Indian students applying for a Canadian study permit must now consider a revised financial requirement for supporting themselves and their family members during the first year of study.
If you’re applying for a Canadian study permit on or after September 1, 2026, the financial bar has moved. A single applicant now needs to show CAN$23,448 for living expenses alone, up from CAN$22,895 under the rules that applied through August 31, 2026. That’s before tuition and travel costs are even added in.
For families, the jump scales quickly. Two family members now need CAN$29,192. Three need CAN$35,888. By the time you’re at seven people, the requirement crosses CAN$62,054, and every additional member beyond that adds CAN$6,318.
The study permit, issued by IRCC, is necessary for foreign nationals wishing to study at designated learning institutions in Canada. It is important to gather all required documents before applying, ideally before traveling to Canada.
All provinces and territories except Quebec
| Number of family members (including applicant) | Amount required per year (CAN$) |
| 1 | $23,448.00 |
| 2 | $29,192.00 |
| 3 | $35,888.00 |
| 4 | $43,572.00 |
| 5 | $49,419.00 |
| 6 | $55,736.00 |
| 7 | $62,054.00 |
| More than 7 | $6,318 for each additional family member |
Example: If you and 2 family members want to come to a province or territory (other than Quebec) for a year, you’ll need $35,888 for living expenses.
Source: IRCC Website
Why This Isn’t Just About Having Money
Immigration, Refugees and Citizenship Canada isn’t just asking for a lump sum sitting in an account. You need to demonstrate sufficient funds, without relying on work in Canada, to cover tuition fees for your studies, living expenses for yourself and any accompanying family members, as well as transportation costs to and from Canada for both you and your family members.
There’s a second layer too. To demonstrate sufficient financial resources for your studies, you must provide documents proving you have the required funds available for all costs. This includes showing that you can cover expenses for the first year and detailing how you will finance programs longer than a year, such as providing proof of a long-term scholarship or evidence of your parents’ employment.
Documents That Work As Proof
IRCC accepts a fairly wide range of paperwork, and no single document is mandatory on its own. Common options include receipts for tuition and housing already paid, proof of a student loan, scholarship confirmation, six months of bank statements, GICs from a Canadian financial institution, pay stubs, and letters from anyone financially supporting the applicant.
If someone else is funding your studies, the paperwork gets more specific. A supporting letter needs to spell out that person’s occupation, their relationship to you, how many dependants they have, and exactly how much they’re contributing.
Disclaimer: This article is for general informational purposes only and does not constitute legal, immigration, or tax advice. This article is based on information published by Immigration, Refugees and Citizenship Canada and is intended for general guidance. Applicants should verify current requirements on the official IRCC website before applying. Financial Express is not responsible for any decisions made based on this information.