Canada has announced changes to the policy for international students who will come to the country after 1st January 2024. Canada’s Immigration Minister Marc Miller made new announcements for upcoming study permit applicants as well as international students already in Canada.
Do U know how many ppl overleveraged themselves in housing in Canada depending on these international students to fund their mortgages?! Then rates went up – amortizations went negative – etc etc.
Housing & rents further go down now.
Seems like the Feds ain’t done on this. pic.twitter.com/Myqkr84pBx
— EconomicWoes 🦁 (@ManyBeenRinsed) December 8, 2023
The minister announced that the cost-of-living for study permit applicants will be doubled from January 1, 2024, to ensure that international students are financially prepared for life in Canada. It will cost the students $20,635, for any new study permit applicants after January 1, 2024.
Secondly, the exemption from the 20-hour-per-week limit on the number of hours overseas students may work off campus while classes are in session will be extended until April 30, 2024. International students who are already in Canada, as well as those who have already applied for a study permit as of December 7, 2023, will be authorized to work more than 20 hours per week off campus until April 30, 2024.
He added, “In response to labour market disruptions during the pandemic and post-pandemic recovery, a temporary policy was introduced on 3 occasions to provide an additional 18-month work permit to post-graduation work permit holders as their initial work permit was expiring. Foreign nationals with a post-graduation work permit expiring up to December 31, 2023, remain eligible to apply. However, this temporary policy will not be extended further.”
Canadian authorities have made these measures in the wake of the rising housing crisis as well as the influx of international students. Students are facing post-graduation financial issues which needed to be addressed.
Talking about Pakistan, students will now think twice before going to Canada. The cost has increased immensely and the investment needed to be poured has increased twofold.