Canada is tightening financial requirements for international students applying for study permits, with Immigration Minister Marc Miller nearly doubling the mandatory proof of funds. The minimum bank account requirement for study permit applicants will increase from $10,000 to $20,635 in 2024, in addition to the tuition fees paid by international students. This move aims to address the high immigration and housing crisis in Canada.
The Canadian government is urging provinces and educational institutions to promptly address the housing issue, threatening significant restrictions on visas if sufficient measures are not taken. Immigration Minister Marc Miller emphasized the urgency of the situation, stating, “Enough is enough.” The federal government is willing to take drastic measures, including limiting visas, to ensure that designated learning institutions provide adequate support for international students.
In response to the housing crisis, Miller emphasized that international students are not to blame, and institutions are expected to admit a manageable number of students or assist in finding off-campus housing. As part of the changes, those who submitted study permit applications by December 7, 2023, and those currently in Canada will be allowed to work off-campus for more than 20 hours per week until April 2024. This temporary lifting of the 20-hour work limit for international students, in place since last year, will be extended until April 30, 2024.
The federal government’s warning underscores the need for collaboration with provincial and territorial governments, learning institutions, and other education stakeholders to ensure that international students are set up for success in Canada. Miller stressed the importance of working together to address the challenges and provide sufficient support for international students in the country.
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