The falling exchange rate of the Canadian dollar represents good news to Chinese parents sending children to study in Canada.
“I was in my first year in University of Toronto two years ago, and I paid about $13,500 for one semester, that’s about 90,000 [in Chinese yuan],” says Kurt Xu, who is studying management at the University of Toronto. “This year the fees have increased to about $15,500, just about 77,000 [yuan], which means my parents spend less on my education.”
U of T student Kurt Xu says he’s saving money for tuition thanks to the declining Canadian dollar.
The University of Toronto International Students office and the Toronto school board both report an increase in international students in the past year, although neither provided exact figures.
In 2012 the exchange rate between the Canadian dollar and the Chinese yuan was 1:6.7 on average. According to data released by TD bank, the rate dropped to 1:4.9 recently.
The Toronto school board says 75 per cent of the board’s international students come from China. The board opened a Beijing office last year to lure more Chinese students. Recently, they have been working on attracting more students since the decreasing value of Canadian dollars can be a big advantage for Chinese parents.
“Some of my friends are planning to come to Canada, and my parents are considering to send my sister here for university too, ” Xu says. “However, for Chinese people who are working in Canada and need to send money back, this is not good news at all.”