The rationale behind this adjustment, as stated by Minister of Immigration Miller, is to ensure that students do not encounter financial difficulties during their stay in the country
Canada has recently unveiled a significant alteration to its immigration regulations, particularly impacting prospective students, including a substantial increase in the minimum financial requirement for living expenses.
According to a report by indianexpress.com, Marc Miller, the Minister of Immigration, Refugees, and Citizenship for Canada, announced on December 7 that starting from January 1, 2024, the minimum cost of living for students would surge from the current 10,000 Canadian dollars to 20,635 Canadian dollars. The rationale behind this adjustment, as stated by Miller, is to ensure that students do not encounter financial difficulties during their stay in the country.
The revised regulations are expected to have a notable impact on Indian students, particularly those hailing from Punjab, who constitute a significant portion of annual applicants for Canadian student visas.
In response to these changes, Mandeep from the Montreal Youth Student Organization (MYSO) expressed concern, stating, “Students are already grappling with financial strain due to various expenses such as the elevated cost of IELTS examinations, increased college fees, and high rental charges. Instead of easing conditions for international students, the Canadian government is intensifying the situation by doubling the minimum security amount required in Canadian banks for student expenses.”
Highlighting the practical implications of the adjustment, Mandeep mentioned, “Previously, this minimum amount stood at 10,000 Canadian dollars, which has now more than doubled. Banks issue a Guaranteed Investment Certificate (GIC) after depositing this sum, and presently, the monthly withdrawal limit from this account is around 670 dollars, based on expenses. However, this limit is likely to double considering inflation and the revised minimum security amount. This additional burden will impede deserving students from pursuing their education in Canada, as financial resources play a critical role.”
Khushpal Grewal, another member of MYSO, criticized the government’s approach, stating, “Instead of reducing college fees, controlling rentals, or providing affordable public transportation, the government is increasing the burden on international students. Before the Covid era, when Canada faced a labor shortage, immigration rules were relaxed, leading to a surge in student numbers over the past few years. Now, they’re tightening regulations according to their convenience.”
Rough statistics obtained from immigration agents in Punjab revealed that in 2022, approximately 2.26 lakh Indians secured Canadian visas under the International Refugees and Citizenship Canada (IRCC), with nearly 1.36 lakh being Punjabis. Presently, over 3.5 lakh Punjabi students are enrolled in Canadian institutions.
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