The Canadian government is increasing the financial requirement for international students applying for a study permit, now requiring individuals to demonstrate CAN$20,635 in available funds, more than double the current CDN$10,000 threshold. 

This adjustment, effective from 1 January 2024, aims to address the issue of students arriving with insufficient funds, vulnerable to challenges like housing and employment exploitation. 

The new amount, representing 75% of Canada's low-income cut-off (LICO), is the first increase in study permit savings requirements in a decade, with future adjustments planned based on Statistics Canada's updates to LICO. 

Minister Marc Miller emphasises the importance of ensuring international students understand the true cost of living in Canada, aiming to enhance their overall success and protection from financial vulnerability and exploitation.

While acknowledging that not all students can meet the new CDN$20,000+ savings requirement, the government plans to pilot initiatives benefiting "underrepresented cohorts" of international students. 

Migrant Students United's national coordinator, Sarom Rho, criticises Ottawa's immigration policy as a "rollercoaster," expressing concern that the doubled financial requirements may exclude working-class students globally, leading to last-minute struggles for an extra $10,000. Rho pledges to resist monthly policy changes, advocating for stable, equitable rules and permanent residency.

The increased cost of living in Canada poses difficulties for many international students, as a September 2023 survey reveals that the estimated living expenses provided during the application process significantly underestimate the actual costs in Toronto. 

The Daily Bread food bank reports that respondents find Canada much more expensive than expected, particularly in housing and food. The proportion of food bank users with temporary status (student/visitor/work visa) rose from 10% in 2022 to 24% in 2023, with 87% of new users born outside of Canada.

In his media statement, Mr. Miller emphasised the government's expectation for institutions to only admit students within their capacity for housing and support. Ahead of September 2024, he highlighted the readiness to take necessary actions, including significant visa limitations, to ensure designated learning institutions offer adequate student support. 

Stressing collaboration among stakeholders, Mr. Miller declared that if provinces and territories fail in this regard, the national government will step in, utilising decisive measures, including the potential closure of designated learning institutions. 

The government's increased involvement in regulating Canada's international education sector will be further manifested in 2024 with the introduction of a "Trusted Institution Framework." 

This framework aims to reward designated learning institutions demonstrating exemplary support and outcomes for international students, though specific details are yet to be disclosed.

The core concept involves evaluating institutions based on criteria showcasing reliability in sustainable intake, genuine student identification, compliance monitoring, and providing a safe, enriching experience for international students.