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Canadian officials announced that the cost-of-living financial requirement for study permit applications will be raised effective Jan. 1, 2024.
Background: The Canadian government recently announced reforms to the International Student Program, which created a new framework to recognize learning institutions that provide top-quality services and support, including housing, to international students. This was in response to growing concerns about the rising cost of living and affordable housing shortages. The Canadian government is focused on balancing interests in attracting international talent and affordability concerns.
BAL Analysis: Government officials have stated that the current financial requirement has not kept up with the cost of living over time, and the revised requirements are designed to better protect international students by preventing student vulnerability and exploitation. Employers should be aware of the new income requirements in their 2024 employment strategies and recruitment efforts.
This alert has been provided by the BAL Global Practice Group.
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