The Canadian government has declared that the “cost-of-living financial requirement for study permit applicants” for canada students visa will be raised from $10,000 to $20,000 starting on January 1, 2024.
The announcement was made by Marc Miller, Canadian Minister of Immigration, Refugees, and Citizenship, in a statement on Thursday, December 7.
“Beginning January 1, 2024, the cost-of-living financial requirement for study permit applicants will be increased to ensure that international students are financially prepared for life in Canada.
“For 2024, a single applicant will be required to demonstrate they have , 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,” the statement explains.
The cost of study permit applicants for international students has remained at $10,000 for almost 20 years.
The statement further stated that the review, effective from January 1, “will help prevent student vulnerability and exploitation.”
This news comes following the UK’s introduction of new regulations that would make it more challenging for Nigerians and others to obtain a visa.
Home Secretary James Cleverly revealed the changes in the House of Commons on Monday.
The government stated that it would now establish a minimum annual salary for foreign workers to be eligible 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.
