In a significant policy change, Canada has doubled the financial requirement for international students, increasing it from USD 10,000 to USD 20,635. Minister of Immigration, Refugees and Citizenship, Marc Miller, portrays this alteration as a reform set to take effect on January 1, 2024, with the primary goal of ensuring that international students can meet the financial demands of living in Canada.
The adjustments come as a response to challenges faced by international students in adapting to life in Canada, aiming to provide them with a transparent understanding of actual living expenses. This move is crucial for the success of international students in the country, and steps are being taken to address issues related to housing, ensuring students are protected from financial vulnerability and exploitation.
The cost-of-living threshold, stagnant at USD 10,000 since the 2000s, is now being increased to USD 20,635, representing 75 percent of the low-income cut-off (LICO) and accounting for changing living costs. The decision not only reflects the rising cost of living but also addresses the difficulties encountered by international students, particularly in finding suitable accommodation.
In addition to the financial adjustment, the government plans to initiate targeted trial programs in 2024, collaborating with partners to explore innovative approaches supporting the educational journey of students facing distinct obstacles in Canada.
This announcement follows the October 27, 2023, reforms to the International Student Programme, emphasizing the recognition of institutions providing exceptional services and support, including accommodation. Learning institutions are expected to admit a suitable number of students they can effectively assist.
Minister Miller also disclosed three temporary policies impacting international students, including an extension of the exemption on the 20-hour-per-week restriction for off-campus employment until April 30, 2024, and the continuation of a supportive measure allowing the inclusion of online study hours towards post-graduation work permits.
The Canadian government acknowledges the significant contributions of international students and underscores the importance of addressing challenges that have rendered some students vulnerable. The adjusted cost-of-living threshold is deemed a vital measure to ensure the prosperity and welfare of international students in Canada.
