Now new applicants need to show around 12 Lakhs to apply for the Canada Visa, higher than before

Canada is more than increasing the amount of money that international students must bring in to maintain themselves in the midst of a crisis caused by rising costs of living in the nation.

This new rule will be imposed from January 1, 2024

According to an announcement made by Immigration, Refugees and Citizenship Canada (IRCC) in this regard, an individual applicant will now "need to show they have CA$20,635 (approximately Rs.12.7 lakh), as opposed to CA$10,000 (about Rs. 6.14 lakh) earlier" for new study permit applications received on or after January 1 of the following year.

This new rule will help students to manage their expenses adequately

The announcement provided an explanation for the rise, saying, "Since the early 2000s, when it was fixed at $10,000 for a single application, the cost-of-living threshold for study permit applicants has not altered. As a result, the financial requirements haven't changed over time to reflect the rising cost of living, which means that when students move to Canada, they find that their finances are insufficient.

IRCC instructed institutions to admit limited number of students

The decision was made in the midst of stories of overseas students using food banks and a housing affordability crisis. In addition, the IRCC may impose visa caps as part of its enforcement actions against academic institutions that fail to provide suitable lodging for incoming foreign students. According to the IRCC announcement, "we expect learning institutions to only admit the number of students that they can provide adequate support for, including housing options."

The statement stated that the Canadian government has an obligation to ensure that students are assisted upon their arrival in our land as part of its welcoming of foreign students.

As a result, in advance of the September 2024 semester, IRCC is ready to take the required actions, such as restricting visas, to guarantee that accredited educational institutions offer sufficient and appropriate student support as part of the curriculum.

Miller said that certain diploma mills did not offer foreign students "a legitimate student experience" during a media engagement on Thursday in Ottawa. He called this "fraud and abuse" that needed to "end."

It costs more than Rs.35-50 Lakhs to an applicant

Naresh Chavda, an immigration specialist located in Vaughan, Ontario, stated that the doubling of the reserve fund for students will negatively affect applications because it will now cost more for students to seek for a visa. Before someone even enters Canada, "it will be an almost Rs.35 to Rs.50 lakh project," he calculated.

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This covers both the need to submit evidence of funding for a full year of study at an institution and the cost of the plane ticket to Canada at the time of application. The cost-of-living fund is placed in a guaranteed investment certificate, or GIC account, at a specific Canadian bank via wire transfer.

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