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Canada announces changes to student work permits and implements a cap on international student admissions
The Honourable Marc Miller, Minister of Immigration, Refugees and Citizenship (IRCC) has announced the implementation of a two-year cap on international student applications to stabilize the growth of the International Student Program for the next two years. As well, new limits on work permits issued to international students or their spouses have also been recently announced. Additionally, the government increased the minimum funds threshold that a prospective foreign student in Canada must possess, effective as of 1 January 2024, to better reflect the true cost of living in Canada.
A Tax Alert prepared by EY Law LLP, and attached below, provides additional details.