In a significant development that will impact aspiring international students, Canadian authorities have announced an increase in the “cost-of-living financial requirement for study permit applicants” from $10,000 to $20,000, effective January 1, 2024.
The announcement was made by Marc Miller, the Canadian Minister of Immigration, Refugees, and Citizenship, in a statement released on Thursday.
According to Miller, this adjustment aims to ensure that international students are adequately financially prepared for their life in Canada.
“Starting January 1, 2024, the cost-of-living financial requirement for study permit applicants will be raised so that international students are financially prepared for life in Canada.
For 2024, a single applicant will need to show they have $20,635, representing 75% of LICO (Low-Income Cut-Off), 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.
Remarkably, the cost-of-living financial requirement for study permit applicants has remained at $10,000 for close to two decades.
The decision to double this requirement is seen as a move to prevent student vulnerability and exploitation.
The timing of this announcement coincides with recent changes introduced by the United Kingdom, making it more challenging for individuals, including Nigerians, to obtain visas.
READ ALSO: FG warns Nigerians against travelling to Canada without proper documentation
Home Secretary James Cleverly announced these changes in the House of Commons on Monday.
One of the key adjustments in the UK’s visa rules is the establishment of a minimum annual salary for foreign workers eligible for a skilled worker visa.
The new threshold is set at £38,700, up from £26,200, a figure exceeding the existing median average salary of a full-time worker in Britain.
As both Canada and the UK introduce measures impacting international students and workers, it signals a broader global shift in immigration policies.
These changes not only affect individuals pursuing educational opportunities but also have wider implications for the countries involved in attracting a diverse pool of talent.
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