The financial requirements for applicants to study have been revised by Immigration, Refugees and Citizenship Canada, from $10,000 to $20,635, effective January 1, 2024. This latest requirement that they have to meet on top of first-year tuition and travel costs will ensure that they do not feel under financial pressure or exploited and give a more real reflection of today’s cost of living.
IRCC will increase the amount every year to ensure that the threshold of LICO, Statistics Canada’s low-income cut-off, remains relevant and continues to respond to the changing economic times. LICO is the least income a person can earn without devoting a large part of it to meeting fundamental needs. These changes ensure that the cost-of-living requirements align with the state of the economy in Canada.
Comparative Study Costs: Canada vs. Other Popular Destinations
Most significantly, it has become more consistent in respect of Canada’s increased cost-of-living requirement. For example, student living costs in Australia are about $21,826 CAD, while in New Zealand, they are approximately $20,340 CAD. In England, this amounts to an estimate ranging between $15,680 CAD and $20,447 CAD.
On the other hand, the U.S. requires foreign students to show proof of a minimum of $10,000 USD annually. Some European countries are pretty cheap in terms of living costs; for instance, Denmark requires living expenses of about 1,175 CAD. Despite all these differences, Canada remains very high on the list of destinations for international students. In a study conducted by IDP Education in March 2023 titled “An Emerging Futures”, Canada ranked as the destination of choice with over 25 percent of the respondents between the four major destinations of the US, Canada, Australia, and the UK.
Why Canada Stands Out
The allure of Canada is driven by the amazing education system that ensures its universities and institutions are highly ranked among the top in the world. Besides this, there are numerous scholarships, financial aid, and grants that the country offers, usually aligned to particular fields of study, which are often merited or need-based.
Employment and Post-Graduation Opportunities in Canada
In Canada, international students are allowed to take up part-time jobs during their academic pursuits. Students are allowed to work up to 20 hours a week during terms and full-time during vacations. Also, under the post-graduate Work Permit, graduates can collect work experience in Canada for up to a maximum of three years, depending on the duration of their respective academic programs. This experience is very important, especially for those who seek permanent residency. Across the world, 63 percent of students report that post-study work is an important factor in their choice of study location. Meanwhile, 72 percent would like to apply for a work permit after graduation.
Projected Growth in International Student Numbers
The rising cost of living in Canada is not going to affect international students, who are expected to continue their inflow with record numbers into Canada. An internal IRCC document said that the number of international students is likely to cross one million in the year 2024, adding that projections are that this number will hit 1.4 million by 2027.
As if its education system wasn’t robust enough, its strong support for international students definitely makes Canada a very attractive location for any person who intends to pursue higher education abroad. Are you thinking of studying in Canada? Now is the best time to start your application process. Take the first step in your Canadian education journey by reaching out to our team for an appointment with one of our educational consultants.
