Canada announces two-year limit on entry of foreign students: Impact and details revealed

Canada announces two-year limit on entry of foreign students: Impact and details revealed

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International students are also cash cows for universities as they bring in about 22 billion Canadian dollars ($16.4 billion) annually and the move would hurt many institutions that had grown their campuses in anticipation of a continued influx of students. Ontario, the most populous province, received the largest share of international students. Some businesses, including the restaurant and retail sectors, have warned that placing limits on foreign students would lead to shortages of temporary workers.

Restaurants across Canada are facing a labor shortage, with nearly 100,000 vacancies, and 4.6 per cent of the 1.1 million workers in the food service industry in 2023 were international students, a lobby group told Reuters last week.

Canadian banks benefited from the influx of new students, as each student was required to have a Guaranteed Investment Certificate (GIC) of more than C$20,000, a prerequisite for international students to cover living expenses .

According to official data for 2022, the majority of foreign students, about 40 percent, come from India, while China comes in second place with about 12 percent.

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