The Canadian government has doubled the amount of cash required by international students for a study visa. And there could be more trouble for students from India as Canada plans to cap the number of international students in 2024.
The Canadian government recently announced an increase in the Guaranteed Investment Certificate limit, raising it from 10,000 Canadian dollars to 20,635 Canadian dollars. This change is expected to adversely impact thousands of Indian students who had plans to study abroad. This comes amid a buzz around a likely cap on international student by Canada in 2024.
The GIC is a prerequisite for international students studying in Canada, covering living expenses for a year. The increase in cost-of-living financial requirement for study permit applicants would mean that Indian students, who had to deposit Rs 6 lakh as GIC, will now need to fork out around Rs 13 lakh now.
New rule might impose an additional financial burden on families sending their children to study in Canada.
BIG DREAMS, HIGH COST
The Canadian government’s decision to raise the GIC limit appears to be in response to the rising living costs in the country. The annual inflation rate increased from 3.3% in July to 4% in August due to higher petrol prices. The current unemployment rate in Canada is 5.8%, attributed to real estate job cuts and inflation.
Nevertheless, Canada continues to attract students from Punjab, as revealed during visits to various immigration centres. Unlike Australia or the US, international students in Canada can secure a permanent residency (PR) within 3 years.
The decision to increase the GIC limit is expected to impact diploma students pursuing one-year courses, hindering their ability to secure full-time employment. Approximately 70% of Canadian student visa applications are for diploma courses.