International students boost Canadian economy by $31bn

According to recent government statistics, spending by international students increased Canada's GDP by $30.9 billion in 2022.        

An update on the economic impact of overseas education in Canada over 2022 was provided by the Canadian government last week, and it indicated that this amounted to 1.2% of the nation's GDP for the year.

• The report stated that even after considering Canadian scholarships and bursaries, it is anticipated that overseas students spend approximately $37.3 billion on "tuition, accommodation, and discretionary items.
• " According to Roslyn Kunin and Associates' analysis, this spending generated the equivalent of 246,310 jobs in Canada and brought in a staggering $7.4 billion in tax revenue in 2022.
• As per the research, which encompasses both short-term and long-term learners at schools, colleges, and universities, foreign education is crucial to the globalization of the Canadian economy, enabling it to prosper in a fast-changing and competitive environment”.
• It shows the number of international students in Canada surged by a massive 61% between 2016 – when there were 523,971 international students – and 2022 when there were 844,444.
• According to the report, after a decline in 2020 and 2021 due to travel restrictions brought on by the COVID-19 pandemic, the number of long-term students in Canada reached its highest level ever in 2022.

The statement went on, to say, "Our data unequivocally shows that the contributions that international students provide to Canada's economy are growing.

Overall spending more than doubled from $15.5 billion to $37.3 billion between 2016 and 2022, an increase of 15.7% annually, in response to a rise in the number of international students.

most well-liked locations for studies In 2022, there were 844,444 overseas students enrolled in Canadian universities, the great majority of them (769,515) were considered long-term students. The report pointed out that the country has seen a steady increase in the number of international students; prior versions released in 2008, 2010, 2014, 2015, and 2016 all showed similar increases.

With 432,272, or more than half (51%) of all international students enrolled in Canada at the time, Ontario was by far the province with the greatest number of international students. With 186,886 students overall, British Colombia came in second in Canada and accounted for 22% of all international students in 2022.

• Although there were just 4,491 foreign students on Prince Edward Island in 2022, the area "recorded the highest percentage increase in the number of study permit holders – from 2000 to 2022, the percentage increase has been over 1,800%," according to the report. With five and 35 students, respectively, Nunavut and the Northwestern Territories were the least popular places for overseas students in 2022.

What is the motivation behind this?

India is the largest sending nation to Canada, with 319,130 holders of study permits in 2022, up a whopping 47% year over year, according to the report. After India, the Philippines had 32,455 holders of study permits, an enormous 112% growth from 2021 to 2022.

• Hong Kong, Nigeria, and Colombia followed, with annual increases in study permit holders of 73%, 60%, and 54%, respectively.

These numbers, however, can be subject to alteration. In March 2024, a significant decline in study permits was observed, just a few months after Canada placed a cap on study visas for foreign students. African students are "consistently" appearing as having a lower chance of having their visas accepted than their international counterparts, according to recent data.

Our data unequivocally shows that foreign students continue to contribute significantly to Canada's economy. Kunin and Associates, Roslyn.