Canada’s decision to more than double the cost-of-living financial requirement for international students has sparked concerns among parents in Punjab, India. Many see this move as an additional financial burden, requiring them to borrow more funds to send their children to study in Canada. Starting January 1, prospective students will need to demonstrate access to CAD 20,635, up from the current requirement of CAD 10,000, in addition to covering travel and tuition costs. This change will impact new study permit applications received on or after January 1, affecting many aspiring students from India, which ranked first among the top 10 countries of origin for study permit holders in Canada in 2022.
Parents in Punjab expressed worry about the increased expenses, with estimates suggesting a rise of around Rs 6.50 lakh in immediate costs due to the hike in the Guaranteed Investment Certificate (GIC). Middle-class parents, in particular, are concerned about the additional financial strain and the need to arrange more funds to fulfill their children’s aspirations of studying in Canada. This development comes amid diplomatic tensions, with India having suspended visas for Canadians for several weeks. Students and parents are rushing to immigration consultancies to expedite their cases before December 31 to avoid the impact of the GIC hike set to take effect in the new year.
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