IRCC to Enhance GIC Requirement to Strengthen Financial Protection for International Students in Canada.
In a recent development, Immigration, Refugees, and Citizenship Canada (IRCC) has announced an enhancement to the Guaranteed Investment Certificate (GIC) requirement for international students in Canada. The GIC, designed to cover living expenses, is set to undergo a substantial increase from the current CAD 10,000 to CAD 20,635, effective January 1, 2024, as revealed by Honorable Marc Miller, the Minister of Immigration, Refugees, and Citizenship.
This adjustment aims to fortify the financial protection of international students in Canada, mitigating potential vulnerabilities and exploitation. The revised requirement seeks to improve the overall financial well-being of students enrolled in Canadian institutions, ensuring a more seamless academic pursuit without undue hardships in the country.
Minister Marc Miller emphasized the proactive nature of this measure, geared towards alleviating financial challenges for students and fostering a conducive environment for academic pursuits. The increased GIC amount, however, has stirred concerns, especially for prospective students, including those from India, as it more than doubles the financial threshold they need to demonstrate while entering the country on a study visa.
The move, expected to take effect on January 1, 2024, raises the cost-of-living component, represented by the GIC, from CAD 10,000 to CAD 20,635 per applicant. This change is poised to impact incoming students, especially those from India, potentially affecting the financial burden carried by students and their families.
While the IRCC intends to enhance financial preparedness and mitigate vulnerability, there are concerns about potential exploitation by private lenders. The increased GIC amount may pose challenges for students in securing bank loans, leading them to turn to private lenders with potentially exorbitant interest rates. Additionally, the surge in living costs, exacerbated by the rise in the exchange rate and the doubled GIC, puts additional strain on students in terms of accommodation expenses.
In response to these changes, IRCC has implemented certain measures to support international students already in Canada or those who have submitted study permit applications by December 7, 2023. These individuals will be permitted to work off-campus for more than 20 hours per week until April 30, 2024.
Recognizing the multifaceted challenges faced by international students, Minister Marc Miller outlined the need for collaboration with provincial and territorial governments, learning institutions, and other stakeholders. The goal is to ensure that designated learning institutions provide adequate support for international students, including housing options, and fostering a positive academic experience.
The announcement also highlighted other temporary policies affecting international students, including an extension of the 20-hour-per-week limit on off-campus work until April 30, 2024, and continued facilitation of online study time toward post-graduation work permits for students starting programs before September 1, 2024.
The revision to the cost-of-living financial requirement represents a significant step in aligning financial thresholds with the current economic landscape. However, the impact of these changes on various student cohorts remains a subject of scrutiny, prompting the government to explore targeted pilots in collaboration with partners to address potential disparities.
In conclusion, the adjustments to the GIC requirement signal a comprehensive approach by the Canadian government to enhance the support system for international students, aiming for a more sustainable and equitable educational experience in the country.
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