Canada offers several business immigration options for individuals who want to start or invest in a business in the country. These options include the following:
- ABOUT CTIV
- Contact us
- 416-542-1000
Canada remains a premier destination for international students, offering top-tier educational institutions, a diverse and welcoming society, and the prospect of working or seeking permanent residence post-graduation. While these students contribute significantly to campus life and national innovation, they also face challenges, notably in securing adequate housing during their studies in Canada.
In response to these challenges, the Honourable Marc Miller, Minister of Immigration, Refugees and Citizenship, recently announced a pivotal change effective January 1, 2024. The cost-of-living financial requirement for study permit applicants will be increased to ensure that international students are financially prepared for life in Canada. This adjustment will be annual, aligned with updates to the low-income cut-off (LICO) by Statistics Canada. LICO represents the minimum income needed to avoid spending an excessively high portion of income on necessities.
This financial requirement has not seen an update since the early 2000s, remaining stagnant at $10,000 for a single applicant. The 2024 threshold will be $20,635, representing 75% of LICO, in addition to the first-year tuition and travel costs. The change applies to new study permit applications received on or after January 1, 2024.
While this change aims to prevent student vulnerability and exploitation, recognizing that its impact may vary, there are plans for targeted pilots in collaboration with partners. These pilots will explore new strategies to assist underrepresented cohorts of international students.
This announcement follows recent reforms to the International Student Program, focusing on a new framework recognizing institutions providing top-quality services and support, including housing. Learning institutions are expected to admit only the number of students they can adequately support, aligning with the upcoming measures to ensure sufficient student support for the September 2024 semester. Collaboration with provincial and territorial governments, learning institutions, and education stakeholders is emphasized to set international students up for success in Canada.
Minister Miller also provided updates on three temporary policies affecting international students:
The measures reflect a commitment to addressing issues that have made some students vulnerable while upholding the integrity of the International Student Program. The overdue adjustment to the cost-of-living threshold aims to ensure that students arriving in Canada are on a stronger financial footing as they embark on their educational journey. For Source details, you can read the full article here. New Update From: Immigration, Refugees on December 7, 2023—Ottawa
Disclaimer: The information provided in the article is for general informational purposes only and should not be construed as professional advice. Sanjay Prasher (SP), holding an M.B.A and a Member of the College of Immigration and Citizenship Consultant (CICC), is a respected professional; however, readers are encouraged to seek personalized advice based on their individual circumstances. Canadian Title Immigration and Visa Consulting Inc., under the guidance of Sanjay Prasher, strives to provide accurate and up-to-date information, but makes no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability concerning the article or the information, products, services, or related graphics contained therein. Any reliance you place on such information is at your own risk. In no event will Sanjay Prasher(CICC) or Canadian Title Immigration and Visa Consulting Inc. be liable for any loss or damage, including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of or in connection with the use of this article. Readers are advised to consult directly with qualified professionals for precise and tailored advice.
Canada offers several business immigration options for individuals who want to start or invest in a business in the country. These options include the following:
Canada is well known for its spacious countryside, cultural diversity, superior education, healthcare system and economic stability, has one of the highest immigration rates and is considered one of the most popular destinations for Immigrants.