Canada has announced a significant increase in the cost-of-living financial requirement for study permit applicants from other countries, including Nigeria, starting from January 1, 2024.
According to a statement by Immigration, Refugees and Citizenship Canada (IRCC) on Thursday, a single applicant will need to show they have $20,635, representing 75 percent of the low-income cut-off (LICO), in addition to their first year of tuition and travel costs.
LICO represents the minimum income necessary to ensure that an individual does not have to spend a greater than average portion of income on necessities, the statement explained.
The new policy will apply to new study permit applications received on or after January 1, 2024, and is aimed at ensuring that international students are financially prepared for life in Canada.
Marc Miller, Canada’s minister of Immigration, Refugees, and Citizenship, said the cost-of-living requirement for study permit applicants has not changed since the early 2000s when it was set at $10,000 for a single applicant.
“As such, the financial requirement hasn’t kept up with the cost of living over time, resulting in students arriving in Canada only to learn that their funds aren’t adequate,” he said.
“This change will help prevent student vulnerability and exploitation, while also ensuring that Canada remains a top destination for international education.”
The statement noted that the impact of the change could vary depending on the applicant and that IRCC will continue to monitor the situation and provide support to prospective and current students.
Canada is one of the most popular destinations for international students, especially from Nigeria, due to its high-quality education, multicultural society, and post-study work opportunities.
Data from IRCC shows that India (175,021), Nigeria (43,482) the Philippines (21,902), China (14,975), and Nepal (12,776) were among the top five sources countries of new international students coming to Canada in the first six months of 2023.
However, the COVID-19 pandemic has posed significant challenges for international students, such as travel restrictions, online learning, and health and safety concerns.
The Canadian government has introduced several measures to support international students during the pandemic, such as extending study permits, allowing online study to count towards post-graduate work permits, and providing access to health care and social benefits.
Despite the increased financial requirement, many international students may still find Canada an attractive option for pursuing their academic and career goals, as the country offers a range of scholarships, grants, and loans to help them fund their studies.
Source: Business Day
