The Canadian government has announced that that from January 1, 2024 the “cost-of-living financial requirement for study permit applicants” for international students would henceforth increase from $10,000 to $20,000.
Marc Miller, Canadian Minister of Immigration, Refugees and Citizenship, made this announcement in a statement on Thursday, December 7.
The news comes after the UK introduced a new set of rules that would make it more difficult for Nigerians and others to obtain a visa, setting a minimum annual salary for foreign workers to be eligible for a skilled worker visa at £38,700 from £26,200.
The statement reads inter alia: “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, 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.”
For almost 20 years, study permit applicants for international students have remained at $10,000.
This review, which takes effect from January 1, “will help prevent student vulnerability and exploitation,” the statement added.
