Canada has raised the bar for living cost to study for International Students

Canada has raised the living cost for International Students

Now going to Canada for a study visa would be more expensive for international students as per the latest announcement Canada has revised the living cost policy and increased the amount from CAD 10,000 to $20,635. As per the official announcement made by Immigration Minister, Marc Miller By January 1st, 2024, those international students planning to come to Canada and file their study visa on or after 1st Jan 2024 will have to show more than double the amount as a living cost. 

Now Let's first understand, What is the meaning of the widely used term GIC?

Whenever any international student opts for Canada as their preferred destination, the student needs to demonstrate financial stability by presenting a sum of amount to cover their living cost which is apart from tuition fees and travel. In other words, we can say that if we are going to Canada on a study permit, we need to satisfy the authorities that we have enough funds to support ourselves in the foreign land. GIC is a deposit investment that can be purchased by Canadian as well as Indian banks such as Nova Scotia, CIBC, Royal Bank of Canada, State Bank of India, ICICI bank, etc. Although the living cost requirement can be fulfilled by various documents such as scholarship, proof of bank statement, and guaranteed investment certificate. letter of financial support from a sponsor etc. GIC is a prerequisite for filing the study permit under the SDS category. SDS is a category for some exclusive countries just to expedite the visa process time and receive the response in a faster manner.

According to Immigration Minister, Miller, the financial requirement had not kept up with the cost of living over time, resulting in students arriving in Canada only to learn that they did not have adequate funds. This change will apply to new study permit applications received on or after January 1.

Several International students are distressed since it will put double the funds in their pockets. Since the new rule would apply by 1st Jan'24, more and more students are approaching their consultant and requesting them to file their study visa before the deadline i.e. 31st Dec 2023. It is no surprise that the holidays are also approaching which will make it more complicated. 

The one community that get affected on a large scale by this big blow would be Indian students since a large chuck of Indian students who go to Canada for study purpose have to bear a more financial burden to get a quality education. If we mull over some fresh data we can easily find out India was in the first rank of the international students who went to Canada for higher studies last year, As per the Canadian government 3,19,000 Indian students received study permits for Canada last year 2022 which makes it more than 40% of the total international students choosing Canada over their home country. 

The relationship between India and Canada is already fragile after the statement given by Prime Minister Justin Trudeau in the local parliament over Nijjar murder case blaming the Indian government's hands on it without providing proper justification and evidence. In a tit-for-tat process, the Indian government also expelled the Canadian diplomat and stopped issuing visas to Canadian locals even though both countries issued advisories to take extra precautions while traveling. 

Revised GIC Impact on Indian Students???

It is no surprise that studying abroad is getting much more expensive for Indian students since in recent times many things have drastically changed the IELTS fee has recently increased to INR 16,500, and every year Canadian institutions have revised the fee structure plus students are already facing housing issues in the main area or downtown area, it will make the situation more deteriorate since a hefty amount would be associated with this decision. The top three states Punjab, Haryana and Gujrat from where Indian students go on a large basis are a little bit anxious as the political tension is now getting directionless and each country is giving surprises. 

GIC revision effect on my visa approval or rejection

As mentioned above GIC is a living cost assurance so it is important to showcase your living cost for a year in front of the Canadian authorities. If fail to provide there are very likely chances that you will get a negative outcome in your visa application, but yes if the living cost requirement has been fulfilled clearly then there is a high chance of the profile to be robust and chances to get approval.