Canadian Immigration Minister announced last Thursday new requirements for foreign students wishing to come to Canada to study.

Starting next year, Mark Miller said prospective international students will have to prove they have access to $20,635 instead of the $10,000 requirement that has been in place for two decades, in addition to tuition fees and travel expenses to Canada.

This amount will be adjusted annually based on the Canadian Statistics Bureau's cost of living standard.

Miller also announced that the federal Liberals will extend the exemption allowing current international students without work permits to work more than 20 hours per week off-campus.

He warned that there will be a cap on visas in provinces that do not help students find accommodation or where educational institutions that he said should no longer operate will be closed.

How will current and prospective students be affected?

The new minimum financial requirements will only apply to new study permit applications received on or after January 1, 2024.

Is the $20,000 annual or one-time only?

Under the current system, prospective students must show they have $10,000 in addition to tuition and travel expenses for the first year. Under the new system, the $10,000 amount is increased to $20,635.

Who is eligible to work more than 20 hours a week?

Currently, any international student without a work permit may work more than 20 hours per week off-campus.

The exemption allowing students to temporarily work more than 20 hours was set to expire at the end of 2023, but Miller announced it will be extended until April 30, 2024 for these current students.

Also, according to a press release: International students already in Canada, as well as applicants who applied for a study permit as of December 7, 2023, can work off-campus for 20 hours per week until [April 30, 2023]. 2024].

Miller said the Liberals are open to increasing the limit once the exemption period ends, but he said allowing 40 hours of work per week would give people a reason to come to Canada and not focus on their studies.