Starting from January 1, 2024, Canada is implementing significant changes to the financial requirements for study permit applicants. These adjustments aim to ensure better preparation for international students in adapting to life in Canada, considering not only living expenses but also three important policy changes. This initiative aligns with Canada’s commitment to providing a enriching educational experience while ensuring the well-being of international students.
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New Financial Requirements for 2024:
In 2024, individual study permit applicants must demonstrate access to a total amount of $20,635, in addition to an equivalent sum for their first-year tuition fees and travel expenses. These adjustments will apply to all new study permit applications received on or after January 1, 2024.
Significant Changes in Temporary Policies:
In addition to the revision of financial requirements, Minister Miller highlighted three significant changes in temporary policies that were initially set to expire at the end of 2023:
- Expanded Off-Campus Work: Foreign students already present in Canada, as well as those who submitted a study permit application by December 7, 2023, will have the opportunity to work off-campus for more than 20 hours per week, a measure extended until April 30, 2024.
- Inclusion of Online Courses in Post-Graduation Work Permit: Foreign students starting their study program before September 1, 2024, can still include time spent studying online in the total duration of a future post-graduation work permit, provided it represents less than 50% of the program’s duration.
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- End of Post-Graduation Work Permit Extension: The temporary policy granting an additional 18-month work permit to post-graduation work permit holders nearing expiration will no longer be extended. Foreign nationals whose post-graduation work permit expires by December 31, 2023, can still apply under the current provisions, but this option will no longer be available thereafter.
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These adjustments reflect Canada’s commitment to providing international students with a comprehensive and tailored educational experience, combining quality living conditions with enriching academic opportunities.