Canada Study Permit Financial Requirements Update: Canada’s Immigration, Refugees and Citizenship Canada (IRCC) has raised the minimum financial requirement for international students applying for study permits.
Beginning September 1, 2025, students will be mandated to demonstrate over $2,000 in additional funds. The minimum required funds for a family of one, including first-year tuition and travel costs, will rise from $20,635 to $22,895.
This policy applies to international students studying in all provinces and territories outside Quebec. The earlier requirement, effective from January 1, 2024, will continue to apply to all study applications submitted before September 1, 2025. The change will apply to international students applying for a study permit on or after September 1, 2025.
Proof of Funds
For studying in Canada, foreign students must provide proof of sufficient funds to cover tuition fees, living expenses for themselves and accompanying family members, and transportation costs to and from Canada. The amount of funds must be available without the need for employment within Canada.
You need to provide proof that you can pay for living expenses and transportation costs. For this, you can provide proof of a Canadian bank account in your name, if you’ve transferred money to Canada, or a Guaranteed Investment Certificate (GIC) or proof of a student or education loan from a bank, or your bank statements for the past 4 months.
Alternatively, you can provide proof that you have paid your tuition and housing fees. For multiple-year programs, you must prove you paid your first year’s tuition.
How Much Funds You Need
Funds required for those applying for a study permit on or after September 1, 2025 for all provinces/territories except Quebec:
If the number of family members (including the applicant) is 1, then the amount of funds required per year (not including tuition) will be CAN$22,895.
If the number of family members (including the applicant) is 2, then the amount of funds required per year (not including tuition) will be CAN$28,502.
If the number of family members (including the applicant) is 3, then the amount of funds required per year (not including tuition) will be CAN$35,040.