“International students provide significant cultural, social and economic benefits to their communities, but they have also faced challenges navigating life in Canada. We are revising the cost-of-living threshold so that international students understand the true cost of living here,” Marc Miller, Minister of Immigration, Refugees and Citizenship said.

“We are also exploring options to ensure that students find adequate housing. These long-overdue changes will protect international students from financially vulnerable situations and exploitation,” he added.

Effective from January 1, 2024, the Guaranteed Investment Certificate (GIC) has been increased from 10,000 Canadian dollars to $20,635 per applicant.

The GIC is a mandatory requirement for all international students applying to schools in Canada under the Student Direct Stream (SDS) category.

Miller said that the step was aimed at ensuring students do not face any financial hardship in the country.

The Canadian government has also extended a rule till April 30, 2024, allowing international students to work full-time. The rule is set to expire on December 31, 2023.

Last year, Canada temporarily lifted the limit on the number of hours international students were allowed to work. They were earlier allowed to work for 20 hours a week.