In a move to enhance financial preparedness and curb potential exploitation, Canadian authorities have announced a significant increase in the cost-of-living financial requirement for international students seeking study permits. Marc Miller, the Canadian Minister of Immigration, Refugees, and Citizenship, delivered this news on Thursday, declaring that starting January 1, 2024, the financial bar for study permit applicants will be raised from $10,000 to $20,000.
The statement emphasized the need for international students to be financially equipped for life in Canada. According to the new regulations, a single applicant for the year 2024 must demonstrate the possession of $20,635, representing 75% of the Low-Income Cut-Off (LICO), in addition to covering their first-year tuition and travel expenses. This change is set to apply to all new study permit applications received on or after January 1, 2024.
Notably, the financial requirement for study permit applicants had remained unchanged at $10,000 for nearly two decades. The decision to double this amount is explained as a measure to prevent student vulnerability and exploitation.
The timing of this announcement coincides with recent developments in visa regulations across the globe. Just days ago, the United Kingdom introduced a set of rules that could make it more challenging for individuals, particularly Nigerians, to obtain a visa. Home Secretary James Cleverly disclosed these changes in the House of Commons, citing a new minimum annual salary for foreign workers applying for a skilled worker visa at £38,700, up from £26,200. This figure surpasses the existing median average salary of a full-time worker in Britain.
The parallel shifts in visa regulations in both Canada and the United Kingdom raise questions about the global dynamics surrounding immigration policies and the impact on aspiring international students and foreign workers. As countries adapt to changing socio-economic landscapes, individuals and experts alike will be closely watching the consequences and implications of these decisions
