It used to be a sure shot thing: arrive as a foreign student in Canada, graduate with a degree or a diploma, and apply for permanent residency.

But the changes in the Canadian immigration regulations, which came into effect on January 1, have turned a sure thing into a game of chance, where the Canadian government will draw names from a pool of candidates, who will then be invited to apply for permanent residency.

If you were planning to take on huge debts to finance your studies in Canada in hope for a permanent residency later, be careful. After accumulating huge student loans, you will still have to compete with other skilled workers to get a shot at permanent residency — for only those jobs for which no Canadian worker is available.

While the new regulations have added new challenges for foreign students in Canada, they have also improved the odds for highly-skilled professionals and trades. Instead of a 'first come, first serve' basis, the new immigration regulations will fast-track those prospects whose skills are more in demand in Canada.

As a prospect, one needs a job offer from Canada for advance standing, even before one applies for permanent residency.