum income required to cover essential living expenses.
This adjustment marks the first increase in the required savings for study permits in a decade, and the government signals its intent to make more frequent adjustments based on updates from Statistics Canada's LICO. Minister of Immigration, Refugees and Citizenship, Marc Miller, underscores the importance of this measure in helping international students understand the genuine cost of living in Canada and safeguarding them from financial vulnerability and exploitation.
Recognizing that not all students may meet the new savings threshold, the government plans to pilot initiatives aimed at assisting "underrepresented cohorts" of international students. However, critics, including Sarom Rho from Migrant Students United, argue that such changes create financial barriers, particularly for working-class students, and advocate for stable, fair rules and pathways to permanent residency.
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