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Cost-of-living requirement for international students in Canada
The latest news for international students in Canada is Effective from January 1, 2024, the minimum cost-of-living requirement for international students applying for a Canadian study permit will be doubled to CAD 20,635. This significant increase, from the previous CAD 10,000, aims to better support the financial needs of international students in Canada.
Immigration, Refugees and Citizenship Canada (IRCC) announced the adjustments, citing rising living costs across the country. The updated requirement reflects the current economic realities and ensures that international students in Canada possess sufficient financial resources to cover their expenses beyond tuition fees and travel expenses.
What is a Guaranteed Investment Certificate in Canada?
International students applying for a Canadian study permit through the Student Direct Stream (SDS) are required to purchase a cost-of-living financial requirement – known as Guaranteed Investment Certificate (GIC).
GIC serves as proof of financial support and demonstrates their ability to cover living expenses during their studies. This requirement has now increased to CAD 20,635 (approximately INR 12.7 lakh) from the previous CAD 10,000, in addition to covering their first year of tuition and travel costs.
The SDS offers a faster and more streamlined application process for study permits. Students who meet the eligibility requirements can expect their applications to be processed within 20 calendar days, significantly faster than the standard processing time.
Aspiring students from one of the following countries in Africa or Asia may be eligible to apply for a Canadian study permit through the Student Direct Stream:
?Antigua and Barbuda
?Brazil
?China
?Colombia
?Costa Rica
?India
?Morocco
?Pakistan
?Peru
?Philippines
?Senegal
?Saint Vincent and the Grenadines
?Trinidad and Tobago
?Vietnam
Impact on Student Immigration to Canada
India is first among the top 10 countries of origin for international students in Canada.
About 319,000 Indian students became study permit holders in 2022.
Despite the obvious impact of an increased financial burden, experts believe this is a positive step for international students seeking a rewarding educational experience in Canada. It can be realized through:
?Improved financial security: The increased requirement provides students with a more realistic budget, reducing the risk of financial hardship.
?Enhanced quality of life: Students can access better housing, food, and healthcare with additional financial resources.
?Reduced stress and anxiety: Financial stability allows students to concentrate on their studies and personal development.
?Increased access to opportunities: Students can participate in extracurricular activities, travel, and pursue internships without financial constraints.
With greater financial support and streamlined processes, Canada continues to be a top destination for international education.
Enquire More About Canada Study Visa
If pursuing a Canadian education sparks your curiosity, take the next step and enquire more about the Canada Study Visa. I hope the Latest news for international students in Canada has helped you in some way. To navigate the visa process and unlock your Canadian educational journey, reach out to CanApprove today and get your questions answered.
Let’s explore your potential and turn your Canadian study dreams into reality!
