Canada will more than double the cost-of-living financial requirement for incoming international students starting from January 1, 2024.
High housing costs, which can consume up to 60% of household income, are a major factor pushing immigrants to reconsider their Canadian dream.
The rate of emigration is gradually increasing, which could undermine Prime Minister Justin Trudeau's immigration policies.
Starting from January 1, 2024, Canada will more than double the cost-of-living financial requirement for incoming international students. The current requirement of $10,000 will be increased to $20,635, representing 75% of the low-income cut-off (LICO). This move is part of the government's plan to limit the number of visas issued to international students to ensure adequate student support and services.
However, this increase in the cost-of-living financial requirement is adding to the economic pressure faced by immigrants in Canada. High housing costs, which can consume up to 60% of household income, are a major factor pushing immigrants to reconsider their Canadian dream. Personal stories of individuals struggling to afford basic necessities and considering relocation to countries with lower living costs have been reported.
The high cost of living and rental shortages in Canada are causing many immigrants to consider leaving the country. The rate of emigration is gradually increasing, which could undermine Prime Minister Justin Trudeau's immigration policies. Immigrants cite skyrocketing housing costs as the main reason for their decision to leave. The government has capped its target for new residents to ease pressure on housing and other resources.
Despite Prime Minister Justin Trudeau's efforts to promote immigration, the number of people leaving Canada is increasing. Interviews with individuals who have already left or are planning to leave Canada due to the high cost of living have been featured in several reports. The rising emigration numbers are causing newcomers to reconsider Canada as their adopted home. The cost of housing is cited as the main reason for leaving, with skyrocketing prices making it difficult for immigrants to maintain their living standards.
The article includes personal stories of individuals struggling to afford basic necessities and considering relocation to countries with lower living costs.
